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Home Buying in Saint Louis Park : Real Estate Advice

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  • Local Info1
  • Home Buying6
  • Home Selling5
  • Market Conditions1

Activity 4
Mon Jul 29, 2013
Corey Collins answered:
One thing you should not do is wait in the current market. Even if the home is overpriced, getting in early can have its benefits!
0 votes 15 answers Share Flag
Tue Feb 2, 2010
Patti Ann Kasper answered:
The best answer is to ask your REALTOR. Each and every case is different. When there are 2 different banks, there are 2 different methods and 2 different timeframes. Then they both have to agree!

I have seen it take up to a month just to have the file assigned to someone at the bank and then another 3 months to get to a closing, and that is fairly common.

There are changes coming that will help in some cases in the future, but for now, you really have no control in the way the banks process short sales.

Did you REALTOR put an expiration on the Short Sale Addendum? That won't hurry the banks any, but it will give you an opportunity to cancel the offer if they take too long to respond.

Be prepared for at least a 2 month wait for approval and then possibly another month to get to a closing.
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Mon Nov 2, 2009
Mnboy answered:
Reggie,
Cameron is right with the "make your money on the buy side". I have said this before, Condos and Town Homes will always be overbuilt because the builders make more gross profit per acre of land. Because of this, it is a longer term play for appreciation. Not everyone looks at a property as an investment, many need and want a place to live. The FHA and lenders have been creamed in certain parts of the country on condos.
The worst here in the TC is the one in Minnetonka(name withheld to keep me out of trouble). There is a reason why it is not approved, there is a complex in SLP rumored to face a 400,000 renovation. It could be a simple reason or not. If the most liberal of lenders is opting out, you might get a little(lot worried). Do a search(Google) for FHA condos not approved, I did and came up with whole lot of reasons not to buy it.
No one should buy with out a 18 months history check. 90% chance the negatives will come out. One more thing you will most likely need at least 20% down.
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