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Kevin J. Sutton's Blog

By Kevin J. Sutton | Agent in 55125
  • Woodbury Foreclosures: When And How To Buy

    Posted Under: Home Buying in Woodbury, Financing in Woodbury, Foreclosure in Woodbury  |  February 16, 2012 9:05 AM  |  555 views  |  No comments

    Want To Buy A Woodbury Foreclosure?

    Are you thinking about buying one of the foreclosures in Woodbury? Whether you own your own home now or are a MN first time home buyer, you should learn the basics before going out to buy. While there are many great values in Woodbury foreclosures you will want to be prepared for how to negotiate your offer.

    The City of Woodbury MN

    If you are searching for Woodbury foreclosures you'll find this to be one of the more prosperous communities in the metro. The community has grown rapidly over the last 20 years and consistently ranks high in Money magazine's best places to live in the United States. With a combination of stable economy and excellent schools, Woodbury, Minnesota is a great place to consider raising your family. The system of trails, parks, and open space in Woodbury has been noted by its residents as one of the more important reasons they live here. If your family is into sports be sure to check out the Bielenberg Sports Center with its indoor ice rinks and complex of baseball and soccer fields. Woodbury also offers an excellent parks and recreation department with great activities for all ages.

    Knowing What To Offer On A Foreclosure

    A bank-owned foreclosure can be a great deal sometimes because the bank owns it and is paying for all of the upkeep and property taxes. As opposed to a property offered as a short sale, the selling bank has a major motivation to get the property off of their books. Since there are many buyers in competition with you, you might be surprised at what you will need to offer in order to get the property. In the lower price ranges it has turned into a sellers market meaning that many foreclosures sell for well above the listing price! Knowing what to offer for the foreclosure is critical in terms of being successful with your purchase.

    Factors in Foreclosure Buying

    There are two big factors to consider when determining how much to offer. The first is how long the property has been on the market and the second thing is to analyze the overall condition of the home. A foreclosure that has just been listed is likely to sell for near the listing price, while a bank that has a home that has been on the market a long time may be willing to negotiate for deep discounts. Also, a listing that is in poor overall condition may not be able to be financed with traditional mortgage financing so the bank may reduce the price far enough to attract cash buyers. I can help you work through these factors as we search for foreclosures.

    Tips On Buying Foreclosures

    If you will need a mortgage loan to buy the foreclosure there are some critcal things to know. First, the property must be in acceptable condition n order to qualify for most mortgage loans. Properties in generally poor condition will either require special financing such as FHA 203k or a cash offer. Selling banks will also tend to limit the amount seller paid closing costs towards your home loan. In most cases today the selling bank will limit their contribution to three per cent of the selling price. Finally a selling bank will never look at your offer if it includes a financing contingency and if you don't provide a preapproval letter along with the offer.

    The First Step: Get Preapproved!

    For many MN first time buyers the big question is where do I start? Your very first step towards buying your first home is to get preapproved for a first time buyer's mortgage. In so doing you will find out how much you are qualified for so that we can research homes in a price range with comfortable payments for you.

    Ready to Find A Foreclosed Home?

    If you are planning on buying a Woodbury foreclosure please give me a call or send me an email. There are many great Woodbury foreclosure values out there but knowing which one to buy will take some time and expertise. I would very much like to help you in your quest for the perfect purchase!

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.
  • Foreclosures: Considerations When Buying

    Posted Under: Home Buying in Woodbury, Financing in Woodbury, Foreclosure in Woodbury  |  January 11, 2012 9:17 AM  |  387 views  |  No comments

    Knowing What To Offer On A Foreclosure

    A foreclosure can be a great value because the bank owns it and is paying for the maintenance of it. As opposed to a property offered as a short sale, the selling bank has a major motivation to get the property off of their books. Since there are many buyers in competition with you, you might be surprised at what you will need to offer in order to get the property. In the lower price ranges it has turned into a sellers market meaning that many foreclosures sell for well above the listing price! Knowing what to offer for the foreclosure is critical in terms of being successful with your purchase.

