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55344 : Real Estate Advice

  • All17
  • Local Info0
  • Home Buying4
  • Home Selling5
  • Market Conditions1

Activity 10
Thu Jan 26, 2017
Pvrushali8 asked:
Fri Jun 19, 2015
Josh Lund answered:
Hello K_k_d_r,

My name is Josh Lund. I'd be more than happy to explain the process and take my time to explain the Home Construction Process to you.
Have you found a lot to build on? Have you found a builder? A lender?

You can contact me at :
Josh Lund
Branch Manager
Gold Star Mortgage Financial Group
333 Washington Ave N Suite # 101
Minneapolis, MN 55401
Office # 952 884 5442
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0 votes 1 answer Share Flag
Fri Mar 27, 2015
lewisremington19 answered:
I would recommend sealing your driveway. When I was buying my home, a lot of what my wife and I would go off of was our first impression, and the first impression comes from the house exterior, the yard, and the driveway. We always liked it when we found a well maintained driveway, and one of the best ways to do that is through sealing it.
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0 votes 31 answers Share Flag
Sat Feb 28, 2015
Christopher Block answered:
Hey Hot Mama!

I could write a ton more here, but in all honesty we have to start with you filling out a loan application, and if you have any co-signers like a spouse for example too. From there we will find out what your DTI situation is like (debt-to-income ratio) and just go from there!

I have some great lenders I can refer you to, so get in contact with me to get started.

I do have other financing options for you if the traditional bank route does not work, because even though you will have a renter paying your mortgage it is not always enough. We will figure it out together though!

~Christopher Block
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Thu Oct 9, 2014
Rudy Gutierrez answered:
Wed Oct 1, 2014
Christopher Block answered:
Hey Diane!

Here are a couple questions I would ask:

1) What price point are you trying to sell at, and what is the listing history like for Eden Prairie currently? A Realtor could analyze this and tell you how long it will take to sell, and what the current market looks like.

2) This plays into the rental situation, which may be the most important part to analyze. Will the renters still be in the home while you sell it, or are you going to try and sell with them in it? Our answers to question #1 may play into your decision. Also, generally it is tougher to sell a home with tenants because you are required to give them 24hr. notice for showings. This hurts show-ability of the home since most buyers, and their agents, will request one within 6 hours the same-day.

You also have to rely on the tenants to keep the home clean, and present it at its best. If the home is dirty during showings that will hurt your bottom line.

3) You are preparing the home for sale, but have you sought out any professional advice from a Realtor and/or stager? Prepping the home is my #1 topic with sellers when listing a home. I work with buyers every day showing homes, so I tend to think I have a pretty good idea of what they like in homes and more importantly what they don't.

It does not have to be thousands of dollars many things are small; but they can make a huge impact on your bottom line.

4) Does it effect you selling now versus the spring? In other words, are there any external variables that makes selling in November make more sense than waiting?

There are some more items we would discuss during a listing appointment but these are the big ones. From there it is just a matter of deciding if you will make more money waiting till spring, and if the overall selling situation is better for you.

What I can say Diane is that you are in a good zip code that has done nicely this year as far as price improvements go. However, overall the market for the past 2 months has been moving towards a more "balance" market. Inventory has been rising while pendings are down. My personal opinion is that 2015 will still see a very small price gain (1 to 3%), but for the majority of markets in the twin cities it will be even.

But spring is a long way from now, and from a sellers standpoint we are heading in the wrong direction. Timing the market without very concrete evidence (like we had for 2013 & 2014) can backfire. All I can say in summary is that if you sell now it is definitely at the top of the market where you will enjoy the price gains that happened over the summer.

I hope this helps. I would love to talk more with you about all of these and answer any questions you have Diane. Feel free to get in contact with me and good luck on the home selling!

I always recommend checking out our past client testimonials on Trulia (our profile pages). It is a great way for you to get to know us Realtors.

Christopher Block
Bridge Realty
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Mon Oct 15, 2012
stephenluptak answered:
I am a buyer looking for a studio to purchase in SWS.

0 votes 4 answers Share Flag
Fri Jun 20, 2008
Don Tepper answered:

Lots of answers here, but only one (Tim) appears to have read your question which was how to get listings BEFORE it goes to the MLS. Not after. And I'm not sure his response gave you any tools to do so.

