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Saint Louis Park : Real Estate Advice

  • All30
  • Local Info1
  • Home Buying6
  • Home Selling5
  • Market Conditions1

Activity 17
Tue Jul 21, 2015
Josh Lund answered:
Hello Gervaise,
Good afternoon.
You could be on he wrong section of the site, or they could be sold. Are you still in the market to buy a home? If so, I would love to see if we can help you out. We work with 1st time home buyers all the time. Do you have a realtor yet? If not we have preferred ones we can get you in contact with. I would like to see if I can help you out with a home mortgage. I will try and make this a very easy process. Please let me know how to help out.
Thanks much.
Josh Lund
MN District Branch Manager
NMLS # 387408
Gold Star Financial Group
Mobile: 612.802.3265
Office: 952.884.5442
eFax: 877.666.0007
jlund@goldstarfinancial.com
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0 votes 2 answers Share Flag
Fri Jul 17, 2015
Josh Barnett answered:
Yes, renting is more difficult than purchasing in agent representation. This is due to landlords not offering compensation to leasing agents, in most cases.
0 votes 5 answers Share Flag
Sat Feb 28, 2015
Dawn Ohnstad answered:
I can tell you are very worried and a bit (perhaps) overly cautious about the market. It is entirely possible that you just won't be comfortable through this process as it is just plain a tough thing to do right now. You are not the only one who feels this way.

Many surveys have been done about what consumers value most in a real estate agent and across the board the top quality being sought is trustworthiness.

I think your 5 agents all made the same mistake with you in that they failed to uncover your concerns as well as your thoughts on how you wanted your home to be marketed. (Internet is indeed the name of the game today).

A good professional will be able to help you, but, try to leave pricing out of your choice of agent. Look for experience, client testimonials, size of the broker (larger ones offer networking opportunities), and good use of the Internet. Most of all, find someone you feel comfortable with.....it is kind of a "marriage" while your house is on the market and communication is key! AFTER you know you have found a trusted pro, then arrive at a price with their assistance. Good luck to you.
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0 votes 18 answers Share Flag
Mon Jan 13, 2014
Elizabeth Fuller answered:
Sir - each property owner determines his or her own standards for acceptable renters. I wish you well. Liz, 612-986-4105
0 votes 1 answer Share Flag
Mon Jan 13, 2014
Elizabeth Fuller answered:
Maybe. It depends on the amount and the designated family unit. Usually the section 8 designates what the family unit is and who is included. Sometimes one person has the authorization and can include others, but you need to speak to your case manager. Liz, 612-986-4105 ... more
0 votes 1 answer Share Flag
Thu Dec 12, 2013
Veethim answered:
As a local market conditions, I think rent is a better option than a sale. The property is nearer to Birchwood & your loan is $213,000. You should get a net operating income from renting the property by the expected sale price of the house. ... more
0 votes 12 answers Share Flag
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
Mon Jul 29, 2013
Corey Collins answered:
Everyone is definitely on point so far but heres another perspective.

We are seeing allot of bank owned homes being released to the market and where it is much easier for a detached single family home to be market by itself for its wood floors, granite, etc., Its harder for condos to come back due to the varying nature in the different complexes of association fees, varying updates of interior units and the similarity they still have with traditional rental units.

With so many new "upscale" apartments being built around an in the outskirts of SLP, many homes that sell in the High 200's as Matt mentioned have a similar finish level versus condos that may have never been updated and have a higher HOA due which makes it only marketable at a 100K price point.

So to recap my answer there are a few factors including: REO's, HOA Fees, Nature of Amenities and options with regular new apartment rentals.

Hope this "alternative" perspective also helps the great answers below?
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0 votes 5 answers Share Flag
Tue Jul 31, 2012
E Bakker answered:
Yes. I have lived in the same house off of West 16th for almost 15 years and though we're had a few little issues here and there, I have never felt anything but safe. Now with the younger families coming into the neighborhood too, we all just look out for each other! ... more
0 votes 3 answers Share Flag
Wed Dec 21, 2011
Susan Hofflander answered:
Hey, Jaycee!
How did this work out for you? We would benefit from knowing your experience in this scenario.

Thanks!
1 vote 5 answers Share Flag
Thu Oct 27, 2011
Michael Emery answered:
It may be more difficult to convince a lender to do a short sale when the home is not your primary residence. Plus you would have to show some hardship and not just that you are losing money every month you hold onto the property.

And yes, it's possible that if the bank allows a short sale that you might be liable for capital gains on the banks loss as the home may not be considered your personal or primary residence by the IRS. This would be a question for the IRS. If it was determined that the home could qualify as your primary residence, the 'mortgage forgiveness debt relief act' would spell out how you could avoid paying capital gains on the banks loss.
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0 votes 5 answers Share Flag
Tue May 31, 2011
Dawn Ohnstad answered:
I have personally never shown a house based upon commission or bonuses offered. I would rather see enticements for the buyer.......mostly a price that is exciting compared to other homes. And yes, I think it would be a breach of ethics to have my conduct with a client be influenced by what is best for me, rather than what is best for the client. ... more
1 vote 8 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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0 votes 5 answers Share Flag
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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0 votes 6 answers Share Flag
Wed Jun 18, 2008
Angela Niece answered:
Not sure how anyone could say that it does not make a difference. Banks are doing it, the biggest construction companies in Minnesota are doing it and 15-20% of sellers are doing it. If it did not work why would all of those companies be doing it. I am sure that the builders and banks see that it works so they keep doing it. I tell every seller they should do it. If it does not work, they are out 1% or less, if it does work and they sell, they may have saved a 10-20% loss. I can show you the statistics on sold home that paid out higher if anyone wants to doubt this. E-mail me. ... more
0 votes 7 answers Share Flag
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