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Home Buying in Inver Grove Heights : Real Estate Advice

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  • Home Buying30
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Activity 9
Mon Dec 30, 2013
Blake Hanson answered:
Centext Homes (http://www.centex.com/) built Lafayette Park East from 2004-2005. Are you looking at 4903 Bisset Lane? I can get you in for a showing at your earliest convenience. There is a unique situation with this association too. If you'd like more information or to stop in to see it, contact me at blake@rerootgroup.com or 651.485.3635.

Thanks!
Blake Hanson
Keller Williams Integrity
... more
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Sun Feb 17, 2013
Mary Leizinger answered:
The difference between buying a short sale and a home from a traditional seller is that it is no longer all about you. The bank is taking a loss and in addition to your qualifications, they are spending time investigating the seller's claim that he cannot pay back the money owed to the bank and are negotiating with the seller. This can be a long process. The more indigent the seller and the closer to the foreclosure process the home, the quicker banks tend to move. If you have to move by a certain time, a short sale transaction may not be for you. Also, don't be surprised if the bank comes back and wants more money from you than the price you negotiated with the seller. In a rising and improving market like we now have, banks will be less negotiable than they were a couple of years ago. ... more
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Wed Aug 18, 2010
Patti Ann Kasper answered:
Dear Kamal Salim,

I AM being positive (and trying to interject some levity into the situation) when I say that it means absolutely nothing! And in Minnesota, our laws regarding redemption periods and short sales are very different than in Florida which makes the situation much more complicated than in your area.

My point is that there IS NO PRE-DEFINED MEANING TO THE TERM in reality. This is simply an attempt by agents are to attract more buyers. It is not set in stone, regardless of how many times you have talked to the lender and how much paperwork you have submitted. It can be changed by the lender at any time without notice prior to the date of Final Acceptance. So in reality, no one can tell you up front (with any degree of certainty) how long it will take to get an approval on a short sale.

Sure, people can make promises, but they are often broken.

Also, just because a listing is not advertised as "pre-negotiated" does not mean (as you stated) "that the owner has decided to market the property for a price much lower than he owes the lender, without the lender's consent or approval, and we have no idea whether that price would even be considered by the lender". Who is being negative now???

Some lenders will not give you a price up front regardless of how hard you try or what paperwork you submit. It depends on the lender, they are all different. That is why it is wise to have an agent who does BPOs (Broker Price Opinions done for banks to determine value) on a regular basis because they can perform the same analysis and come up with a good price for the listing.

And ANY so-called pre-negotiated price is only good for 30 days anyway.

I just don't like to get people's hopes all up and then have to shatter them. If someone REALLY NEEDS to close quickly, a "pre-negotiated short sale" is NOT a guarantee that they will close on time.

Buyers should be well informed and I tell it like it is. The short sale process is gut-wrenching enough for buyers without giving buyers false hopes or false impressions. There are some good deals out there, but you have to be patient. If you have a hard and fast deadline, a short sale may not be the best thing for you.

By the way, I am a SFR: Short Sale and Foreclosure Resource, a GRI: Graduate REALTOR Institute, and licensed in Minnesota. I specialize in Short Sales and representing Buyers in purchasing Foreclosures.
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Thu Oct 22, 2009
Paul Johnson answered:
Google "inver grove heights realtor" and you'll have my contact info, Paul Johnson at Edina Realty handy if you have further questions. I know the area well.

Currently there are no homes in foreclosure in IGH. Also, there are no lender-owned homes in the price range you specified. There are two short-sales. One of those will be going into foreclosure shortly, it will then likely be off the market briefly before re-entering the market. ... more
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Fri Sep 26, 2008
Kim Eisen answered:
Hi Gretchen,

Most of the down payment assistance programs are only for 1st time buyers (who haven't owned in the last 3 years) so those probably would not be available to you since you only sold your home in May. It appears that FHA may be one of your best options.

As stated before, at least you can receive some dollars back for using a specific program. Let me know if you want more details.

Kim Eisen
RE/MAX Realty 100
"Helping people make smart real estate decisions for over 28 years" - "Experience Counts!"
(651) 457-HOME (4663)
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Wed Jul 16, 2008
jkgoode answered:
Jennifer,

I've look back at your questions you've submitted. There is a good possibility for you to buy a home at a lower price. You seem hesitant to actively move forward to buying your 1st home. Yeah...it's scary! If you are serious about buying in the near future, there are certain steps you should take even before seriously looking at homes, if you haven't done already:

1. MEET WITH A MORTGAGE CONSULTANT & obtain a Pre-Approval letter (showing how much you can be approved for on a loan). Even if you are unsure if you can get a loan or are a bit leary to find out what your credit score might be...ALL YOU CAN DO IS TRY AND FIND OUT, it looks like you are ready to try now. There's lots of 1st time home-buyer programs out there available, you may easily qualify for one. I can give you names of fantastic people to work with. Initial consultations are free and at my company and you can even do it online with a quick response. All you can do is give it a shot, you may be suprised! Then you will know which direction to go from there and what price range you can look at. It's not as scary as you may think.

2. ENLIST A REALTOR YOU TRUST and are comfortable with and feel that they are working in your best interest. I feel I could help you out tremendously, you remind me of my step-daughter and more than happy to teach you the ropes of home buying. Don't worry, the buyer doesn't pay the realtor commission (unless you are dealing with a bank owned property or short sale, I will explain as the need arises). In a regular home purchase the only extra fee beyond your own home closing costs (taxes,etc) you pay is a Broker Administration fee to the company of the agent you enlisted to help you find a home. This is under $400 and taken out at closing. Believe me, you will save thousands in the end by signing on with a realtor. The realtor, with honesty & integrity, backed by the licensure law of duties, represents only YOUR best interest when signed on. Whether you choose a family/friend referral or me,
please-please sign on a realtor to assist you on your first home. There is so much that goes into a purchase and would hate to see you get gouged because of lack of knowledge and experience.

3. IT'S TIME TO GO SHOPPING...SERIOUSLY! You know your mortgage limit, you know your own comfortable monthly payment (remember to allow for assoc. fees and utilities). Now it's time to find the home you love that falls within your budget. Let your realtor research homes and sort out the best value within your criterea ahead of time, even ones that aren't on the market yet. Preview homes ahead of time and together. Let your realtor be the eagle eye to point out things to watch out for thing that need attention and negotiate the best price for your new chosen home!

Jennifer, I don't know your current situation but would love to assist you. Contact me if you'd like some help.

Sincerely,

Jody Goode
Coldwell Banker Burnet - Burnsville
c) 612-978-2488
o) 952-435-3030
d)952-435-4260
emails: jkgoode@cbburnet.com
jody@JGoodeHomes.com
webs: www.CBBurnet.com
www.JGoodeHomes.com
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Sun Jul 6, 2008
Susan Wesely answered:
Jennifer - If there's one at that price, it's "for sale by owner"., and may be a short sale. It's not in MLS. There are 2 active MLS listings now, one at $139,900 and one at $147,900. The units are 2 bed, 2 bath, range in size from about 1100 - 1400 sq ft. Please email me if you want more info - su@suwesely.com. Stay cool! ... more
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Sun Jun 29, 2008
Susan Hofflander answered:
Hi, Jennifer!
I just checked the MLS and I don't see any townhomes on Darcy in Inver Grove for that list price. It could be a sale not listed on the MLS, but real estate agents would have no clearing house of information to find that kind type of thing. Was it a yard sign or website or something that you saw? It might be a seller trying to sell prior to foreclosure or something. ... more
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