    One important fact is that bank-owned listings will limit the amount that they will contribute towards your closing costs. If you buy a traditional sale we can usually negotiate for the seller to pay all of your costs. With either a lender mediated sale however you will usually need to cover some of the costs on your own. If you qualify for a Minnesota down payment assistance programs this can be used to offset some of the remaining closing costs on bank owned properties.

    Are you planning on buying a home soon? If you have not already done so, you should get preapproved for a home loan. Once you have done so we can focus our searches on properties that you can reasonably afford. I work with all types of home buyers throughout the Twin Cities area and would love the opportunity to help you start your search. Please call or email me and we can get started.

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.
  • Selling Your Woodbury Home Today

    Posted Under: Home Selling in Woodbury, Financing in Woodbury, Rental Basics in Woodbury  |  December 6, 2011 6:23 AM  |  472 views  |  No comments


    If you are selling a home in Woodbury today you will find it can be quite a challenge, especially with all the competition from nearby foreclosures and short sales. Home values have been coming down in part because of the low listing prices offered by banks who need to reduce their real estate owned inventory. About half of the sales in today's Minnesota real estate market has come from traditional home sellers. Are you looking for help to sell your home listing in Woodbury?

    It's never been more important to work with a Woodbury real estate agent who understands the recent trends in Woodbury market values. When we visit your home as a Realtor to complete a market analysis, we will compare your home to all of the recent sales in your neighborhood. We need to look at all of the houses that have sold within recent months to determine what the actual sales prices have been. By doing so we can estimate what price a home buyer might pay for your home within a reasonable period of market time.

    One of the challenges for many sellers today is in trying to get enough for their home to pay off the existing mortgages on their home. If a home seller owes more on the mortgages for their home than what we can sell it for we will either need to discuss paying the mortgages down, going through the process of a short sale, or listing the current house for rent and in order to move to another one. With rising rents in the market home sellers are quite often finding that they can cover all of the resulting expenses for the house through their renter's income.

    Do lenders count the rental income on my old house?

    Lenders have guidelines for the Woodbury sellers who will rent out their home to buy another. Depending on the equity that you have in your home, a mortgage lender may or may not consider the rental income you receive when they qualify you for the new mortgage. The only way to know this is to call a lender to get preapproved.

    Getting preapproved for a mortgage

    Once we meet to discuss your home's current market value it is critical that you go through the process of getting prequalified for a home loan. Your MN mortgage lender can help you discover which of the options are best whether renting or selling your current house. The process of getting preapproved is is usually free and contains no loan obligation. A good mortgage banker will be able to analyze all of the options available to you such as MN FHA loans, Conventional, VA, or other types of mortgage loans.

    The City of Woodbury MN

    If you are looking for Woodbury real estate agent you'll find this to be one of the more prosperous communities in the Twin Cities metropolitan area. The community has grown rapidly over the last 20 years and consistently ranks high in Money magazine's best places to live in the United States. With a combination of excellent schools and stable economy, Woodbury, Minnesota is a great place to consider raising your family. The system of trails, parks, and open space in Woodbury is noted by its residents as one of the more important reasons they live here. If your family is into active sports be sure to check out the Bielenberg Sports Center with its indoor ice rinks and complex of baseball and soccer fields. Woodbury offers an excellent parks and recreation department with activities for both young and old.

    Let's Talk!

    If you think you want to learn more about selling your Woodbury home call me. I will create a competitive market analysis for free. We will discuss all of your available options based on today's real estate market. Feel free to send me an email or give me a quick call.

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.

  • How To Sell Your Woodbury Home

    Posted Under: General Area in Woodbury, Home Selling in Woodbury, Property Q&A in Woodbury  |  December 4, 2011 6:53 AM  |  542 views  |  No comments

    Selling a home in Woodbury today can be a challenge, especially with all the competition from nearby foreclosures and short sales. Real estate values have been declining in part because of the low sales prices offered by banks who need to unload their inventory of their real estate owned. Roughly half of the sales in today's MN real estate market has come from non-bank home sellers. Are you in the search for help to sell your home in Woodbury?

