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Property Q&A in Mound : Real Estate Advice

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Activity 4
Bill Wallace, Real Estate Pro in Bloomington, MN
Sun Jul 15, 2012
Bill Wallace answered:
Ryan,

Couple things - it does have some sort of contingent offer on it now. Also, the notes say that the home may not be livable and that the price reflects tearing down the house and just the price of the lot.

There aren't more pictures but if you still want to go see it let me know - it's very close to my own home so it would be easy to run over and take a look.

Bill Wallace
RE/MAX Results
651-338-0355
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Susan Hoffla…, Real Estate Pro in Shoreview, MN
Mon Apr 9, 2012
Susan Hofflander answered:
Jennifer Kir…, Real Estate Pro in Minneapolis, MN
Wed Apr 7, 2010
Jennifer Kirby answered:
Midfirst bank owns this property and the redemption period ended 12/30/2009. You could possible look up the law firm, Shapiro Nordmeyer & Zielke, L.L.P., and see if you can find out any additional information about the property. Seeing as most foreclosed homes take six months to be listed back on the MLS, keep your eye out or look to an agent. We can set you up on an automatic update system that will notify you when properties in Mound like this one come back onto the market. ... more
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Patrick Howa…, Real Estate Pro in Edina, MN
Fri Apr 2, 2010
Patrick Howard answered:
Hi Ruth,

I too, love this question. It's the chicken and the egg scenario. Why should I (the buyer) have to be pre-qualified and really, pre-approved (there is a difference) before going out to look at homes? The argument I hear all the time is I don't want to contact a lender until I know if I like the house.

Here's why it's so important to be pre-approved when looking at homes. Most often when looking at homes you're operating off of some basic criteria- the area you may want to live, the size of the house including the number of bedrooms and bathrooms and of course the price. What typically happens after looking at a few homes is that it starts to become emotional. It becomes more of how you feel in the home as opposed to how many bedrooms and bathrooms it has. When you happen to find that house that makes you feel like "it's the one" then you want to be in a position to do something about it- make an offer.

If you wait to get pre-approved after you find a house you're now emotionally invested in (especially if you've looked at a lot of homes) you've put yourself at great risk of not being able to get that house. This is true for a number of reasons. One it that it can take some time to get pre-approved. If you have all the information the lender needs it can go pretty quickly but it can also take a few days if you don't have some information on hand that they need. Another reason is that you won't know what kind of loan you're pre-approved for until you go through the process. Many buyers are pre-approved for FHA loans which only require 3.5% down. The problem with this is that many of the homes, condos and Towhhomes are not eligible for FHA loans due to their condition or Association status. And or course there's the whole issue of what you can afford. I've heard many times from a perspective buyer about how they can afford something when if fact they really couldn't. A pre-approval letter from a solid lender will greatly reduce these issues and these are all things you wouldn't know until you go through the pre-approval process.

From a Realtor's prespective, if you're not pre-approved then you're not serious about buying a home. It's a very simple process to get pre-approved and is better for all involved if you do.

Hope this helps. Good luck!
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