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Home Selling in 55401 : Real Estate Advice

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  • Home Buying9
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Activity 4
Mon Jun 27, 2016
Benjamin answered:
Is this a service they offer? I was under the impression that certain features of Trulia are not available without an agent.
0 votes 1 answer Share Flag
Fri Oct 5, 2012
Ben Ganje answered:
A valid question!

I deal with a fair amount of Buyers and Sellers in downtown Minneapolis and I wouldn't be so worried about the square footage as much as the price per foot. I am speaking generally here but a 200k condo should get you closer to 800-900 square feet.

I would be more concerned about the resale value with such a high price per foot condo.

Just my thoughts--thanks!

Ben
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0 votes 3 answers Share Flag
Wed Sep 23, 2009
Mnboy answered:
Some how my second post was lost. The gist of it was refuting the guilt trip Jason was putting on you.
How many of his buys went into foreclosures or short sale. I think you should start over. Things have improved from last year. Timing is everything, Loft inventory may or may not be lower. I need to know where you are located. Activity in the building is a good indicator. Everything is on the table, money form parents, bank negotiations, assume a loan for the balance. The last thing you want is a credit problem. Employers now look at credit more closely. You will take a 100-200 point hit. You can't buy for 2 years minimum. FHA is going to 690 next January 1. For, all Condo's and TH's tend to be overbuilt, require less land and more gross profit per acre, good for building business, bad for resale. You have to stay longer to be safe. ... more
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Mon Aug 11, 2008
Mortgage Guy answered:
Evidently, you are correct. The 710 or 720 Lofts are not listed on the FHA list and it appears that they have never been approved, rejected or haven their application withdrawn. The only condo complex in Minneapolis that shows up with the name "Lofts" is The Lofts on Arts Avenue.

Your other option, if you want to try an FHA loan, is to obtain a spot approval for your unit. This would involve a Mortgage Consultant sending the Home Owners Association a brief questionnaire to determine if the complex would qualify for a spot approval for your unit.

Otherwise, the other option would be to use a conventional loan with a minimum 5% equity although sometimes 3% equity might be available depending on some factors.

If you have any further questions or need more help, don't hesitate to contact me. If you would like to contact me directly, you can view my profile and contact me that way or you can send an e-mail to David at D hyphen Garcia dot com.
... more
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