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Home Buying in Mound : Real Estate Advice

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Activity 3
Tue Aug 30, 2011
Cindy Hanson Welu answered:
Hi Monica,

Some sellers are open to contract for deed or lease to own options, however, in this price range, we have seen most wanting a healthy down payment of 10-20% for a contract for deed, you may be able to find someone willing to do less with a lease option, but again it depends on the sellers situation and all terms involved with the transaction (are you selling/leasing current property, etc). We have helped buyers and sellers in these types of situations this year, but each and every one of them is unique. If you're interested in discussing yours, feel free to contact us. The Lake Minnetonka area does have some great buys right now. Best of luck to you! ... more
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Fri May 29, 2009
Jackie Funk answered:
The whole situation is unfortunate, but as we say in real estate - put it in writing! I participated in a NAR webinar yesterday that dealt with Short Sales, but one of the tips, I believe, would serve well for buyers dealing with bank offers also. His tip was to write on the purchase agreement something like "Buyers contract prohibits other offers from going to the bank - the only offer that goes to the bank, etc...”

I can sense your frustration, but keep the "faith" if you will, so many of these deals fall through who knows how this deal will end. I hope things workout great with your purchase. There are some great deals out there and you chose a GREAT time to buy! Best wishes!
... more
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Fri May 29, 2009
Aaron Dickinson answered:
Appraisal is done once all bids are complete because appraiser needs to know the cost of repairs and what is being done to determine what the house is worth with the improvements. When you submit an offer you are disclosing the terms of your financing as part of the offer. Not disclosing it upfront is dishonest and might also be a breach of contract... seek legal advice from an attorney if you need it. ... more
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