If you want to identify properties before they're listed on the MLS, then you need one or more ways to identify properties before they're listed. It's that simple. How?

Some properties will be listed on the MLS, but they aren't yet short sales or REOs. A typical scenario (around Northern Virginia, at least): Someone bought a house in 2004 for $400,000. As the bubble expanded, the "paper" value of the house probably rose to $500,000. Then the bubble burst. The owner had an adjustable rate mortgage, saw the handwriting on the wall, and tried to sell. Problem is, there wasn't much equity, and the owner was following the market. So, looking at the MLS, I can see that the property was listed at $525,000 in the fall of 2006, and slowly reduced to $475,000 in the winter of 2006, when the listing was withdrawn. It was listed again at $465,000 in the spring of 2007, and reduced down to $430,000 by the fall of 2007. That's a house heading to a short sale or foreclosure. You won't see any mention of that in the "Comments" section of the MLS. But to an experienced agent, it's screaming out.

Problem with that type of listing is that there's no equity left. And so you'd have to try a short sale, which the seller might or might not be willing to do.

However, the market is filled with these. Any Realtor can set up a screen for that type of property. I'd start with a purchase date of between January 2004 and January 2006 with DOMP (days on market for the property) at 100+. Then I'd fine-tune the parameters. If you're working with a particular price range or location, I'd plug those in. Then I'd look at each one for the particular pattern I described.

A second strategy is to track "Notices of Default" and follow up with the owners. Another posting below mentions RealtyTrac. That's one source; there's debate here on Trulia and elsewhere about the quality of RealtyTrac's data. But you can do that. Also, such notices are published in newspapers serving the geographic area; it's required by law that such notices be "published," which usually means in the classified ad section of a newspaper. Or, what real investors do is go down to the courthouse once every few days and go through the records. Most courthouses have very helpful, friendly personnel who'll show you where the documents are. All that's important because not all preforeclosures are listed on the MLS. The owner knows he/she has fallen behind on the mortgage and has received a notice from the lender. But that doesn't necessarily mean the owner's listed the property for sale. Often, she/he hasn't. So: That's another way to identify properties before they go on the MLS.

Another way is to network with loan officers and Realtors. When someone's in financial trouble, one of the first things they think of is refinancing their loan. And so the first place they go to is a mortgage broker or loan officer. Very often, however, the owner can't refinance. They've missed payments, and/or there's no equity in the property. The mortgage broker is unable to help.

Similarly, one of the first reactions of a distressed owner is to sell the property. But if the owner owes $400,000 on a property that's only worth $375,000, most Realtors can't help unless they try a short sale.

If you network with Realtors and mortgage brokers, you may be able to get leads regarding owners they're unable to help.

Another technique is to market for such properties. You can do it; some Realtors may do it. Many investors do. Try direct mail. Or advertise on CraigsList. Advertise under "Real Estate Services" as well as "Housing Wanted."

People are already doing it. Here are a few from the Minneapolis CraigsList:
we want your house...

Reply to:
Date: 2008-06-19, 9:23AM CDT

if you are in foreclosure or just want to get rid of a house we are the people to call. This is no gimmick, we will pay you CASH for your house. Feel free to email me if interested. Thanks

Need to Sell? We buy Houses too. (Twin Cities)

Reply to:
Date: 2008-06-19, 8:19AM CDT

My name's xxxxxxxxxx, I'm an investor/entrepreneur. If you need to Sell your house or property, Give me a call.
-non-MLS properties preferred.
-Get out of a bad situation and on with your life.
-I work with hundreds of investors all over the Country
I also offer paid referrals if you know someone who needs to sell.
Cell: 763-xxx-xxxx
Office: 1-888-xxx-xxxx

Hope that helps.
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1 vote 6 answers Share Flag
Tue May 6, 2008
Aaron Dickinson answered:
You could use those foreclosures as leverage with the builder. If you go new construction, condition is warranted by the builder. If you go with the bank owned homes, condition is not warranted. To me, that alone is worth some money.

Even if there were not any foreclosures right now, almost every development will see them sometime in the next 24 months... it's the market we're in. Don't overpay now and you won't regret it later.
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