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Burnsville : Real Estate Advice

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  • Home Buying18
  • Home Selling1
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Activity 38
Sat May 21, 2011
Donald James answered:
Hi Michael,
The short answer is buy! The Phoenix rent vs own ratio is 120% meaning rent is about 120% of owning (rent as a percentage of after-tax mortgage payment). Anything over 100 means it is cheaper to own than to rent. Selection is great, prices are down, finance is cheap. Take the few tax advantages we have left and buy. Want to see some AZ homes? ... more
0 votes 4 answers Share Flag
Fri Sep 17, 2010
Felix Hung answered:
BBqgal,

A BPO, is a valuation performed at the beginning of the process right after the seller has accepted an offer and submitted it to the bank. The bank is the one that orders this valuation and it means you're about 20% of the way to completion. ... more
0 votes 7 answers Share Flag
Sat Mar 6, 2010
Make Minnesota Home answered:
Sorry you are going through this; you are not alone. I agree with the agents that responded about talking to a lawyer might be good - if you can get a free consultation. Unless you are able to redeem your home (mortgage balance plus fees) soon your only option may be to pursue a short sale and depending on the rest of your credit you may be able to get into another home soon. The least favorable action would be to do nothing and let it go to foreclosure. As a Certified Distressed Property Expert, I can answer questions about the process needed to sell your home and would refer you to a law firm that is trusted in these matters to negotiate with the bank. You can contact me with questions if you wish, I'd be happy to help. ... more
0 votes 10 answers Share Flag
Fri Mar 5, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
If the owner filed bankruptcy, reinstatement funds via certified funds recieved before sale, modification or some other agreed settlement with funds received prior to sale.

Some are easy to resolve and some more difficult, it depends on the specific transaction and the lender involved and the state it happens.


Keith Manson
First Weber Group
Certified Distressed Property Expert

Metro Milwaukee


http://www.milwaukeebailout.com
... more
0 votes 5 answers Share Flag
Wed Mar 3, 2010
Eric Egeland answered:
Your agent is correct assuming the REO is aggressively priced.

On these aggressively priced properties the bank has a selection of offers to choose from..the most attract offer being cash & the least attractive being more difficult loan scenarios with numerous hurdles. The bank wants a quick sale & doesn't want the deal to fall apart because of a snag in financing.

Your offer is not only competing with others on price but also on the likelihood of it closing...and/or the ease of it closing.
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Wed Mar 3, 2010
Eric Egeland answered:
Sat Jun 27, 2009
Don Edam answered:
One other quick thing. Depending on the bank, some will allow what is called a Short Redemption to take place. Its basically the same thing as a short sale, but during the redemption period.

Technically the owner of the home has the redemption period to attempt to 'redeem' the property by paying off the balance in full + legal/admin fees the bank has accumulated as a result of the foreclosure process. If you know who the owner of the home is and it is still in the redemption period, you can make an offer to the owner who would then turn that offer over to the bank for approval.

Let us know if you need any more info...Good Luck!
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0 votes 3 answers Share Flag
Wed Jun 24, 2009
Dan Swanson answered:
First - is this a particular home you're looking for? A particular neighborhood? A particular school district?

If you have a particular area in mind, search for a Realtor who either lives in or specializes in that area. Often established Realtors will know (through former client follow-up) if or when someone is interested in selling. Many Realtors know people who are not on-market but who want to sell if they could get the right price. They can make your off-market dream a reality.

If you want a particular home? Well, this is a Buyer's market and you can afford to be bold: Have your agent ring the doorbell and ask the question. Again, there are many homeowners who wish they could sell without marketing. If you and your Realtor have done your homework on current values, you could buy a home completely off-market. I don't recommend this as a 'Lone Ranger' project, however - i.e. doing this on your own. There is too much potential for a deal to go south without at least one licensee (agent) involved in the process.

One last note: Please don't delude yourself into thinking that buying a property off-market is going to save you money. Home values have declined so precipitously in most areas of the Twin Cities over the last two years that many homeowners are underwater (would have to sell short) or very close to that threshold. These potential Sellers won't be able to sell for a lower-than-market price without involving their lender - and that opens a large can of worms that effectively negates any advantage you might have gained by pursuing a property off-market.

Good luck with your search! Be happy you're a Buyer in a Buyer's market.
-Dan
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0 votes 6 answers Share Flag
Wed Jun 24, 2009
Dan Swanson answered:
You have to negotiate differently with a lender than a private owner. There is NO emotion involved on the lender side in this transaction! The lender's representative doesn't need equity to use as a downpayment on their next home (as an owner/occupant might) and they normally get paid a salary whether they accept your offer or not! So there is no financial incentive for them to "cut you a deal". The lender cares about three things - the current value of the property, foreclosure inventory, and loss levels which are acceptable for write-offs. That value can be based on a broker's opinion, recent sales data, or a recent appraisal. The point is, it's all about the numbers.

