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Home Buying in 55401 : Real Estate Advice

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  • Home Buying9
  • Home Selling4
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Activity 9
Thu Oct 30, 2014
Richard Newman answered:
Nick. I'm not sure if you mean from a crime standpoint or how the market is performing vs the Twin Cities area in general. From a safety standpoint, The residental neghborhoods in downtown Minneapolis are quite safe. Trulia provides useful maps showing where the hot spots are for crime - and in downtown Minneapolis that tends to be in the nightclub district. If you were to ask loft owners about this, I'm certain that the vast majority would tell you that they feel safe. You can also get info on this from the Minneapolis Police Department if you'd like more statistics.

If you're talking about the market safety, downtown Minneapolis is currently outperforming the Twin Cities Metro in terms of growth and appreciation. More and more people are discovering how appealing the downtown lifestyle is and everything that downtown has to offer. Most new development is currently rentals, which will be beneficial for condos owners due to supply and demand. This is a good time to be a condo or loft owner in Minneapolis.
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Thu Oct 30, 2014
Richard Newman answered:
It may be different when client is buying land due to what is normal for seller's commission to buyer's agent - but for residential transactions in Minneapolis that would be very unusual. I specialize in condos and lofts and commissions for buyer's agent/company are normally in the 2.5 - 3.0% range. I have never asked a client to pay any percentage of the purchase price as additional compensation. ... more
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Wed Jul 2, 2014
Joel Johnson answered:
It's possible the agreement is for a year. I would hold him to his verbal agreement with you and ask that he present the original agreement to you for your signature. If that doesn't work, contact the agent's broker and work it out with the broker. ... more
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Fri Nov 29, 2013
Arne Johansson answered:
Fri Aug 2, 2013
Scott Rheinhart answered:
Fri Jun 29, 2012
Shantelle Odegard answered:
Mike was close. It's a fee that is no longer legal, hence it's $0..on your contract. Broker commissions on both sides (seller/buyer) often read as follows now "7% + $495 broker commission" *7% is just an example, as mandated, there is no set rate of commission. ... more
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Thu Dec 17, 2009
Patrick Thies answered:
Try this website for answers. It explains who and what quailifies, consequences and other topics regading short sales.
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Fri Jul 3, 2009
Brian Miller answered:
Crafty_

Independent of being a real estate broker, I think I may be more useful to you from the perspective of being a small business owner in Minneapolis. I also spoke with the person I referred to in my prior response. He is willing to sell and offered to provide insight if you wish to call him. You may contact me @ #612-822-1771.

Be prepared to explain why you must 'own' a duplex. Is it necessary to own the duplex in order to conduct your business? Why not rent a duplex?

If it's imperative that you must own:
Interviewing reliable small business accountants and small business lending experts, whether local bank or broker, is essential. Maybe you've already exhausted those routes? If so, you will be limited to private financing or some creative means.

Whatever you do in the realm of property and/or start-up small business business ownership, expect to offer personal guarantees based on credit history, financial statements, collateral/ assets... That's what most of us business owners subject ourselves to in order to borrow or lease, especially when starting from scratch (high risk).

~Brian
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Wed Aug 13, 2008
Debt Free Dave answered:
You can close on an undrawn heloc. I have done them before.
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