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Tom Sommers' Blog


By Tom Sommers | Agent in Lakeville, MN
  • Foreclosures and Short Sales are no longer the best deals in Real Estate!

    Posted Under: Home Buying in Minneapolis, Foreclosure in Minneapolis  |  December 9, 2013 9:37 AM  |  215 views  |  No comments

    Sounds crazy?  Perhaps but consider a few things before you disagree with me on this idea. Foreclosures and short sales have been slowing down over the last year as the real estate market has been recovering. Many housing experts believe the majority of them are now behind us. As prices start to rise on traditional real estate the same can be said for foreclosure properties. When you take a look at the total amount of cash needed to fix many bank owned homes up; it is becoming more obvious you can move into a home with all of the updates for the same amount of money and not have to do any of the work.


  • Home Owners Associations, What home buyers need to know.

    Posted Under: Home Buying in Minneapolis, Foreclosure in Minneapolis  |  October 28, 2013 3:20 PM  |  239 views  |  No comments
    Home Owners Associations, What home buyers need to know.
    "Understanding the role an association plays in the ownership of a town home or condominium is an important piece to consider before you actually purchase a home. Most of the information is pretty basic but very important none the less. The association will have an impact on you for the entire time you own the home.  Many of the documents are the same or very similar between a condominium and town homes. The biggest difference..."

    Read the entire post about Homeowners Associations
  • Home Buyer Mistakes You Can Avoid

    Posted Under: Home Buying in Minneapolis, Foreclosure in Minneapolis, Property Q&A in Minneapolis  |  September 12, 2013 9:30 AM  |  614 views  |  No comments
    Home Buyer Mistakes You Can Avoid
    "If you are reading this I am guessing you are interested in buying a home but don’t want to make any mistakes if you can avoid them.  Sorry to say you will make mistakes, that is how you learn. the thing you can do is avoid making the big mistakes that can cost you a home.  Many of these will seem like common sense to you but I assure you they must not be to a lot of the home buyers out there.  I see these mistakes being made all the time and I want to help you to avoid them. These apply weather you are..."

    Read the entire blog Home Buyer Mistakes You Can Avoid
  • What Is A HUD Home? Is It A Foreclosure?

    Posted Under: Home Buying in Minneapolis, Foreclosure in Minneapolis, Investment Properties in Minneapolis  |  April 17, 2013 11:19 AM  |  1,234 views  |  No comments

    "There’s a lot of confusion in the current real estate market among buyers when you bring up the term HUD. I thought I would go over the differences between HUD owned properties and bank owned properties. When you hear the following terms, HUD home, bank owned, lender owned, corporate owned, company owned and REO properties; they are all considered foreclosures. Meaning a homeowner at some point fell behind in their payments and lost the home to foreclosure. All of those terms with the exception of HUD home refers to a property that is owned by a bank or lending institution. A HUD home is still a foreclosure but it’s owned by Fannie Mae and Freddie Mac. I will go through some of the differences between these two different types of properties but keep in mind..."

    Read the entire blog article
    Bank Owned Homes Vs. HUD Homes

  • Buying a home vs. renting. What should you consider?

    Posted Under: Home Buying in Minneapolis, Foreclosure in Minneapolis  |  January 15, 2013 7:32 AM  |  206 views  |  No comments

    Should I buy a home?

    "Buying a home is one of the biggest financial decisions you’ll probably make in your lifetime and one you shouldn’t take lightly. Home ownership is still alive and well in America in one of the fastest ways to secure your future. The biggest upside to owning a home is sooner or later all of us will retire. If your home is paid off the only expenses that you will have on a regular basis our property taxes, regular maintenance and utilities. If you retire and you’re still renting, the monthly rent which will continue to increase will eat a good percentage of people’s monthly income. But before you make a decision to buy a home you may want to consider the following.

    It’s a major investment

    What is your current state of finances? Is this something that will benefit you in the short term as well as the long-term? You may not need as much money to get started down the path of home ownership as you think. Even though the tax credit is long gone, there are still first-time home buyer programs as well as County bond pro...."

  • How to buy a foreclosure

    Posted Under: Home Buying in Minneapolis, Foreclosure in Minneapolis  |  January 10, 2013 3:43 PM  |  175 views  |  No comments

    "Buying a foreclosure is not all that different from buying a traditional sale but there are a few things that make it a little bit different. You’re going to want to these to make you a more informed buyer.  First off for those of you that don’t know a foreclosure is owned by a bank.  They are also referred to as lender owned home, corporate owned, company owned and REO properties. Several different names but the bottom line is are all foreclosures and they’re all owned by a lending institution.  Lenders are in the business of lending money not owning houses, so they don’t want to hold these properties. Fina a...."

    Read Buying a foreclosed home
  • How To Buy A Home

    Posted Under: Home Buying in Minneapolis, Foreclosure in Minneapolis  |  January 3, 2013 12:44 PM  |  139 views  |  2 comments

    "This blog is designed to help you whether you’re a first-time home buyer or you bought three or four homes. The purpose is to clue you in on some of the basics of how to purchase a home. There are no secrets in this process just good common sense. By understanding what the process is ahead of time it’ll make it much easier for you to go through the process when you are purchasing a home. So let’s take a look at all of the different steps, to get you ready for buying a home. The first step would be to choose a realtor. I know most of you are probably thinking oh here it comes of course he wants us to choose a realtor. I do want you to choose a realtor because we have a lot of value and can help you with the purchase of your new home. Our value is working with you through the whole process, giving you information, helping you understand that..."

    Read How To Buy A Home
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