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Rob Phyle's Blog

By Rob Phyle | Agent in Apple Valley, MN
  • Dakota County Foreclosures: When And How To Buy

    Posted Under: General Area in Dakota County, Home Buying in Dakota County, Financing in Dakota County  |  November 10, 2011 2:01 PM  |  566 views  |  No comments

    Ready To Buy Dakota County Foreclosures?

    Are you thinking about buying one of the foreclosures in Dakota County? Whether you own house currently or are a Minnesota first time buyer, you will want to learn the basics of Dakota County foreclosures before going out to buy. While there are plenty of great values in Dakota County foreclosures you will want to be prepared for how to negotiate your purchase transaction.

    Dakota County, located in the southeastern portion of the Twin Cities area, is the third largest county in Minnesota. Some of the largest cities of the county include Burnsville, Apple Valley, and Eagan. The county seat for Dakota County is in located in Hastings,MN. As one of the fastest growing markets in the Twin Cities area, the population has more than doubled in the last thirty years. MN first time home buyers benefit from affordable home prices in the area as well as the Dakota County First Time Buyers Program.


    Foreclosures are Bank-Owned


    A Dakota County 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 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.

    Factors in Foreclosures

    There are two big factors to consider what you will make as an offer. The first is how long the property has been on the market and the second is the general property condition. 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 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 Dakota County foreclosures.

    If you will need a mortgage loan to buy the foreclosure there are some important things to know as well. First, the property must be in acceptable condition in order to qualify for most loan programs. 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 concessions towards the closing costs of your home loan. In most cases today the selling bank will limit their 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 never if you do not provide a letter of financing preapproval along with your offer.

    MN First Time Buyers First Step

    For many Minnesota first time home buyers the big, intimidating question is where do I start the process? 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 comfortable price range.

    Ready to Find A Foreclosed Home?

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

    Robert Phyle,CSP,GRI,RSA
    Broker Associate, Realtor
    Coldwell Banker Burnet
    rlphyle@cbburnet.com
    Cell 612-801-4657
    Direct 952-997-1955
    Fax 952-432-8372
    7741 147th St W.
    Apple Valley, MN 55124
    www.facebook.com/robphylerealestate
    Visit my website to find
    Minnesota homes for sale
  • Dakota County Down Payment Assistance For Home Buyers

    Posted Under: General Area in Dakota County, Home Buying in Dakota County, Financing in Dakota County  |  October 7, 2011 11:30 AM  |  758 views  |  No comments

    How much do I need for a down payment for first time home buyers in Dakota County? The great news for first time home buyers is that there are MN down payment assistance programs available that can help you!

    Down Payment Assistance in Dakota County

    Most programs for down payment assistance today are created to benefit people who are buying their first home in Minnesota. Each has its own set of qualifying guidelines. Programs might include parameters for income, remaining assets, income-to-debt ratios and credit score. You will want to check with a mortgage professional who specializes in MN down payment assistance to determine your eligibility.

    Dakota County First Time Buyers Program

    If you are a MN first time home buyer and searching for homes, you might want to consider buying a home in Dakota County. This county has one of the best MN down payment assistance programs available today, which brings the entry cost needed down to less than what you would need for a rental deposit! One of the benefits of searching for homes in Dakota County is that the Dakota County First Time Home Buyer Program is available to you.

    One of the best programs for down payment assistance is available in Dakota County as well as all other communites Minnesota. The Minnesota Housing Finance Agency offers the HAF assistance program which can be used for either $3,000 or $4,500 worth of assistance. The HAF down payment assistance program is a second mortgage on your home but has zero interest and requires no monthly payments. One benefit to HAF is that it can be used along with other local community down payment assistance programs if they are available.

    Most down payment assistance programs will require that you attend a class for first time home buyers. You will need to plan for a one-day classroom training and it is is offered through several community agencies Schedules for the classes vary but are available evenings and weekends. As an important note, ff you are using a city or county down payment assistance program be sure to register for a class that satisfies both the state and local community program guidelines. Registation is simple and can be done 24 hours a day because you can register for the Home Stretch Workshop online.

    Dakota County First Time Buyer Programs

    These down payment assistance programs in Dakota County can be used with a variety of different types of home loans. Most typically they would be used with FHA loans to help with the 3.5% down payment. On the other had, if you already have a significant down payment but need some help getting to 20% down , down payment assistance might help as well. Most programs for down payment assistance will work with other programs like VA and USDA loans in MN.

    Dakota County Community Info

    Dakota County, situated in the southeastern portion of the larger Twin Cities area, is the third largest county in MN. Some of the largest cities of the county include Burnsville, Apple Valley, and Eagan. The county seat for Dakota County is in Hastings,MN. As one of the fastest growing areas in the Twin Cities real estate market, the population has more than doubled since the 1980 census. Minnesota first time home buyers benefit from affordable homes in the area as well as the Dakota County First Time Buyers Program.

