Looking for a house good area under 75.000 I am bank approved

Asked by Bonnie, Conshohocken, PA Sun Feb 13, 2011

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14
Mark Claesse…, Agent, Coon Rapids, MN
Tue Feb 15, 2011
Dear Still Looking,

I am going to second the motion that Anna suggested and I gave her a thumbs up. You need to work with a good real estate agent who is not only a Realtor, but that has the expertise to guide you. You do not have to pay us for our services, so since we are "free" you may as well work with the best one you can find and as Anna suggested, just call a couple of agents and ask them a couple of questions. Ask them how they feel they will best represent your best interests througout the transaction. Most importantly, ask them what they will be DOING to help guide you through the process of narrowing downt he subjects, how they go about showing homes, and ask them about their negotiating abilities. These are a couple of very important questions that you neeed to know before engaging them. Once you have found a good agent . . . sign a buyer's representation agreement with them and hold them to their word.

Mark
2 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Feb 13, 2011
Consider working with an agent of your own; interview in person a few local agents from different realty companies and then choose the one you like best--he/she can provide suitable listings, keep you informed as new listings emerge, provide any necessary information, schedule showings, etc.
1 vote
Stephanie Fox, Agent, Minneapolis, MN
Wed Jun 13, 2012
There are a number of homes in this range. If you have fixer-upper skills, you can get a real deal. Some homes need only cosmetic work but others need more extensive work. If you are a first time buyer and plant to live in the home you buy, there are lender programs to help you cover some of your repair and replace work. There are also a number of other first time buyer programs in several cities, some which will help with down-payments or other expenses.

If you're good with a smaller home, there are some two-bedroom homes available, many in move in condition. There is also something called a 'set-back house,' tiny little homes on normal sized yards. Most of these are in Minneapolis with a few in Richfield. These were built originally as temporary homes while the owners saved up to build a bigger home on the lot. With some of these, they ended up as rental properties, but in other cases, the bigger homes were never built, the owners moving out to the suburbs instead of building.

If you're OK with a one-bedroom, one-bath home at under 900 sq. ft. (some well under that) this can be a good option. Some of these have been redone and are very attractive.
0 votes
Nick Brierley, Agent, Bloomington, MN
Wed Jun 13, 2012
Homes at this price point are usually bank owned or in need of considerable repair, it is also very competitive so you have to move quick as most of them are getting multiple offers. Having a agent who can act quickly will help you get into the right house
0 votes
Rachel Huls, Agent, Hutchinson, MN
Wed Apr 27, 2011
How about considering west of the Cities? House pricing has made signficant drop and you could find a marvelous buy in our area. We're close enough to the Cities, yet small enough to enjoy life! Please give me a call if you wish to look in our area!

The HULS Team 320-234-4404
0 votes
Mary Hollway, , Edina, MN
Thu Feb 24, 2011
Dear Home Buyer,

If have not successfully found the right agent, please call. I would be happy to find you that home of your dreams under $75,000!

Thanks!

Mary Hollway
Broker, Hollway Real Estate
612-810-8924
Web Reference:  http://www.maryhollway.com/
0 votes
Susan Hoffla…, Agent, Shoreview, MN
Fri Feb 18, 2011
Hi, Still! Wondering if you've talked to an agent about having that agent represent you for this purchase? If not, why not? As I have said before, many times buyers and sellers don't know what they don't know. There may be unscrupulous agents out there, just as there are unscrupulous people in any industry. But, most are honest and upstanding and are in the industry to provide a service. They possess a vast wealth of knowledge that you will NEED to help navigate the tricky waters of a purchase in your price category.

Good luck!
Web Reference:  http://www.homestosellmn.com
0 votes
Michael Emery, , Minneapolis, MN
Sun Feb 13, 2011
You might want to look at 2BR townhouses. There are several on the market in the 55407 area code that are move in ready and an affordable value. Homes priced in the 75k range are going to need some measure of work (kitchens, bath, cosmetics).
0 votes
Stephanie Fox, Agent, Minneapolis, MN
Sun Feb 13, 2011
Yes, there are homes out there but most will be short sale (where the bank has agreed to take less than they are owed) and bank owned. These take time because the companies that service the mortgages are often inattentive and uncooperative, but if you are in no particular rush, this might be the way to go.

If you want to stay near your current home, there are homes available – some quite lovely once you fix them up. There are programs available for buyers in many urban areas to help with down payments, closing costs and home repairs (which they probably need.) These differ from neighborhood to neighborhood so you may want to research some of these before you buy. Contact your local neighborhood associations.

One good place to get a lot of information is at the South Minneapolis Home Improvement and Remodeling Show on Feb. 26th from 10 am until 3 pm at South High School. There will be representatives from neighborhood organizations, workshops, booths and a lot of people to answer questions. It's free and I highly recommend this for anyone who is looking for a home at that price range.

Stephanie Fox
Coldwell Banker Burnet
612-728-2204
0 votes
Shantelle Od…, , Minneapolis, MN
Sun Feb 13, 2011
I have been showing single family homes all day today that are under $60,000 with 3 or more bedrooms all over the Twin Cities Metro area. My buyers have had their pick of over 100 homes that met their needs.

Some of the lower priced homes need more work than others but with an FHA 203K loan and the availability of Homepath rehab financing, even the cost of the work can be rolled into the mortgage. Having sold foreclosures and rehabs since 2000, I have the expertise to help buyers find good deals that meet their budget and fit lifestyle needs.

You define "good area" and an expert Realtor can help you find the right property. Please check the reference link to answer more questions you may have.
~Shantelle Odegard, RE/MAX Results, Plymouth, MN
Web Reference:  http://www.ShanSells.com
0 votes
Mary Ann Sea…, , Minneapolis, MN
Sun Feb 13, 2011
I'm seeing some good advice on here for you already! Don't forget about HUD homes, and Auctions where you might possibly find a jewel!!!
0 votes
John Chrisney, Agent, Edina, MN
Sun Feb 13, 2011
If you are open to several alternatives, including condos and town homes, you will find a broader selection than simply single family homes. The latter, priced in the area you mention are often in rough shape and require specialized financing - that's not a problem if you are somewhat experienced with rehab work, but if this is your first home, you may want to include the above alternatives (condos and town homes). You have taken a good first step in getting yourself pre approved for financing. Experience counts, so you may want to visit the link below to evaluate credentials - Good Luck...
Web Reference:  http://www.chrisney.com
0 votes
Brian Amiot, Agent, Minneapolis, MN
Sun Feb 13, 2011
There are quite a few homes out there in your price range, even a bunch in move in ready condition, just depending on what area you are looking for.

Click on the link for a website where you will have your own private, password protected site set up for you to view all of the listings out there, look at satellite views and street views, search school information, see sold home information around the homes you are looking at, and allow you to save favorites in a folder, all without having to call a bunch of Realtors or dig through a bunch of websites.

Have fun out there shopping for your new home!

Thanks,

Brian Amiot
Sorenson Realty
612-251-8003
0 votes
Patrick Howa…, Agent, Edina, MN
Sun Feb 13, 2011
What kind of loan are you approved for? If it's FHA, any homes you find under $75,000 will most likely not be eligible for an FHA loan. You would need to do a 203k renovation loan. If you're not currently working with a Realtor, you should be so they can help you find what you're looking for and avoid financing obstacles.
0 votes
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