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Rob Phyle's Blog

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

    Posted Under: General Area in Prior Lake, Home Buying in Prior Lake, Financing in Prior Lake  |  November 30, 2011 10:01 AM  |  734 views  |  No comments

    Ready To Buy Prior Lake Foreclosures?


    So you want to buy one of the foreclosures in Prior Lake? Whether you own a home now or are a Minnesota first time home buyer, you will want to learn the basics before going out to buy. While there are many great values in Prior Lake foreclosures you will want to be prepared for how to negotiate your offer.


    Prior Lake Community Info

    Known as the sister city of Shakopee, Prior Lake is located about 20 miles southwest of downtown Minneapolis. With plenty of affordable housing for MN first time home buyers and move up buyers alike, the city has doubled in size over the past 20 years. The combination of Upper and Lower Prior Lakes make up the largest lake in the lower Twin Cities area. With 54 city parks and a well established Park and Rec, it seems like there is always something to do in Prior Lake. If you are looking to buy or sell a home here, please give me a call.

    A Prior Lake 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 distinct motivation to get the home off of their books. At the same time, banks who are involved in selling a foreclosure want to get the highest value they can 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 two big factors to consider what you will make as an offer. The first thing is to consider how long the property has been listed on the market and the second thing is to analyze the overall condition of the home. A foreclosure listing that has just been listed for sale is apt 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 listing that is in poor overall condition may not be able to be financed with traditional mortgage financing so the bank may have to reduce the price far enough to attract cash buyers. I can help you work through these factors as we go out looking for Prior Lake foreclosures.

    If you are planning on financing the purchase of a foreclosure there are some critcal things to know. First, the listing must be in acceptable condition to the lender n order to qualify for most mortgage loans. Properties that are in 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 3 per cent of the selling price, or 2 per cent if you are an investor. Additionally, a selling bank will never look at your offer if it includes a financing contingency for the sale of a home and if you don't provide a preapproval letter along with the offer.

    First Step In The Process

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

    If you are thinking of buying a foreclosure please give me a call or send me an email. There are many great Prior Lake 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!


    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
  • Prior Lake Homes And FHA Loans

    Posted Under: General Area in Prior Lake, Home Buying in Prior Lake, Financing in Prior Lake  |  October 10, 2011 9:08 AM  |  393 views  |  No comments

    Prior Lake FHA Mortgages

    Perhaps the most popular method of financing today in Prior Lake is through a loan program known as FHA (the Federal Housing Administration). This federal program started back in the Great Depression to help with a situation like we have today when home foreclosures were growing rapidly. MN FHA loans have several advantageous underwriting rules for both the first time home buyer as well as the homeowner who is renting out their current home to buy another.

    Prior Lake FHA Loans: Not Just for First Time Home Buyers

    While zero down payments have most gone away, Prior Lake FHA mortgages offer down payments as low as 3 and one half per cent of the sales price. This fact along with the fact that most negotiated offers today involves “seller paid closing costs” allows you to get in for a much more reasonable entry cost. This can also an advatage for current home owners who want to sell their home but have little or no equity and need a program featuring a small down payment to buy their next home.

    FHA and Credit Scores

    FHA mortgages offer more expansive credit guidelines than other types of home financing. Prior Lake home buyers who have some credit challenges may qualify for FHA whereas not a conventional loan. Unlike conventional loans which have big pricing adjusters based on the home buyers credit scores, interest rates and discount points on FHA loans vary only slightly based on credit scores.

    One compelling fact about FHA mortgages is called assumability. This means that when you are ready to sell your home, the new home buyer of your home may have an option to take over the payments on your loan and assume the obligations of the loan. This would be especially beneficial if market interest rates are higher when you put your house up for sale. When a new buyer assumes your FHA loan they make up the difference between your sales price and your loan amount through a down payment.

