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South Saint Paul : Real Estate Advice

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  • Home Buying4
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Activity 12
Tue Jul 9, 2013
Cody Anderson answered:
Any real estate website you may find really only serves the purpose of putting you in touch with a Professional :)

Cheers to coffee,

Cody Anderson, MN Licensed Realtor

Metropolitan Home Team

Phone: 612-242-5752

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Mon Jan 28, 2013
Susan Hofflander answered:
Hi, Cindy!
Did you realize you're posting this in a portion of trulia where anybody can see it? You should be directing this communication with the agent who actually is in control of this property.

Or, better yet, secure your OWN agent to communicate on your behalf.

Good luck~
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Thu Oct 25, 2012
Cameron Piper answered:

Thank you for reaching out to me last night and this morning about this matter. I did find a couple of websites that might help you find a place.

Finally, the best place to look is always Craigslist. I set up the following search in the rental section for you and did my best to include only section 8 units. You can view the link by clicking below.

Good Luck

Cameron Piper
Coldwell Banker Burnet
licensed MN Real Estate Broker
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Tue May 29, 2012
Donald James answered:
Good Morning Saver,
The property you are asking about is not identified. Normally when Realtors speak of the monthly payment they are speaking of PITI (Principle, Interest, property Tax, and homeowner's Insurance). Some mortgage companies state their monthly payments as PI only. It is good that you noticed the difference. Call us with the address and we will forward all the facts about this home and homes in the area. ... more
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Thu May 17, 2012
Teresa Boardman answered:
$26 dollars. If you want to know the taxes for a specific property go to: That is the county web site and the source of all public tax information. ... more
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Thu May 17, 2012
Susan Hofflander answered:
Good advice, Liz! That's really the best way for you to get the most comprehensive info to best advise your clients.

Good luck!
0 votes 2 answers Share Flag
Wed Oct 26, 2011
Tom Ott answered:
It may be too much, too little or just right. I don't believe Fannie Mae or any other bank owned properties show any consistency in their pricing. And as most users of "rules of thumb" you may end up with broken thumbs. You need a strategic market evaluation to get a real sense of the value. You need to understand the terms that you are accepting the property with, a limited warranty deed no condition warranties and their onerous purchase agreements. ... more
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Sun May 9, 2010
Sam Sneed, Sr. Loan Advisor answered:
I'm a loan advisor and over the course of the past year I have fielded many questions on this topic. For obvious reasons, I would prefer that my clients get a loan rather than signing a Deed for Contract. However, there are some homebuyers that can 'afford' to buy home and are ready to buy a home, but fall short of one or more requirements set forth by Fannie Mae, Freddie Mac, or HUD. For those borrowers, I was more than happy to research this issue.

Zinko is correct and the language he cited from the IRS's website was the first that I heard of this. When I read it in September of 2009, none of the loan officers in my office knew that a Deed for Contract could qualify a buyer for the tax credit. Now, the tax credit implication of a Deed for Contract for first time buyers is a huge topic on-line, and the fact that you can do it is quickly becoming common knowledge. The key, or the real question in my mind, is "How do I file my return if I purchased a home via a Deed for Contract?"

I just researched this last for a former client who was selling his home with a Deed for Contract. He said that he and the buyer had already signed the binding agreement with a rather small down payment (with more to come in 6 months....once the buyer gets their tax credit I presume), but the buyer claimed that the seller was wrong about their ability to claim the $8,000 tax credit. I called my local H&R Block and I was amazed that they were basically told me the same thing: "With us, the only way you can claim the $8,000 tax credit is if you have a HUD-1 settlement statement". Note: This may not be true with every H&R Block, or with every tax preparer, but I did call 2 other local tax preparers that gave me a similar canned response.

