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Itasca County : Real Estate Advice

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  • Home Buying1
  • Home Selling1
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Activity 15
Bobhatch51, Home Buyer in Grand Rapids, MN
Wed Aug 3, 2016
Bobhatch51 answered:
Have to refinance (due to lower income.) because my income does not qualify now for a 30 year loan. It could be that if the interest rate for the ARM is lower that might make me be able to qualify due to my lower income. (I now have a 4% arm loan) ... more
0 votes 7 answers Share Flag
Rl Munson, Home Seller in 40171
Sun Mar 27, 2016
Rl Munson asked:
0 votes 0 Answers Share Flag
Danielle Tho…, Real Estate Pro in San Diego, CA
Tue Jun 3, 2014
Danielle Thompson answered:
Have you heard of the Federal Housing Administration (FHA)? Although their loans are now a bit more pricier do to changes, they work with credit scores as low as 580.

Also, the main issue many borrowers are running into is their debt to income ratio. If your debt to income ratio is high and you have less than favorable credit, those factors can cause you not to get pre-approved for a home loan.

I am not familiar with your area but in the state of California, San Diego County, each city has programs that help with down payment assistance, you just have to find them and see if there are any funds left.

I hope that helps...
... more
0 votes 1 answer Share Flag
Kim Eisen, Real Estate Pro in Twin Cities, MN
Mon Sep 23, 2013
Kim Eisen answered:
I would not respond 'unitl' you have spoken to your attorney FIRST, then the title company. You could ask the title company their opinion about the situation, but do not say or infer anything and relay that information to your attorney. Trying to figure it out yourself may not be helpful to you, or you may inadvertantly say the wrong thing. Yet, it may be cleared up easily with a few phone calls. ... more
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Russ Douville,  in Saint Paul, MN
Fri May 24, 2013
Russ Douville answered:
I'd like to help you, but I can't go below 620. Even if I could, it may not be the best thing for you. You typically see higher rates/fees with scores below 640, and you'll often run in to higher down payment requirements as well.

My suggetion would be to talk to a housing counselor who help you get your credit and finances "mortgage ready" and then refer you to a lender that meets your needs.

I've included a link to a site to find a prepurchase housing counselor in your area.

Best of luck in your search.
... more
0 votes 5 answers Share Flag
Patti Ann Ka…, Real Estate Pro in Coon Rapids, MN
Mon Jul 18, 2011
Patti Ann Kasper answered:
This can be a bad situation waiting to happen. Your parents are obviously emotionally attached to their home but that is no reason you should have to overpay or spend money on repairs - especially items that are "deferred maintenance". Family dynamics can be very tricky and it is difficult to make everyone happy.

In the end, the property has to appraise in order for the lender to give you a mortgage. Interview real estate agents and ask them to prepare a market analysis which compares recent sales of similar homes. If their asking price is over and above the market, you might be better off finding something else. There is a FHA product (203K rehab loan) that allows for repairs, but there are lots of hoops to jump through and generally the interest rates are a little higher.

Personally, I avoid doing deals with family because I don't want there to be any hurt feelings or uncomfortable Thanksgiving dinners. Sometimes it is better to keep family and business separate.

I don't mean to be rude, but this is more of question of family dynamics - I wonder what Dr Phil, Ann Landers, or Dear Abby would say?
... more
0 votes 6 answers Share Flag
John Juarez, Real Estate Pro in Fremont, CA
Wed Feb 16, 2011
John Juarez answered:
Why do you think that you need the GFE? The agreement to pay $5K of closing cost should be for closing costs and nothing else. If the closing costs are less your contribution should be capped at the total closing costs level. Your contract should reflect that. Also, it is doubtful that the buyer’s lender would allow you to contribute more than 100% of closing costs. The lender may not even allow $5K. You should get a breakdown from the escrow company before closing. ... more
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Susan Hoffla…, Real Estate Pro in Shoreview, MN
Tue Jul 20, 2010
Susan Hofflander answered:
I agree with Aaron. You have not "purchased" anything. You are not liable for anything. You are like a ton of other renters out there whose landlords are not making their mortgage payments with the rent money that's being paid. Until the bank actually forecloses (meaning sheriff's sale and the expiration of the redemption period after that), your brother is still the owner of record on the property. If you continue to pay him rent, KNOWING he's not making the payments, you will ultimately be evicted when the foreclosure happens.

Now, you might be able to work out a deal to buy it as a short sale. But, you and your brother will have to go through ALL of the same channels that every other short sale buyer and seller are going through right now. And, because there's a second mortgage, you may come to an agreement with the first mortgage, but the second might not agree, which would result in a foreclosure anyway.

Very tricky business, my friend. I suggest you talk to an attorney or talk to an agent that specializes in short sales and foreclosures in your area.
... more
0 votes 7 answers Share Flag
Voices Member,  in Benton County, OR
Mon Sep 28, 2009
Voices Member answered:
Ellen

If your looking for public records in various counties or states try this search engine

http://publicrecords.onlinesearches.com/
0 votes 3 answers Share Flag
Melissa Mcca…,  in 02025
Wed Aug 20, 2008
Melissa Mccarthy answered:
Hi There! I recently moved back to Scituate, (which abuts Cohasset and Norwell) where I was born and raised. I have small children myself and fell lucky to have grown up here! I work in Cohasset and am very familiar with all of the south shore towns. If I can be of any assistance, I would be glad to help! Also, I noticed you are in Maine. Which area? I lived and sold Real Estate there for 6 years and loved it! What a beautiful state! ... more
0 votes 3 answers Share Flag
James Joseph,  in 06281
Tue Aug 12, 2008
James Joseph answered:
Hi Rachele,
Your are right on the money. The short answer to your Q is they cannot set an accurate value and they can hurt sellers badly. These sites are for the buyers.
All the best,
James Joseph
... more
0 votes 9 answers Share Flag
Sandra  Jime…,  in Minneapolis, MN
Wed Oct 3, 2007
Sandra Jimenez answered:
703 3rd Ave NW is selling for $74,900. It is a 3 bdrm 1full bath, 3/4 bath rambler with partial unfinished basement. Finished sq ft is 2419.
1 vote 1 answer Share Flag
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