    MN FHA and Down Payment Assistance

    First time home buyers in Prior Lake may benefit through beneficial interest rates and down payment assistance through Minnesota's MHFA program. This state agency makes use of FHA's special features which allow for second mortgages on the home to be used for reducing the buyer's entry costs. While maximum income limits may apply for this program, many Minnesota first time home buyers are making use of these loans today.

    First Step: Get Preapproved for Financing

    One of the most important factors in buying a home is to get preapproved. Most buyers leave it to the last minute partly because it is the least fun of the whole process. It is always important however, especially for the MN first time home buyer to get preapproved for a mortgage before beginning the search for a home. Please call me and I will help you get started in the process with a Minnesota mortgage banker.

    City of Prior Lake Information

    Known as the sister city of Shakopee, Prior Lake is located about 20 miles southwest of downtown Minneapolis. With plenty of affordable housing for MN first time home buyers and move up buyers alike, the city has doubled in size over the past 20 years. The combination of Upper and Lower Prior Lakes make up the largest lake in the lower Twin Cities area. With 54 city parks and a well established Park and Rec, it seems like there is always something to do in Prior Lake. If you are looking to buy or sell a home here, please give me a call.

    If you would like to learn more about buying a Prior Lake home using an FHA loan, please don't hesitate to give me a call. With great rates and low prices today, it is a great time to be a home buyer!

    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
  • Attention Prior Lake First Time Home Buyers

    Posted Under: General Area in Prior Lake, Home Buying in Prior Lake, Financing in Prior Lake  |  October 3, 2011 11:18 AM  |  362 views  |  No comments

    Prior Lake First Time Home Buyers

    Have you been hearing that this is simply one of the best markets ever for the Minnesota first time buyer, with house payments quite often lower than comparable rent payments? Well, if you haven't heard by now I encourage you to take a moment to read what I have to say

    Known as the sister city of Shakopee, Prior Lake is located about 20 miles southwest of downtown Minneapolis. With plenty of affordable housing for MN first time home buyers and move up buyers alike, the city has doubled in size over the past 20 years. The combination of Upper and Lower Prior Lakes make up the largest lake in the lower Twin Cities area. With 54 city parks and a well established Park and Rec, it seems like there is always something to do in Prior Lake. If you are looking to buy or sell a home here, please give me a call.

    MHFA for MN First Time Buyers

    There are a lot of resources in the great state of Minnesota for first time buyers. Were you aware that the state of Minnesota offers mortgage financing programs designed exclusively for first time home buyers through the Minnesota Housing Finance Agency? Commonly known as MHFA, this state agency provides home mortgage financing through local Minnesota mortage companies at special interest rates along with possible down payment assistance programs. More lenient credit parameters in this program are also helpful to many MN first time home buyers. Minnesota Housing Finance Agency works with typical home loans such as VA loans, FHA loans, and conventional mortgage financing.

    In addition to State of Minnesota down payment assistance funds many local communities offer programs of their own as well. Each of these programs vary in terms of qualifications required to access the funds. Depending upon when you are reading this these programs may or may not be funded so we can check on it when you call me.

    First Step In The Process

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

    Considering the great rates and reduced property values this is a great time to buy Prior Lake homes for sale. If you are tired of rising rent payments, take this opportunity now to learn more about the benefits of buying your first home in Minnesota. I've worked with many MN first time buyers before and am glad to answer any and all of your questions. Simply shoot me an email or give me a call and let's see what might be possible!

    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
  • Shakopee Real Estate: How To Sell Your Home

    Posted Under: General Area in Shakopee, Home Selling in Shakopee, Financing in Shakopee  |  September 27, 2011 8:33 AM  |  491 views  |  No comments

    Selling a Shakopee Home

    If you are selling a home in Shakopee today you will find it can be quite a 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 low listing prices offered by banks who need to reduce their real estate owned inventory. Roughly half of the closed sales in the curret MN real estate market has come from traditional home sellers. Are you in the search for help to sell your home in Shakopee?

