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55401 : Real Estate Advice

  • All14
  • Local Info0
  • Home Buying9
  • Home Selling4
  • Market Conditions0

Activity 14
Mon Jun 27, 2016
Benjamin answered:
Is this a service they offer? I was under the impression that certain features of Trulia are not available without an agent.
0 votes 1 answer Share Flag
Fri Dec 19, 2014
Trulia Customer Service answered:
Hi Henry,

Thank you for contacting Trulia. I went ahead and emailed you some instructions on how to update your pw. If you have any issues changing your pw, feel free to reply to that email.

If you have additional questions, please visit our help center here: https://trulia.zendesk.com/hc/en-us.
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Thu Oct 30, 2014
Richard Newman answered:
Nick. I'm not sure if you mean from a crime standpoint or how the market is performing vs the Twin Cities area in general. From a safety standpoint, The residental neghborhoods in downtown Minneapolis are quite safe. Trulia provides useful maps showing where the hot spots are for crime - and in downtown Minneapolis that tends to be in the nightclub district. If you were to ask loft owners about this, I'm certain that the vast majority would tell you that they feel safe. You can also get info on this from the Minneapolis Police Department if you'd like more statistics.

If you're talking about the market safety, downtown Minneapolis is currently outperforming the Twin Cities Metro in terms of growth and appreciation. More and more people are discovering how appealing the downtown lifestyle is and everything that downtown has to offer. Most new development is currently rentals, which will be beneficial for condos owners due to supply and demand. This is a good time to be a condo or loft owner in Minneapolis.
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0 votes 12 answers Share Flag
Thu Oct 30, 2014
Richard Newman answered:
It may be different when client is buying land due to what is normal for seller's commission to buyer's agent - but for residential transactions in Minneapolis that would be very unusual. I specialize in condos and lofts and commissions for buyer's agent/company are normally in the 2.5 - 3.0% range. I have never asked a client to pay any percentage of the purchase price as additional compensation. ... more
0 votes 8 answers Share Flag
Wed Jul 2, 2014
Joel Johnson answered:
It's possible the agreement is for a year. I would hold him to his verbal agreement with you and ask that he present the original agreement to you for your signature. If that doesn't work, contact the agent's broker and work it out with the broker. ... more
0 votes 22 answers Share Flag
Fri Nov 29, 2013
Arne Johansson answered:
Fri Aug 2, 2013
Scott Rheinhart answered:
Fri Oct 5, 2012
Ben Ganje answered:
A valid question!

I deal with a fair amount of Buyers and Sellers in downtown Minneapolis and I wouldn't be so worried about the square footage as much as the price per foot. I am speaking generally here but a 200k condo should get you closer to 800-900 square feet.

I would be more concerned about the resale value with such a high price per foot condo.

Just my thoughts--thanks!

Ben
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0 votes 3 answers Share Flag
Fri Jun 29, 2012
Shantelle Odegard answered:
Mike was close. It's a fee that is no longer legal, hence it's $0..on your contract. Broker commissions on both sides (seller/buyer) often read as follows now "7% + $495 broker commission" *7% is just an example, as mandated, there is no set rate of commission. ... more
0 votes 2 answers Share Flag
Thu Dec 17, 2009
Patrick Thies answered:
Try this website for answers. It explains who and what quailifies, consequences and other topics regading short sales.
0 votes 4 answers Share Flag
Wed Sep 23, 2009
Mnboy answered:
Some how my second post was lost. The gist of it was refuting the guilt trip Jason was putting on you.
How many of his buys went into foreclosures or short sale. I think you should start over. Things have improved from last year. Timing is everything, Loft inventory may or may not be lower. I need to know where you are located. Activity in the building is a good indicator. Everything is on the table, money form parents, bank negotiations, assume a loan for the balance. The last thing you want is a credit problem. Employers now look at credit more closely. You will take a 100-200 point hit. You can't buy for 2 years minimum. FHA is going to 690 next January 1. For, all Condo's and TH's tend to be overbuilt, require less land and more gross profit per acre, good for building business, bad for resale. You have to stay longer to be safe. ... more
0 votes 8 answers Share Flag
Fri Jul 3, 2009
Brian Miller answered:
Crafty_

Independent of being a real estate broker, I think I may be more useful to you from the perspective of being a small business owner in Minneapolis. I also spoke with the person I referred to in my prior response. He is willing to sell and offered to provide insight if you wish to call him. You may contact me @ #612-822-1771.

Be prepared to explain why you must 'own' a duplex. Is it necessary to own the duplex in order to conduct your business? Why not rent a duplex?

If it's imperative that you must own:
Interviewing reliable small business accountants and small business lending experts, whether local bank or broker, is essential. Maybe you've already exhausted those routes? If so, you will be limited to private financing or some creative means.

Whatever you do in the realm of property and/or start-up small business business ownership, expect to offer personal guarantees based on credit history, financial statements, collateral/ assets... That's what most of us business owners subject ourselves to in order to borrow or lease, especially when starting from scratch (high risk).

~Brian
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0 votes 5 answers Share Flag
Wed Aug 13, 2008
Debt Free Dave answered:
You can close on an undrawn heloc. I have done them before.
0 votes 6 answers Share Flag
Mon Aug 11, 2008
Mortgage Guy answered:
Evidently, you are correct. The 710 or 720 Lofts are not listed on the FHA list and it appears that they have never been approved, rejected or haven their application withdrawn. The only condo complex in Minneapolis that shows up with the name "Lofts" is The Lofts on Arts Avenue.

Your other option, if you want to try an FHA loan, is to obtain a spot approval for your unit. This would involve a Mortgage Consultant sending the Home Owners Association a brief questionnaire to determine if the complex would qualify for a spot approval for your unit.

Otherwise, the other option would be to use a conventional loan with a minimum 5% equity although sometimes 3% equity might be available depending on some factors.

If you have any further questions or need more help, don't hesitate to contact me. If you would like to contact me directly, you can view my profile and contact me that way or you can send an e-mail to David at D hyphen Garcia dot com.
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0 votes 13 answers Share Flag
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