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Home Buying in Burnsville : Real Estate Advice

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  • Local Info0
  • Home Buying18
  • Home Selling1
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Activity 18
Thu Apr 27, 2017
Lcdbuilder answered:
We experience a hail storm in Feb 17. There has been an assessment on the roof damaged from that storm and a determination was made by several roofing contractors ,at the request of many of the owners in the townhouse community that informed us of roof damage.
The problem, we have an HOA that's responsible for exterior maintenance which includes roof replacment. My question how is the HOA to handle their responsibility when individual owner are receiving claim checks from their respective Insurance Company
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0 votes 18 answers Share Flag
Mon Dec 23, 2013
Harold Lear answered:
The foreclosure is subject to a 90 day Right of Redemption if it was a Non Judicial foreclosure.
(Cal Civ Code sec 1367.4)
This gives the home owner the option to try to get the property back by buying it back for the amount of the lien, cost and other charges. ... more
0 votes 10 answers Share Flag
Mon Dec 23, 2013
Joel Johnson answered:
Check with the list broker. They may or may not be accepting additional back up offers at the time of your inquiry. Ask the list broker if they already have back up offers, and if so, how many. The key point is NOT to stop looking anytime you find yourself in a back up position - keep looking, and if you find another property you want to pursue, be sure to withdraw your back up offer. ... more
0 votes 11 answers Share Flag
Fri Dec 6, 2013
Gail Strom answered:
Aviat, there are many variables here. Ultimately it depends on your reason for purchasing in the first place and how long you intend to live in the townhome. It appears that you're asking for investment purposes and are wondering which might bring a better return? Herein lies another variable, what's the market doing? At this point in time you may do well to have two units at low interest rates because many condo's are seeing an increase in value and one may be able to produce income.

Speak with a Realtor who has experience working with investors, they will lay out your options in a more simple and complete way than you can get on Trulia. I've been investing and have been working with investors since 2002. I'm happy to explain in greater detail.

Gail Strom
RE/MAX Results
952.220.4027
gail.strom@results.net
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0 votes 4 answers Share Flag
Fri Dec 6, 2013
Gail Strom answered:
I live in Lakeville, just 3 minutes from Burnsville. Anybody can search online for property but you should really have an expert that can advocate for you as a buyer and help sort through the moving parts. Best of luck!

Gail Strom
RE/MAX Results
952-220-4027
gail.strom@results.net
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0 votes 9 answers Share Flag
Mon Aug 19, 2013
Laura Claypole answered:
There are many homes available in the South Metro area. New listings come in every day and often times sell with in a week or less. I would be happy to meet with you to get a better idea of what type of home you are looking for. We can begin to look at any time. Please feel free to give me a call.
Thanks much,
Laura Claypole
612-670-6325
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0 votes 2 answers Share Flag
Fri May 24, 2013
Russ Douville answered:
This is a little outside my scope since mobile home sales are rarely real estate transactions. I believe you need the title to the home, and possibly a bill of sale.
0 votes 2 answers Share Flag
Mon Jul 2, 2012
Christine Rocheford answered:
This question has been common in the last couple of months. If you have a cash to purchase a HUD home Great! My next question is are you able to provide a Proof of Funds letter from a bank? You will need to have either a pre-approval (typically when financing) or a proof of funds letter to get your offer into an "accepted" state should they select your offer.

I have had a few that don't have bank accounts so the proof of funds becomes more difficult. Then at closing time you have to wire the funds so you need a bank account at some bank as the closing company for HUD no longer takes cash. I know crazy, the closing company for the government doesn't take cash any how any way.

Hope this helps you in your purchase, if you don't have an agent already be sure to ask home many accepted offers they have had that where HUD Homes.

Chris Rocheford
Keller Williams Realty Integrity NW
Licensed MN Realtor
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0 votes 5 answers Share Flag
Sat Apr 28, 2012
Donald James answered:
Hi Rachel,

This could be a good idea if:
1. You recognize that being a landlord / property manager is a business and are ready for any contingencies. Do you have plans for how the plumbing gets fixed, who answers the service call when your tenant says there is no hot water, etc.
2. Your HOA allows rentals.
3. You qualify for financing for another home.

Owning my first rental property was a real education for me!
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0 votes 11 answers Share Flag
Thu Mar 15, 2012
Susan Hofflander answered:
Short answer: YES!! But, let me qualify that with, IF you qualify. Most of the assistance programs have conditions that you must meet in order to be rendered eligible for such benefits.

First thing you need to do is talk to a good lender who works with these programs ALL the time. For many programs, the lender needs to attend courses and receive affirmation from the program that the lender is permitted to process such programs. So, it's important to talk to more than one lender.

Many buyers just go to their bank. But, many banks don't do these programs, so they might encourage buyers to steer clear of them. That's not in the buyer's best interests.

Let me know if you need some recommendations for lenders who are qualified to work these different programs.

Good luck!
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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
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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0 votes 4 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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0 votes 8 answers Share Flag
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
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
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
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0 votes 7 answers Share Flag
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