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Scott Schultz's Blog

By Scott Schultz | Agent in Apple Valley, MN
  • Maplewood First Time Home Buyers: Avoid These Mistakes

    Posted Under: Home Buying in Maplewood, Financing in Maplewood  |  February 16, 2012 6:23 AM  |  834 views  |  No comments
    Are you beginning to plan to buy your first home in Maplewood, MN? There are some simple things that I would like to share with you about Maplewood real estate to help ensure you avoid some of the biggest mistakes many first time home buyers make. With some basic preparation you can avoid some painful pitfalls.

    Avoid These 5 Mistakes

    1) Get prequalified for your home loan first! I have met far too many first time buyers who find their home before they get prequalified for a home loan. It can be a 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 even during the evenings or on weekends, and generally 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. 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 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 house inspection on the house you are planning to 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 the inspection reveals problems, you can back out of the transaction within a specified period of time. Some first time buyers will skip buying the house inspection because of the $300 to $500 cost of the inspection. I think the cost of the inspection is a great value when compared to making a purchase of a home that later reveals multiple problems.

    4) Take care of your credit after preapproval. After you have received your preapproval for mortgage financing your MN mortgage company still might need to check your credit again. Make all of your monthly payments on time and do not open up new debts. Additionally, avoid additional credit inquiries after your preapproval to avoid a reduction to your credit score.

    5) Be aggressive when shopping for home 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! Immediately after your loan application you should start your search for insurance and get a few different quotes.

    Maplewood, MN: Community Information

    Just a ten minute commute from St. Paul, Maplewood is an excellent community for both first time home buyers and move-up buyers. The City of Maplewood, MN is certainly proud to be home of the world headquarter's of 3M corporation. Being so near to downtown St. Paul, Maplewood residents find them their neighborhoods amidst a unique blend of lakes, ponds and wooded areas. The city makes good use of its natural areas and residents have no shortage of recreational opportunities. If you are currently looking for a great place to relocate conveniently near St. Paul you will definitely want to search for homes in Maplewood, MN.

    First Step To Buy A Home: 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 of a loan you are qualified for so that we can research homes in a price range with comfortable payments for you.

    Scott Schultz
    Sales Executive, Licensed Realtor in Minnesota
    Remax Results
    scott.schultz@results.net
    Cell 952-221-7419
    Direct 952-431-2400
    Fax 952-431-0420
    14451 Founders Lane
    Apple Valley, MN 55124
    With a focus on Apple Valley real estate and surrounding communities.


    www.scottschultz.remax-northcentral.com
    www.ourteam-remax.com
  • How To Buy Maplewood Foreclosures

    Posted Under: Home Buying in Maplewood, Financing in Maplewood, Foreclosure in Maplewood  |  December 2, 2011 6:05 AM  |  691 views  |  No comments

    Want To Buy A Maplewood Foreclosure?

    Are you thinking about buying one of the foreclosures in Maplewood? 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 Maplewood foreclosures you will want to be prepared for how to negotiate your offer.

    Maplewood, MN: Community Information

    A short commute away from downtown St. Paul, the City of Maplewood is an excellent place to look for homes for both first time home buyers and move-up buyers. The community of Maplewood, MN is definitely proud to be home of the world headquarter's of 3M corporation. Being so near to downtown St. Paul, Maplewood residents are blessed with a unique blend of ponds, lakes and wooded areas even throughout its residential areas. The city offers an extensive list of recreational opportunities. If you are looking for a great place to live conveniently near the cities please call me to help you with your search for Maplewood.

    A 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, 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 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.

    Factors in Foreclosure Buying

    There are two big factors for you 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 the general property condition. A foreclosure that has just been listed is 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 listing that is in poor overall condition may not be able to be financed 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 search for foreclosures.

    Tips On Buying Foreclosures

    If you are going to be financing the purchase of a foreclosure there are some important things to know as well. First, the house itself must be in acceptable condition to the lender 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 concessions towards the closing costs of 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. 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.

    Get Pre-qualified

    The first step in the home buying process is to get prequalified for financing. This simply means that you talk with a local lender who will review your financial situation. In doing so they can tell you what types of MN first time buyer programs you might be qualified for. This first step can usually be done right over the telephone and most lenders will even do this with you when you are off from work.

    If you are looking for Maplewood foreclosures please send me an email or give me a call. There are many great Maplewood foreclosure values out there but knowing which one takes some time and expertise. I would value the opportunity to help you in your quest for the perfect purchase!

    Scott Schultz
    Sales Executive, Licensed Realtor in Minnesota
    Remax Results
    scott.schultz@results.net
    Cell 952-221-7419
    Direct 952-431-2400
    Fax 952-431-0420
    14451 Founders Lane
    Apple Valley, MN 55124
    With a focus on Apple Valley real estate and surrounding communities.


    www.scottschultz.remax-northcentral.com
    www.ourteam-remax.com
  • Maplewood First TIme Home Buyers

    Posted Under: Home Buying in Maplewood, Financing in Maplewood  |  June 15, 2011 5:31 AM  |  431 views  |  No comments

    Minnesota first time buyers are usually surprised when I show them all of the affordable Maplewood real estate. The simple fact is that the housing affordability index in Minnesota has not been this favorable in decades. While many renters have only read the negative press about real estate values, others have seen a completely different side. With the incredible combination of lower property values and historic low interest rates will make housing payments quite often lower than rent payments. So if you would like to talk about becoming a MN first time home buyer, I'm eager to talk with you about the possibilities.

    Maplewood, MN: A Great Place to Live

    A short commute away from downtown St. Paul, Maplewood, MN is a great community for first time home buyers as well as move-up buyers. The City of Maplewood, MN is certainly proud to be home of the world headquarter's of 3M corporation. Being so near to downtown St. Paul, Maplewood residents are blessed with a unique blend of ponds, lakes and wooded areas even throughout its residential areas. The city offers an extensive list of recreational opportunities. If you are currently looking for a great place to relocate conveniently near St. Paul you will definitely want to search for homes in Maplewood, MN.

    The good news today is that there are first time buyer programs available with minimal down payments and expansive credit guidelines. Unlike just a few years ago, today's popular options include great fixed rate financing insured by the federal government such as VA and FHA. Additionally, some conventional financing has cropped up such as Home Path loans on select fannie mae foreclosed homes.

    Down Payment Assistance

    In addition to State of MN down payment assistance funds many of our local communities offer assistance 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.

    Find Out What You Are Qualfied For

    The first step in the process of buying a home s to get preapproved for your home loan. This simply means that you talk with a local lender who will review your financial situation. In this discussion they can tell you what types of Minnesota first time buyer programs you might be qualified for. This critical first part can be done over the phone and most lenders will even do this with you when you are off from work.

    Today's housing affordability index is so low it makes it a great time to look into buying Maplewood real estate. If you are tired of the steady increase of 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 always eager to answer all of your questions. Simply give me a call or send me an email and let's see what might be possible!

    Scott Schultz
    Sales Executive, Licensed Realtor in Minnesota
    Remax Results
    scott.schultz@results.net 
    Cell 952-221-7419
    Direct 952-431-2400
    Fax 952-431-0420
    14451 Founders Lane
    Apple Valley, MN 55124
    With a focus on Apple Valley real estate and surrounding communities.

 
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