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Shakopee : Real Estate Advice

  • All22
  • Local Info0
  • Home Buying4
  • Home Selling2
  • Market Conditions1

Activity 25
Mon Aug 22, 2016
Debbie Kay Cline Yoak answered:
0 votes 10 answers Share Flag
Sat Aug 13, 2016
Lillytena answered:
Builders have no problem paying closing costs. Heck they will do the max allowed by conventional if you want. I just did this with my buyer on a new construction house. Sometimes they will give beef about appraisal issues (and sometimes it is warrantied) which is the only concern.

THE KICKER is whether they just wrap these into the loan amount or not. If you can negotiate upfront before signing anything it will be possible to hopefully get the builder to cover half of the costs like you said. This is without changing the sales price.

You better do it then though, because once the build starts you lose all leverage. At that time if you ask for $5,000 in closing costs the builder will still do it, but they will just add the $5,000 to purchase price so you essentially are FINANCING the closing costs.

Make sense? Good Luck!
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2 votes 6 answers Share Flag
Fri May 15, 2015
Dan Tabit answered:
Concerned, Why is it a bad neighborhood? You're upgrading the lot (I assume) and it's probably a neighborhood you like. Do you have a specific concern?
0 votes 1 answer Share Flag
Mon May 11, 2015
garypuntman answered:
I don't know any in that area. I know my sister has been doing some research though. It's always a good idea to check with friends and neighbors and see what they suggest. You should also research the agents that have been suggested. ... more
0 votes 5 answers Share Flag
Tue Apr 22, 2014
mickeyl88 asked:
This question was asked from
0 votes 0 Answers Share Flag
Sat Apr 19, 2014
Dan Tabit answered:
Probably, but then you'd have a home in foreclosure too. Adding or changing the name on a deed won't cancel the mortgage. In fact, you may accelerate the process due to a "Due on Sale" clause in most mortgages.
If you want to avoid foreclosure there are several things you need to do and start yesterday. A; meet with a real estate attorney who works in this area full time. Your situation needs and deserves a full review. Based on what your situation is, they attorney may suggest;
A loan modification, which while rare could save the property and either lower your balance or make it affordable to get caught up.
A short sale where the lender allows you to sell for less than what is owed, and may forgive the difference.
A bankruptcy where the process is stalled until a solution is found.
A deed in lieu of foreclosure to resolve the matter quickly and certainly.
An outright foreclosure via the standard time.
Just remember that no one here knows enough about your situation to truly advise you which will be the best for you. As agents, we are quick to jump on the short sale answer, and often it's a good one, but not always.
Time is not on your side, but sale dates can get postponed and often do. Get with an attorney immediately so you at least know your full options and the consequences you'll be living with for many years to come.
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0 votes 1 answer Share Flag
Wed Mar 12, 2014
Hannah asked:
Fri Jan 10, 2014
Kris Schade answered:

Hello! If you work with a real estate agent to help you find a rental, usually no fee's are due from you to the agent. They get paid by the home owner or landlord. Although some agents can and do charge an upfront fee, this is not normally the case. I would just ask before you use someone to show you properties.

Once you find a home you want to rent and are dealing with the landlord or home owner, you will probably need to pay an application fee prior to getting approved to sign a lease. Be sure you understand the landlord's credit and income requirements before applying to rent a home, this will save you time and money.

Hope that helps-
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0 votes 2 answers Share Flag
Fri Nov 1, 2013
Mike Westphalen answered:
A realtor is the answer for sure. Realtors can tell you what your home is worth by doing a Comparative Market Analysis (CMA). By doing this, you can determine how much you can walk away with from your home for a downpayment on the next home. Mortgage company will qualify you for a mortgage. Some homeowners can purchase a new home without selling their current home. But, most need to sell their current home first.

Mike Westphalen, Realtor
RE/MAX Advantage Plus
612-978-9786 cell
952-226-7701 fax
Helping sellers and buyers in the Twin Cities and surrounding areas since 2002
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0 votes 11 answers Share Flag
Mon Oct 14, 2013
Christopher Pagli answered:
Have your agent do a comparative market analysis so you can get a good idea where they would comfortably list the home. Nobody can say for sure what it will actually sell for but you are always in control. If you aren't getting offers that will work then you don't have to sell it. I wouldn't make an offer contingent upon your sale until you have a solid buyer that is in contract and close to getting their mortgage commitment. The most important thing to keep in mind is you have to listen to the market when it speaks to you. If the comps are all coming in much lower then what you need to sell for you most likely won't get a buyer to pay what you need. Supply and demand could work in your favor as it is in my area. Just because comps come in low doesn't mean a buyer won't put up more cash needing less of a loan, it depends on how much they want your home.

