Average means take all incomes and add them together and divide by the number incomes you started with. That means some people will make $20,000 and some will make $1,000,000. Some people from other states will buy homes in Minnesota too and they could make $2,000,000. So just because the average makes $58,000 that does not mean no one makes more than that, they do.... more
The only losers in this market are those individuals that are not staying current and exploring real estate options....this doesn't mean that it's the right time for every individual to buy, but if you aren't actively looking, the perfect opportunity is likely not going to find you.
Is it the right time......absolutely, for the right people.
Our best recommendation, keep your options open by remaining current with your local market.
Are you paying cash? Problem #1 most lenders can’t lend on a niche property like a berm home. There may be exceptions if there are enough comparable sales of similar properties in a 90 day to 6 month period located within walking distance of the subject.
Problem #2, what is your exit strategy? The reason for Problem #1 is the limited market, most people do not want to live underground.
NMLS # 6395
Financing Kentucky One Home at a Time... more
If it is listed as a short sale you can. It doesn't turn into a bank owned property until the redemption period expires. Email me the address and I'll look into what bank will be taking it over. I have contacts at most banks and may be able to help!
Talk to you soon!
Kris Lindahl, CRS, CDPE, SFR
answering that question requires more information. I suggest you call or look on the internet to find statistics and reports that would help you know which school and district are more suited to you and your children. It is always important to start with school information when selecting a neighborhood for your family. Good Luck! If you need other places to answer this or other questions you may have related to selecting a family, please call or email. Cell# 612-986-4105... more
The quick and easy answer Manpat777 is "yes", you will.
If the owner is in redemption then they must pay the mortgage in full before redemption expires to regain possession of the property. I don't think that is likely to happen.
Eagan, MN... more
Don't get me started on bad appraisals, so let's not go there. I suspect the market conditions may have strengthened in the intervening period to drive the price up despite the condition.
For your first question, the asking price from Fannie Mae is just that. It's not a price set in stone. If the property doesn't sell, then Fannie Mae will eventually reduce the price in steps until it does. If you put in what you'd consider a fair market offer, they'll give you a counter or accept it.
Of course, this deal is only meaningful when you have the capacity to buy it. I hope it's still there when you can.... more
Those loans are a primary cause to alot of the foreclosures you see today and are not being done. Your best bet is to meet with a local and trusted loan officer who can prequailify you and let you know is available to you.... more
I would need to know what is in the contract, but ultimately it is sounds like you are pretty early in the game and should be fine. It just depends on how the current company responds. If you are honest and upfront I don't see why they would not grant your wishes.
There are currently 142 active single family homes in these areas on the market that have at least 5 bedrooms and 2 baths. Of the 142 properties, 20 of these home currently have contingent offers.... more
According to the Minneapolis Association of Realtors the average time on market in Eagan is 148 days. You can find their latest report on Eagan here - http://www.mplsrealtor.com/downloads/lmu/Eagan.pdf
Now one thing I can tell you is that reports like this are somewhat flawed because they include short sales which look like they are active for a long time while bank negotiations are taking place. The Average Days on Market can also vary widely based on price range and style of home (townhouse, condo vs single family).
I'd be happy to run a more specific report for you showing homes in your exact price range to give you a more detailed look at similar homes and what to expect. The market is actually pretty strong right now since there are 28% fewer listings on the market this year compared to last. Homes that are priced right and show nicely are selling quickly - quite often in less than 30 days.
RE/MAX Results - Apple Valley
Average days on market for Eagan April 2012
Single family home: 112
Single family homes with a price range of 210 to 310,000 have the shortest time of 65 days (apparently a shortage of homes within that price range).
Info courtesy Minneapolis Area Assn of Realtors... more
I'd call the county sheriff and ask what newspaper they publish Sheriff Sales in, and then, go online to that newspaper's website and cruise the public notices for a Sheriff's Sale notification on the property that you are inquiring about. I recently did exactly that on a property that I had interest in and had the answers that I wanted in less than 20 minutes. There is a six month redemption period in MN in which you can live and rent the house, but if it's not redeemed by the owner, the buyer at the Sheriff;s sale takes posession at the end of that 6 month term.
I hope that works for you as well as it did for me.
Thanks, Todd Norsted
Thanks, Todd Norsted... more
FHA has no Score rule, but the unspoker Middle credit score is 620 for FHA. Remember that there are 3 credit scores.
Conventional Mortgage is higher because the Mortgage Insurance Companies do not approved them at lowers scores.
I would call them and ask them why they sent it to you. It does seem odd, but they may have inadvertantly sent it to you rather than 'back' to the estate trustee. Worth a call and let us know how it goes. Good luck.
Realtor since 1980... more