    First Step: Get Preapproved

    The first step in the home buying process is to get preapproved for mortgage financing. This means that you meet with a local mortgage lender who will review your credit, income, etc. In the prequalification application they can tell you what types of Minnesota first time buyer programs you might be qualified for. This important first step can be done right over the phone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.

    Robert Phyle,CSP,GRI,RSA
    Broker Associate, Realtor
    Coldwell Banker Burnet
    rlphyle@cbburnet.com
    Cell 612-801-4657
    Direct 952-997-1955
    Fax 952-432-8372
    7741 147th St W.
    Apple Valley, MN 55124
    www.facebook.com/robphylerealestate
    Visit my website to find Minnesota homes for sale
  • How To Sell Your Dakota County Home

    Posted Under: General Area in Dakota County, Home Selling in Dakota County, Financing in Dakota County  |  September 29, 2011 7:41 AM  |  420 views  |  No comments

    Selling a home today in Dakota County can be a big challenge, especially considering that nearly half of the competitive listings are short sales or foreclosures. Real estate values have been declining in part because of the lower asking prices offered through banks who need to bring down their real estate owned inventory. Roughly half of the sales in today's market has resulted from "traditional" home sellers. Are you looking for help to sell your home listing in Dakota County?

    It's never been more important to work with a Dakota County real estate agent who understands the recent trends in Dakota County market values. When we visit your home as a Realtor to complete a market analysis, we will compare all of the features of your home to the competing homes for sale 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 this we will be able to estimate what price a 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 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, going through the process of a short sale, or listing the current house for rent and in order to move to another one. With the quickly rising rents in today's market, sellers are quite often finding that they can cover all of the expenses for the home through their renter's income.

    Lenders have specific guidelines for those Dakota County 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.

    Get preapproved right away

    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 mortgage broker can help you decide whether you should rent out or sell your current house. The process of mortgage preapproval 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 through MN FHA loans, Conventional, VA, or other types of mortgage financing.

    Dakota County Community Info

    Dakota County, located in the southeast portion of the Twin Cities area, is the third largest county in Minnesota. Some of the largest cities of the county include Burnsville, Apple Valley, Eagan, and Lakeville. The county seat for Dakota County is situated in Hastings,MN. As one of the fastest growing areas in the Twin Cities real estate market, the population has more than doubled since the 1980 census. MN first time home buyers benefit from affordable home prices in the area as well as the Dakota County First Time Buyers Program.

    Are You Ready To Talk?

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

    Robert Phyle,CSP,GRI,RSA
    Broker Associate, Realtor
    Coldwell Banker Burnet
    rlphyle@cbburnet.com
    Cell 612-801-4657
    Direct 952-997-1955
    Fax 952-432-8372
    7741 147th St W.
    Apple Valley, MN 55124
    www.facebook.com/robphylerealestate
    Visit my website to find Minnesota homes for sale
  • The Pros and Cons of Buying Dakota County Townhomes

    Posted Under: General Area in Dakota County, Home Buying in Dakota County, Financing in Dakota County  |  September 13, 2011 7:02 AM  |  346 views  |  No comments

    Out Searching for Dakota County townhomes for sale?

    If you are searching for Dakota County townhomes for sale, let’s take a minute to talk a little bit about the pros and cons of townhome living. Tens of millions of Americans enjoy living in townhomes today and it just might be a perfect solution for you as well. Just like with any type of Minnesota real estate purchase it is important that you understand the pros and cons of the home style that you purchase before signing the purchase agreement.

    Prices for Dakota County townhomes for sale

    Dakota County townhomes for sale are often priced significantly less than traditional single family houses due in large part to the common areas and shared walls. The townhome association to which you will be required to belong is responsible for upkeep of these common areas as well as some of the exterior maintenance of your home as well. This can make buying a Dakota County townhome especially appealing to busy first time home buyers as well as to retirees who prefer not to deal with that type of upkeep.

    This fact does not mean that the maintenance is without cost, as you know. As a part of your responsibility for living in a Dakota County townhome you will be required to pay a monthly association fee. This fee covers a variety of things but the extent to what it covers can and will vary from one Dakota County townhome association to another. For example, while your association fees might include home insurance in one association, you might have to shop and buy that on your own in another. It is important to investigate these points before you buy a Dakota County townhome since your monthly costs of living in that particular home can vary widely.

    Dakota County Community Information

    Dakota County, located in the southeast portion of the Twin Cities area, is the third largest county in MN. The larger cities of the county include Burnsville, Apple Valley, Eagan, and Lakeville. The county seat of Dakota County is situated in Hastings,MN. As one of the fastest growing areas in the Twin Cities, the population has more than doubled in the last 30 years. MN first time home buyers benefit from affordable home prices in the area as well as the down payment assistance from the Dakota County First Time Buyers Program.