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
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0 votes 9 answers Share Flag
Mon Oct 14, 2013
Alan Mackenthun answered:
As others have mentioned, I'd look at renting the smaller home until you're ready to sell. You can look at doing a short sale, but I wouldn't recommend it as it's hard on your credit and I simply don't think it's good to walk away from a debt you can cover. Talk to a real estate attorney to see if a short sale is possible for you.

Assuming you're not going to do a short sale, you need to figure out how to come up with the difference between what you own on the loan + closing costs and what someone will offer for your home. If you don't have savings or other liquid assets available, then you can consider refinancing your other home. If you have a 401k, you might be able to take a loan from your own 401k account. There's trade offs and additional expenses with either of these options. If you don't have liquid assets, I like the idea of renting the home out for a while. If you can rent it out and get enough to cover the mortgage and all other expenses plus bank a couple hundred a month, then you can use the rent to give you time to save the $s needed to bring to close and the rent can even help build up this sum.

Good luck,
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0 votes 4 answers Share Flag
Mon Apr 8, 2013
Susan Hofflander answered:
Hi, taaron2004!!

Well, this gave me such a tickle today!! So good of you to ask for advice here and, it's appropriate for the agents to advise that you should "hire an agent"!!! I'd, of course say that makes the most sense, too.

Facilitator is a much less expensive way to go to make sure that all of the paper work gets done correctly. You could also hire a real estate attorney if it's just a matter of paper work.

It's smart that you're asking. Many people try to just buy the papers and do it themselves. I never realized, until i BECAME a licensed agent, how many legal procedures are involved in a real estate transaction, that open BOTH parties up for some major liability issues. So, with that knowledge, I'd at least consult a professional before you do anything.

I always say, "It's not a problem until it IS!!"

Good luck!!
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0 votes 9 answers Share Flag
Mon Jun 6, 2011
Chris Block answered:
Fri Feb 4, 2011
Michael Emery answered:
I haven't done a lot of new construction, but it's my understanding that when you start looking for money from a builder, they typically offer you discounts on upgrades rather than lowering the price of the home or lowering the cost of closing/mortgage.

Builders buy wholesale so they are able to get discounts that homeowners would not be able to get on their own. It's certainly not a bad thing and 70 percent off is certainly an incentive to stay with that builder. I think a savvy new home buyer should always work a discount off up upgrades, especially in a down market.

And I'm glad to hear you have shopped around for your mortgage.
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0 votes 13 answers Share Flag
Sun Oct 3, 2010
Monir Mamoun answered:
Hi Estherk, I did some research and found a link for the IRS page about deducting points. It's actually form 530. I have included the link below. I hope it helps clarify matters. There is a flowchart. Any questions or if you need a referral for a Shakopee agent let me know -- I have a great friend nearby who is a top agent. ... more
1 vote 8 answers Share Flag
Mon Jun 28, 2010
Susan Hofflander answered:
Lise makes the best point here. It's more important how YOU will feel about living in that location than any other factor. If you think it will bother YOU, then it might not be the best choice. Does it impact resale? Maybe. Some buyers might like that proximity to the school, others won't. I have not found that to be a significant deterrent to buyers, but it is a factor. ... more
0 votes 7 answers Share Flag
Tue Feb 23, 2010
Jody Goode answered:
A lot of good advice below!
The stats show that you will gain more money at the closing table and much more likely to GET to the closing table than if trying to sell yourself or count on the buyers agent to do your work for you without gaining additional income. The buyer's agent has duties signed on with buyer and will do everything in the their buyer's best interest, not yours. Interview agents, learn their strategy, pick the one that makes the most sense and whom will back it up with proof as to a good listing price that will CAUSE it to sell at the highest price that the market is willing to pay. Your home is in a bracket that will definitely benefit from an experienced Realtor.

Any further questions, feel free to contact direct
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0 votes 6 answers Share Flag
Thu Jan 28, 2010
Ryan Bretzel answered:
There have been many good answers. It comes down to if the extra things that make the house that much more YOU is worth the ~$50K then yes it might be worth it. You also get the state warranty with a new construction home: 2 years on all mechanical/electrical/plumbing systems and 10 years on all structural defects. Many of my builders are able to build homes for much less than existing because building prices are down much more than from 2005.

Let me know if you would like a referral to a good builder.
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0 votes 6 answers Share Flag
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