You've already shot for the moon with your first offer - and were denied. Your offer was so low that the lender didn't counter. Get a current, level-headed market analysis for the property and base your offer on that figure minus whatever you think the lender may term "an acceptable loss" - say 5-10% (maximum).

Remember that negotiating for a bank-owned property is much like attending a 1-person auction: You must guard against overbidding. If the property doesn't make sense at your calculated offering price or a counteroffer price, you have to be prepared to walk away and seek a better deal elsewhere.
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Wed May 13, 2009
Susan Hofflander answered:
Sometimes, there's so much "jargon" that loan officers and real estate agents throw around, we forget how to get down to basics and explain it to people who don't do this kind of thing every day. I speak from experience when I say, YES, mortgage insurance underwriting is VERY tough right now. I had a client with impeccable credit, no debt, owned other properties free and clear, great income. He did a 5% down loan at the beginning of the year and it was questionable whether or not the MI underwriter would approve it. If a buyer like that can't qualify, who would?

I suspect that, even though it felt like the mortgage person was just trying to get you to take his/her word for it about FHA, they were, perhaps, trying to save you from an unnecessarily long explanation about why this would be the best solution for you.

And, speaking as an agent, you do NOT want to change your financing in the middle of a transaction. It's in your best interests to pick one type of financing when you write an offer. The sellers will be potentially suspicious and could accuse you of changing your terms if you're still figuring out what financing you're going to secure during the course of the transaction.

Good luck!
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0 votes 3 answers Share Flag
Mon Aug 18, 2008
Lashae answered:
Thanks! The savings would be at least $1,000 if not more. The current value is $160,000 more than we paid for the home. The county assessor agrees it's over valued which is why she's lowering the rate in 2010, which gives me more leverage because how can you say it's lower in 2010 and not 2009? Besides that all the neighbors had their values lowered just through the yearly process (but they lived there and I'm just a newbie). However, I am scared the process will be lengthy and exhaustive and quite confusing, so that's why I'm looking for assistance. Thanks! ... more
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Mon Aug 18, 2008
Scott Godzyk answered:
If you are planning on living there for a long period of time, this market will have turned, the homes will be sold and values will be back up again before you know it. it sounds like you got a great deal. and if you love the house than that is all that counts. the other houses may need more work or be different in some other way, after all you choose this house over them didnt you. you will be fine. ... more
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Fri May 9, 2008
Chris South answered:
Sherma,

Your loan officer should be able to change the down payment and loan price for you.
It may require updated forms if you loan is a FHA loan but hey who care underwriting dhould only take 2-3 days at most so you would still have plenty of time to close. My only concern is why would you want to put an additional 5000.00 down on a home at this time it will have a very minimal effect on your payment and with the declining prices may just evaporate in you homes value. I think you would be better off keeping the 5000 as a reserve against future expenses that may arise. ... more
2 votes 2 answers Share Flag
Fri Apr 25, 2008
Deborah Madey answered:
So, is the contract signed by both buyer and seller? That determines where you are at in the process.

I don't understand the "out of town" excuse. I have communicated with and transferred documents all over the states and the world. We live in an age where that is accomplished with ease.

Perhaps your agent can contact the listing agent's broker since there seems to be a lack of experience on her part. Perhaps some coahcing would move things along. That provides no guarantee, though. If the hold up is really the bank, that ....you must just accept...or withdraw your offer and walk away.
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1 vote 8 answers Share Flag
Tue Apr 15, 2008
Stephane Cattelin answered:
Hello Amy,

An offer was accepted on this townhome March 2nd, date at which time the property turned pending. This sale is not due to close before May 16th. Terms of the transaction will then become public. ... more
0 votes 2 answers Share Flag
Mon Feb 25, 2008
Todd Norsted answered:
Hi Shrema.......

Have your Realtor do a market on the home including those sold in the area recently, and the answer should be simple. I'd be aggressive on the offer, as it is a short sale, but you need to offer what you're comfortable with. Ask yourself how you'd feel if you lost this home?

I hope that helps......

Thanks, Todd Norsted
... more
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Thu Dec 27, 2007
Patti Ann Kasper answered:
While anything is possible, this is very unlikely. The normal timeframe is more like 4 to 6 weeks. However, if you have gone through the mortgage underwriting process, that will help.

Good luck!
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0 votes 4 answers Share Flag
Wed Nov 21, 2007
Aaron Dickinson answered:
Most auction properties are really left best to professional investors. They often come with limited review of the property, no permitted contingencies for inspection, financing, etc, and can have many unknown defects. Oftentimes it is better to seek owner-occupied sellers or homes sold by banks after foreclosure as they permit contingencies and many times are actually better deals.

Keep in mind that homes are priced cheap for a reason. If they really were a "steal" there would be more demand for them.
... more
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