    Interior Contents Insurance for Dakota County Townhomes

    One item to note is that in almost all associations, even if the association's insurance covers your dwelling, it will not cover your personal property in the townhome. All this means is that you will need your own separate policy for the interior contents of your Dakota County townhome, typically available for $200-$300 annually. If you need mortgage for your Dakota County townhome your mortgage lender will require that you buy this type of insurance for your Dakota County townhome.

    Dakota County townhomes for sale: Pros

    • Low maintenance lifestyle
    • Less expensive homes
    • Shared amenities such as recreational areas and/or swimming pool
    • Often a small back yard
    • No neighbors located below or above as is common in condos

    Dakota County townhomes for sale: Cons

    • Monthly association fees
    • Smallish yards
    • Neighbors share walls

    MN First Time Buyers First Step

    For many Minnesota first time home buyers the big, intimidating question is where do I start the process? Your first step to home ownership is to get preapproved for a mortgage. By doing so you find out how much you are qualified for so that we can research homes in a price range with comfortable payments for you.

    Robert Phyle,CSP,GRI,RSA
    Broker Associate, Realtor
    Coldwell Banker Burnet
    rlphyle@cbburnet.com
    Cell 612-801-4657
    Direct 952-997-1955
    Fax 952-432-8372
    7741 147th St W.
    Apple Valley, MN 55124
    www.facebook.com/robphylerealestate
    Visit my website to find Minnesota homes for sale
  • Buying Dakota County Homes With VA Loans

    Posted Under: General Area in Dakota County, Home Buying in Dakota County, Financing in Dakota County  |  September 9, 2011 6:59 AM  |  284 views  |  No comments

    Dakota County VA Home Loans

    One increasingly common mortgage option in Dakota County for home buyers is available through lenders who offer loans guaranteed by the Veteran's Administration. This type of mortgage financing has increased by about twenty per cent over the last couple of years due in part to the sheer number of our returning veterans. Additionally with the loss of other options for zero down payment loans in Minnesota, the VA offers a benefit that offers eligible buyers a unique opportunity to buy their home with no down payment.

    Many veteran home buyers misunderstand the fact that they may use their VA eligibility benefit more than once. As a result veterans do not necessarily need to be a first time buyer in order to get VA loans with zero down payment. This can be a perfect solution for current homeowners who want to sell their existing home to buy another but who don't have a lot of equity in their home. Since they will be able buy their next home with no down payment with a Minnesota VA loan they can more easily sell their home despite receiving no proceeds from the sale.

    First Step for Dakota County Veterans: Determining Your Eligibility

    Veterans must determine two things to see if they will be eligible for a VA mortgage. First they must see if they are eligible for a VA Certificate of Eligibility (COE). They can apply for the Certificate of Eligibility online or even just through their Minnesota mortgage broker. There are several categories for eligibility and I encourage veterans to check with the VA or to research their eligibility online

    While VA loans require no down payment there are closing costs in Minnesota which the veteran must pay to various people who help them get the loan. To address this issue, the VA allows the buyer to negotiate with the seller to pay up to 4 per cent of the purchase price towards their closing costs. This is an extremely common strategy used to buy Dakota County real estate today and most home sellers have been prepared to pay this expense as long as they can arrive at the net sales price they need in order to sell the home.

    A second thing a Dakota County veteran home buyer should determine is if they can get prequalified for a VA loan. I encourage all veterans to talk with a MN mortgage banker to get preapproved for MN VA loans before we go out shopping for a home. When you go through the preapproval process the banker will review your financial scenario to determine if you meet the requirements for a VA loan. This critical first step is usually done at no charge and requires no commitment to buy on the part of the buyer. In fact, many mortgage lenders offering VA loans will do this right over the phone, even on weekends when you're off work.

    Dakota County Information

    Dakota County, located in the southeastern portion of the Twin Cities area, is the 3rd largest county in Minnesota. The larger cities of the county include Burnsville, Apple Valley, and Eagan. The county seat for Dakota County is in located in Hastings,MN. As one of the fastest growing markets in the Twin Cities area, the population has more than doubled since the 1980 census. Minnesota first time home buyers benefit from affordable home prices in the area as well as the Dakota County First Time Buyers Program.

    If you are a Dakota County veteran and are interested in buying your first home feel free to give me a call or send me a quick email. Whether you have a home to sell or are ready to buy your first, VA loans can be a great way to buy a home in Dakota County. With record low rates and reduced home values many vets have found smaller house payments than what they are currently paying for rent!

    Robert Phyle,CSP,GRI,RSA
    Broker Associate, Realtor
    Coldwell Banker Burnet
    rlphyle@cbburnet.com
    Cell 612-801-4657
    Direct 952-997-1955
    Fax 952-432-8372
    7741 147th St W.
    Apple Valley, MN 55124
    www.facebook.com/robphylerealestate
    Visit my website to find Minnesota homes for sale
 
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