    Benefits Of Using A Shakopee Realtor

    It's never been more important to work with a Shakopee real estate agent who understands recent trends in market values. When we come out and visit your property to complete a Competitive Market Analysis (CMA), we will compare your home to all of the recent sales in your neighborhood. We will need to look at all of the homes for 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 house within a reasonable period of time.

    Choices When You Owe More Than The House Is Worth

    One of the challenges for many sellers today is in trying to get enough for their house to pay off the their current mortgage. If a seller owes more on their mortgages than what the can sell it for we will either need to talk about paying the mortgages down, attempting a short sale, or listing the current home 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 resulting expenses for the house through their renter's income.

    Lenders have guidelines for the Shakopee 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.

    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 which of the options are best whether selling or renting out your current home. The process of preapproval is generally 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.

    Located just southwest of Minneapolis, Shakopee is a rapidly growing suburb of the Twin Cities. As the county seat of Scott County Shakopee has tripled in size since 1990. Every year Shakopee attracts tourists from all around the area with popular destinations such as the Canterbury Park horse race track, the Valley Fair amusement Park as well as the Renaissance Festival. As an outer ring suburb many residents commute 20-30 minutes to downtown Minneapolis. First time home buyers in this area in this area will want to look into the Scott County home buyers club for down payment assistance up to $4,000.

    Do You Want To Get Started?

    If you would like to learn more about selling your Shakopee home call or email me. I will work with you to complete a competitive market analysis at no obligation to you. We will discuss all of the options based on today's market. Feel free to send me an email or call me.

    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
  • Buy Your First Home In Savage In 3 Steps

    Posted Under: General Area in Savage, Home Buying in Savage  |  September 25, 2011 10:28 AM  |  393 views  |  No comments

    Most Minnesota first time home buyers are totally surprised when I show them all of the affordable Savage Real Estate. The fact is that the housing affordability index in Minnesota has not been this low in years. While many renters have only read the negative press about values in real estate, others have seen it from a completely different angle The combination of reduced property values and low interest rates make your house payments quite often lower than your rent payments. So if you would like to meet with me and talk about becoming a Minnesota first time home buyer, I would truly love to talk with you.

    In order for you to take advantage of the great market values in today's market, there are three easy steps to get started.

    Step 1: Call Or Email Me To Discuss Your Goals

    There are more things for you to consider when buying a house than just the monthly 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 types of homes for sale, ideal locations, 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 your home 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 in the location and price range you desire.

    Step 2: Get Preapproved For A Loan

    Before we go out looking for houses, you need to talk with a mortgage lender. In order to find out how much you can reasonably afford for monthly payments as well as down payments, you will need to get preapproved through a lender for mortgage 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 Savage first time buyers that can help you put as little as $1,000 down? The only way to determine your eligibility as a buyer is to get preapproved for a loan.

    Step 3: Let's Look At Homes

    Once you have been through the process of getting 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!

    Savage, MN Community Info

    Developing into a bedroom community to the Twin Cities, Savage has nearly tripled in size over the past 20 years. Filled with affordable homes for sale, Savage, MN has become a favorite spot to look for real estate deals for the MN first time home buyer. Conveniently located just west of Burnsville, living in Savage means you will have a 20-30 minute commute to some of the largest employers in Minneapolis. Since the community has a busy Park and Rec program, it seems like there is something to do for everyone in Savage, MN. If you're thinking of buying or selling Minnesota real estate, please call me and I'm glad to help!

    Do you feel like you are ready to get started with the process of buying a home? Please take a moment to call or email me and we'll discuss what you want for your Savage home!

    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
  • Want Sell Your Savage Home?

    Posted Under: General Area in Savage, Home Selling in Savage, Financing in Savage  |  September 21, 2011 10:53 AM  |  513 views  |  No comments

    Selling a home in Savage today can be 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 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 traditional home sellers. Are you in the search for help to sell your home listing in Savage?