    Benefits of Using A Realtor To Sell Your Woodbury Home

    Perhaps it has never been more important to use a Woodbury real estate agent who understands recent trends in market values. When we visit your home to complete a market analysis, we will compare your home to all of the recent sales in your neighborhood. We need to look at all of the properties that have sold within the past few months to determine what the actual sales prices have been. By doing so we can estimate what price a home buyer might pay for your home within a reasonable period of market time.

    The challenge for many sellers today is trying to get enough for their house to pay off the current mortgage on their home. If a property seller owes more on their home loans than what we can sell it for we will either need to discuss paying down the mortgage, attempting a short sale on their home, or listing it for rent and in order to move to another home. With the rapidly rising rents in today's market home sellers are often finding that they can cover all of the expenses for the home through their renter's income.

    Lenders have specific guidelines for those Woodbury sellers who have decided rent out their home in order to buy another. Depending on the equity that you have in your home, a mortgage lender may or may not consider the rental income you receive when they qualify you for the new mortgage. The only way to know this is to call a lender to get preapproved.

    Once we meet to discuss your home's current market value it is critical that you go through the process of getting preapproved for mortgage financing on another home. Your mortgage broker can help you decide which of the options are best whether selling or renting out your current home. The process of mortgage preapproval is free, and if you decide not to proceed, there is no obligation to borrow money. A good mortgage banker will be able to analyze all of the options available to you such as MN FHA loans, Conventional, VA, or other types of mortgage loans.

    The City of Woodbury MN

    If you are searching for Woodbury real estate agent you'll find this to be one of the more prosperous communities in the metro. The community has risen in stature over the last 20 years and consistently ranks high in Money magazine's best cities to in which to live in the entire U.S. With a combination of stable economy and excellent schools, Woodbury, Minnesota is a great place to consider raising your family. The system of trails, parks, and open space in Woodbury is noted by its residents as one of the more important reasons they live here. If your family is into active sports be sure to check out the Bielenberg Sports Center with its indoor ice rinks and complex of baseball and soccer fields. Woodbury offers an excellent parks and recreation department with activities for all ages.

    Are You Ready To Talk?

    If you think you want to learn more about selling your Woodbury home call or email me. I will work with you to complete a market analysis of your home for free. We will discuss your options based on today's real estate market. Feel free to send me an email or call me.

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.

  • How To Buy Woodbury Foreclosures

    Posted Under: Home Buying in Woodbury, Financing in Woodbury, Foreclosure in Woodbury  |  November 17, 2011 5:38 AM  |  331 views  |  No comments

    How to buy a Woodbury foreclosure

    Are you presently searching for a foreclosure in Woodbury? Whether you own house currently or are a MN first time home buyer, you should learn the basics before going out to buy. While there are many great values in Woodbury foreclosures you will want to be prepared for how to negotiate your purchase transaction.

    City of Woodbury MN

    If you are looking for Woodbury foreclosures you'll find this to be one of the more prosperous communities in the Twin Cities metropolitan area. The community has risen in stature over the last 20 years and consistently ranks high in Money magazine's best cities to in which to live in the entire U.S. With a combination of stable economy and excellent schools, Woodbury, Minnesota is a great place to consider raising your family. The system of parks, trails, and open spaces in Woodbury is noted by its residents as one of the more important reasons they live here. If your family is into sports be sure to check out the hockey rinks, baseball and soccer fields at the Bielenberg Sports Center. Woodbury offers an excellent parks and recreation department with activities for all ages.

    Knowing What To Offer On A Foreclosure

    A Woodbury foreclosure can be a great value because as an REO (real-estate-owned), the bank is responsible for paying all the maintenance costs. As opposed to a short sale transaction, the selling bank has a big motivation to get the listing off of their books. At the same time, banks who are involved in selling a foreclosure want to maximize the amount they get out of the property. In the lower price ranges it has turned into a sellers market meaning that many foreclosures sell for well above the listing price! Knowing what to offer for the foreclosure is critical in terms of being successful with your purchase.

