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Home Buying in Elk River : Real Estate Advice

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Activity 13
Tue Jan 20, 2015
cschierholz answered:
Hey April,

Are you still looking for a rent to own home?

I have one that should be available in the next couple of weeks!

For more info on the house call or text me at: (763) 220-3799 ... more
0 votes 3 answers Share Flag
Mon Jul 22, 2013
Russ Douville answered:
You can certainly buy a home. The real question is - can you get financing, and if so, what are the terms.

From your question it seems you are nearly three years out from the foreclosure, so come September all the government loans are an option: FHA, VA, USDA/Rural Development. Further, since you have not had an ownership interest in a principle residence in the past three years, you will be eligible for first time buyer loans like the MN Housing loans, or City Living, with their lower interest rates and maybe even down payment assistance, assuming you meet the program guidelines.

Finally, if this is a "wrongful foreclosure", it may be possible to have it removed from your credit history. Maybe. In which case you could also look at conventional financing.

I would be happy to take a closer look at your situation and let you know what we can finance for you.
... more
0 votes 6 answers Share Flag
Tue Mar 12, 2013
Rachel Fredrickson answered:
Hi,

That first home! What an exciting time for your family! It can be overwhelming if you let it, so make sure I'm glad that you are reaching out and educating yourself.

Start the process by talking to a mortgage person or two to see how much home you qualify for. Lenders have different programs that they specialize in. After you've figured out how much ($$) home you want to buy it is time to contact a Realtor. Buyers do not pay realtors (sellers do). So there is no charge to you for hiring a Realtor to represent your best interest. A realtor can assist in your search for 'that' home.

Some things to be aware of when buying. You will need between $500-2000 for earnest money on pre-existing. Earnest money is money that you put down on a home when you make an offer. It shows the seller that you are serious about buying. It only gets deposited if the offer is accepted and is usually refundable if something goes wrong during the process. It gets credited toward the purchase at closing. If you decide to go the new construction route, you will need a larger amount up front for a pre-build deposit (3.5%-20,000 - each builder is different). It is non-refundable as the builder is building 'your' home.

You will need between $300-500 for an inspection of the home after you and a seller have reached agreement on terms of a sale. This is money you pay at the time of inspection.