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

    The big challenge for many home sellers today is trying to get enough for their house to pay off the current mortgage 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 the rapidly rising rents in today's market home sellers are often finding that they can cover all of the resulting expenses for the house through their renter's income.

    Lenders have specific guidelines to follow for those Savage home 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.

    Once we meet to discuss the value of your old home it is critical that you go through the process of getting preapproved for a mortgage loan. Your mortgage lender can help you decide which of the options are best whether renting or selling your current house. The process of getting preapproved is generally 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, VA, conventional, or other types of loans.

    City of Savage, MN

    Having developed into a popular bedroom community to the Twin Cities, Savage has approximately tripled in size over the past two decades. Filled with affordable real estate for sale, Savage has become a popular spot to look for real estate for the Minnesota first time home buyer. Conveniently located just west of Burnsville, living in Savage means you will have a short commute to the major employers in Minneapolis and St. Paul. With a well developed Park and Rec program, it seems like there is something to do for everyone in Savage, MN. If you're thinking of buying or selling Minnesota real estate, please call me and I'm glad to help!

    Are You Ready To Talk?

    If you think you want to learn more about selling your Savage home call or email me. I will create a market analysis of your home for free. We will discuss all of the options based on today's market. Feel free to email or call me.

    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
  • Shakopee First Time Home Buyers Tips

    Posted Under: General Area in Shakopee, Home Buying in Shakopee, Financing in Shakopee  |  September 1, 2011 6:32 AM  |  348 views  |  No comments

    Are you planning to buy your first home in Shakopee, MN? There are a few things that I would like to share with you about Shakopee real estate to help make sure that you avoid some of the biggest mistakes many first time home buyers make. With some basic preparation you can avoid some of the most painful pitfalls.

    5 Tips For Shakopee First Time Buyers

    1) Get prequalified for your home loan first! I have met far too many first time buyers who find a home first, only to find out they do not yet qualify for financing. It can be an extraordinarily painful experience to go through the work of searching for the perfect home only to find out you are not yet ready to qualify for a loan. You can get preapproved with my preferred Minnesota mortgage lender right over the phone. There is no cost and no obligation so why not start the process immediately?

    2) Get educated about the process of buying a home as soon as you can. You can learn a great deal at a first time home buyer seminar or at a Home Stretch Worshop available through many communities around the Twin Cities. There is so much to know about the home buying process that it is well worth it to learn as much about it as you can…and as early as you can.

    3) Get a home inspection on the house you buy. While a professional home inspection is not usually required by your lender it can sometimes reveal major potential problems in the home before you are fully committed to the purchase. I will help you negotiate a transaction with a contingency upon a professional home inspection that is satisfactory to you so that if it comes back bad, you can back out of the transaction. Some first time buyers will skip buying the house inspection because of the cost involved. This cost is cheap when compared to making a purchase of a home with so many problems that it becomes a money pit.

    4) Take care of your credit after preapproval. After you have received your preapproval for a home loan your lender still might need to check your credit again. Make all of your monthly payments on time and do not open up new debts. You should avoid additional credit inquiries after your preapproval application to avoid potential problems with your credit score.

    5) Don't get lazy when shopping for homeowners insurance. If you were to call 3 different homeowner's insurance companies you will get 3 quotes that could vary by as much as double! Right after your loan application start your search for insurance estimates.

    Located just southwest of Minneapolis, Shakopee is one of the larger bedroom communities of the Twin Cities. Also the county seat of Scott County, Shakopee has tripled in size since 1990. Shakopee is also home to popular entertainment destinations such as the Canterbury Park horse race track, the Renaissance Festival, and Valley Fair. As an outer ring suburb many residents work in downtown Minneapolis. MN first time home buyers in this area in this area will want to look into the Scott County home buyers club for up to $4,000 in down payment assistance.

    The First Step: Get Preapproved!

    For many MN first time buyers the intimidating question is where do I start? 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 search for homes in the right price range.

    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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