    Things to Consider in Buying Foreclosures

    There are 2 major factors to consider when determining how much to offer. The first factor is to consider how long the property has been on the market and the second thing is the general property condition. Woodbury foreclosures that have just been listed are likely to sell for near the listing price (or even higher), while a bank that has a house that has been on the market a long time might be willing to negotiate for deeper discounts. Also, a home that is in poor condition may not be able to be financed so the bank may reduce the price far enough to attract cash buyers. I can help you work through these factors as we search for foreclosures.

    Financing and Foreclosures

    If you are going to be financing the purchase of a foreclosure there are some critcal things to know. First, the property must be in acceptable condition n order to qualify for most mortgage loans. Foreclosure listings that are in poor condition will either require a cash offer or special mortgage financing such as the FHA 203k program. The selling banks will also usually limit the amount seller paid closing costs towards your home loan. In most cases the selling bank limits the contribution to 3 per cent of the selling price, or 2 per cent if you are an investor. Finally a selling bank will never look at your offer if it includes a financing contingency and if you don't provide a preapproval letter along with the offer.

    The First Step: Get Preapproved!

    For many Minnesota first time home buyers the intimidating question is where do I start? Your very first step towards buying your first home is to get prequalified for a home loan. In so doing you will find out how much you are qualified for so that we can research homes in a price range with comfortable payments for you.

    Ready to Find A Foreclosed Home?

    If you are planning on buying a Woodbury foreclosure please give me a call or send me an email. There are many great Woodbury foreclosure values out there but knowing which one to buy will take some time and expertise. I would value the opportunity to help you in your search for the ideal house!

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities
  • Woodbury First Time Home Buyers: The First 3 Steps

    Posted Under: Home Buying in Woodbury, Financing in Woodbury, Property Q&A in Woodbury  |  November 7, 2011 2:17 PM  |  262 views  |  No comments

    Are you thinking of buying your first home in Woodbury? Many people who are renting today are realizing that the recent increase in rents is making Woodbury Real Estate more attractive than ever. With mortgage rates at record lows and reduced property values monthly payments on a home in Woodbury may even be less expensive than what you are paying for rent! If you are a MN first time home buyer I would love the opportunity to talk with you about the possibilities.

    In order to take advantage of today's great real estate values, get started with these 3 steps.

    Step 1: Your Goals

    There are many more things to consider when buying a Woodbury home than the monthly mortgage payment. I will want to have a discussion with you what your goals are for home ownership. After I learn more about what you want to achieve we will talk about the all of the types of homes for sale, as well as how to get a great value. Depending upon when you want the move to happen we will discuss the benefits of buying from a traditional seller versus a short sale. After our discussion I will set up an automated listing search of all the listings that could possibly meet your needs.

    Step 2: Get Preapproved

    Before we go out looking for homes, you need to get preapproved. The only way to know how much you can afford for monthly mortgage payments as well as down payments, you will need to get preapproved for financing. When you have a discussion with your mortgage broker, you will learn about all of the great programs available for MN first time home buyers. Did you know that there are down payment assistance programs for that can help you with your down payment? The only way to determine if you are eligible is to get preapproved for a mortgage loan.

    Step 3: Let's Look At Homes Step 3: Let's Look At Homes

    Once you have been preapproved we can start looking at property listings. After looking at so many homes on the internet, this is the fun part of the whole process. We will look at as many homes as it takes before you find the one that ideally suits your needs. Once we find one, your mortgage lender and I will guide you through writing an offer, finalizing the loan and closing on your home!

    Woodbury, Minnesota: A Great Place To Buy

    If you are searching for Woodbury Real Estate you'll find this to be one of the more prosperous communities in the metro. The community has risen in stature over the last 20 years and consistently ranks high in Money magazine's best places to live in the United States. With a combination of stable economy and excellent schools, Woodbury, Minnesota is a great place to consider raising your family. The system of trails, parks, and open space in Woodbury has been noted by its residents as one of the more important reasons they live here. If your family is into active sports be sure to check out the hockey rinks, baseball and soccer fields at the Bielenberg Sports Center. Woodbury offers an excellent parks and recreation department with great activities for all ages.

    Do you feel like you are ready to get started with the process of buying your first home? Please email me and we'll discuss what you want for your Woodbury home!

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.
 
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