That should get you started! Good Luck!
... more
0 votes 8 answers Share Flag
Sat Oct 29, 2011
Peter Boyle answered:
As of right now I have no information that FHA is planning to reduce the waiting period after a short sale from 3 to 2yrs. What rumors I have heard have been sketchy at best. I do know that Fannie Mae will consider a borrower for financing after 2 years if they put 20 % down and the explanation for the short sale is acceptable to the lender. ... more
0 votes 7 answers Share Flag
Thu May 26, 2011
Susan Hofflander answered:
Hi, Brandie! Is this, in fact, a question from 2008? If so, our answers would be WOEFULLY out of date for what you need. Let us know~
0 votes 16 answers Share Flag
Thu Jul 15, 2010
Notsurewhattodo answered:
We have been trying to buy a home that has been on the market for over 1 year and is a for short sale. We put in an offer on the house on December 23, 2009. The offer was accepted by the sellers on December 31, 2009. We completed a home inspection on January 9, 2010. The offer was then submitted to the banks holding the sellers mortgages with an April 15, 2010 close date.Bank of America (BOA) holds the 1st mortgage and Flagstar the 2nd . We waited over two months with no response from BOA, so we had to amend the contract on March 1, 2010 to extend our financing contingency until May 31, 2010. We learned that BOA had completed their internal BPO (appraisal of the property) and they finally approved the short sale on April 6, 2010 (after 4 months).The file then went to Flagstar for approval. We again had to extend our financing contingency. On June 8, 2010 (2 months later), we finally received Flagstar’s approval with the contingency that we close by June 30 or they would foreclose. Although we finally had both approvals, the VA loan process normally takes 45 days. These banks were asking us to close within 3 weeks! On June 15, I contacted the Senators Isakson and Chambliss’ offices to be liaisons to the VA to expedite our file there. With the help of the Senators and the quick and efficient work of our mortgage broker, we were able to get our funding through and approved to close on June 28, 2010. BOA offered us incentives for closing early; however, we were only ready with our file on June 28, 2010. We set an appointment with the closing attorney, however, found out in the morning of the 28th, that the closing attorney had not received the final approval from BOA. Therefore, the close date was extended to June 30, 2010. On June 30, 2010, we were again told by the closing attorney that BOA erroneously let their internal BPO lapse and expire. They insisted that they could not close without a current BPO on file. So even though they had asked us to close early, they did not have all of their paperwork ready. The following was the information given to us by the seller’s real estate agent on June 30, 2010 “BOA has declined the closing for today despite the fact that they APPROVED it and called to offer the buyers an incentive to close EARLY (by June 25) due to their investor stating the valuation is an out of date valuation. We spoke with a supervisor who has escalated the process and who agrees that they (BOA) have made the error by failing to notify anyone and for failing to order an updated valuation…We have called everyone from VP's to supervisors to escalation managers...The team leader for the closing department at BOA is now involved and walking this through every step...We have ALREADY received an extension from the 2nd lien holder with no conditions until 7/15. It is very possible this can all be accomplished and closed by 7/15 but we are certain it cannot happen today.” BOA ensured our real-estate agent that if we asked for compensation for their mistake that we would have to start anew with new offers, appraisals, etc. (120 days+) so we didn’t submit for compensation. However on July 9, we received a counteroffer from BOA on our original offer (which they had already approved), even though two weeks before they insisted they only needed a current BPO and all other paperwork remained valid to close. Further, it is currently July 14, 2010 and they ensured us that they could close by the 15th, but we have not received any information from them since July 7, 2010. D.D. and G.K. of BOA were supposed to be guiding our file through the system because of BOA's mistake. However, they have again dropped the ball because we are going to miss our July 15th close date. Flagstar only agreed to extend to July 15, due to BOA’s mistake. Our financing is only valid until July 30, 2010 and if we don’t close by then, we are going to have to walk away from a deal that we spent 8 months involved with, spent our money on inspections and appraisals, and would ensure that we lose the federal tax credit for new home buyers. Furthermore, we cannot understand why BOA would not want to close with us considering that if we don’t close on the property, they will have the property in foreclosure. Both banks have been inefficient, unreasonable and illogical to work with and as a buyer caught in a short sale, I will neither recommend short sales to fellow buyers nor recommend BOA or Flagstar. They have been truly incompetent. Why wouldn’t a bank move quickly to sell a property that has been on the market for a year and is about to go into foreclosure? ... more
0 votes 14 answers Share Flag
Wed Sep 30, 2009
Kevin Bergstrom answered:
I'm guessing you mean that the bank has assigned a short sale negotiator to the transaction. Though this is a step in the right direction, it is very difficult to say how much time is left to wait out. My most recent short sale transaction was still several weeks out from bank approval after the short sale negotiator was assigned...sorry...tough to say! ... more
0 votes 3 answers Share Flag
Mon Mar 9, 2009
Aaron Dickinson answered:
Countywide may be the loan servicer for this property for Fannie Mae or the county may have a backlogged recording department. These are tough situations and it's likely that no matter what you do, you'll have to wait until the house is relisted before you can make a new offer. If it hasn't been winterized yet I'd also be concerned about its current condition.

It sounds like you've talked to the right people but simply haven't liked the answers they've given... I don't know that anyone here will be able to offer better advice.
... more
0 votes 2 answers Share Flag
Wed Oct 1, 2008
Susan Hofflander answered:
I had a short sale transaction this year that went over 3 months without a response. It was a full price offer. When we did get a response over 3 months later, it was a rejection! No counter offer, no nothing. When I did communicate with the seller agent (who was very difficult to deal with because of lack of communication) and asked what price the bank was looking for, she responded that they wanted a price $50K over the list price they had on the MLS. I know some short sale banks won't even negotiate unless/until they have more than one offer on the table (we got rejected the day after another offer came on the table, but that offer didn't go through either). Another school of thought is that the bank is stalling until the end of the redemption period so they can file on the insurance (if it was an insured mortgage) on the home after it's gone in to full foreclosure. Good luck, Candy! ... more
1 vote 4 answers Share Flag
Tue Aug 12, 2008
Aaron Dickinson answered:
In my experience the seller and/or seller's agent are the only people that the bank will talk to. What is the listing agent saying? If they don't have a lot of experience in this you may have a problem but if they do this a lot then I'd trust that they are doing their best. ... more
0 votes 1 answer Share Flag
Thu Jun 5, 2008
Don Edam answered:
From the City of Elk River website: "If you are planning any alteration to your lake or river lot, contact the Environmental Division at 763.635.1000." They don't specify too much on what can and can't be done, so I'm guessing they take most of it on a case by case basis. Here's the webpage I was looking on: http://www.ci.elk-river.mn.us/index.asp?Type=B_BASIC&SEC={0393CED3-CFF7-42B4-A5F5-08A1B8D0530B}
Also, here's the link to the DNR website, which will regulate anything under the normal high water line:
http://www.dnr.state.mn.us/index.html
... more
0 votes 2 answers Share Flag
Tue Feb 19, 2008
Todd Norsted answered:
As Aaron said, it was removed from the market in Dec. 07. What is your price range? I am sure there are a number of other homes in the area that would be in the same range. www.toddnorsted.com

Thanks, Todd
... more
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