The fact is there are several scenarios where an individual can legally and justifiably claim the $8,000 tax credit without having a HUD-1 settlement statement. For all three, you must be a first time homebuyer or a home buyer who has not owned a primary residence in at least three years:

1. Purchased a home via 'Deed for Contract'
(Executed Deed for Contract used in lieu of HUD-1 Settlement Statement)

2. Purchased a mobile home but do not have a settlement statement.
(Executed retail sales contract used in lieu of HUD-1 Settlement Statement)

3. Purchased new construction but the owner does not have a settlement statement.
(Certificate of occupancy used in lieu of HUD-1 Settlement Statement)

Below, is a step-by-step guide to getting your $8,000 if you qualify for the First Time Homebuyer tax credit: (There are definitely some tax preparers, most likely experienced CPAs rather than national chains that would have no qualms with filing a return using one of the aforementioned documents in lieu of a HUD-1 settlement statement. However, if you can’t find one, don’t want to pay for one, or are accustomed to filing your own taxes, here you go….)

1. Go to the IRS’s website and search ‘Free File’ in the search box at the top right corner of the page.

2. Scroll down and click one of the three options: ‘I will Choose a Free File Company’, ‘Help me find a free file company’, or ‘Choose Free File Fillable Forms’. (*Note: To prevent errors that may delay your return, the IRS recommends using tax software, so it may be best to choose your own company or let the IRS help you find a free file company.)

3. Then, either complete the free fillable forms, or complete the free tax preparation software. (*Note: You must use form 1040 rather than 1040A or 1040EZ, and you cannot file through e-file if you’re claiming the $8,000 tax credit. All returns where the $8,000 tax credit is claimed must be paper filed. You can use e-file, and then file an amended paper return after you receive your standard tax return in 10 days. However, I wouldn’t recommend it because an amended return usually takes 8 – 12 weeks. Right now, the IRS website says that amended returns are taking 12-16 weeks because of the volume created from this tax credit.)

4. Once all of the applicable forms are completed or the software is completely finished you will then print your tax return and sign it.

5. Mail the following to the IRS: Signed IRS Form 1040, IRS Form 5405 for First Time Homebuyers, all wage statements and other applicable tax documents, and one of the following four items: HUD-1, Deed for Contract, Retail Sales Agreement for a Mobile Home, or a Certificate of Occupancy for New Construction. (*See Link)

6. You can use standard mail or you can use priority, express, or other expedited mail services to gain a few days on the waiting period. I’m not sure how long the wait is, but I’ve read that it should be around 4 weeks if you file early and do things correctly. For information on where to mail your return please refer to the link below.

I hope this helps anyone that qualifies but has had trouble claiming their $8,000!
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Mon Mar 8, 2010
CCC answered:
Hi, 729 20th Ave N, South Saint Paul is TNAS which stands for Temporaty not available for showings. Ussually is because there is an offer since this property is a short sale / subject to bank approval.
Also TNAS is done when an offer has been submited to the lender (signed by Home Owner) and there are too much activity (showings).

It was taken off the market on February 17th and listing price was $122,900 from $169,900 on November 25th, 2009.

Buying a Short sale requries a lot of patience due to the time it ussualy takes to approved and close one.

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Thu Oct 15, 2009
Voices Member answered:
If you wee to wait the year, and if you were able to ge the appraisal to come in you would most likely be able to get the HELOC, BUT your best bet is to refinance to get the cash out. The reason I say that is that if you qualify for a conventional loan at 80% then you would also lose your Mortgage Insurance that you have on an FHA. You would save the next 4 years of Mortgage Insurance and get your money out. If you have any other questions feel free to ask at ... more
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Wed Apr 8, 2009
Elizabeth Fuller answered:
Closing or registration? If you purchase with a contract for deed, you do not transfer the warranty deed; however it is a valid purchase if recorded and homestead property. Check with your tax adviser. You should do this anyway, since as realtors we are knowledgeable, but not expert in such matters and need to be careful in giving any advice that could be interpretated or misconstrued. If you live in the home for three years, you do not have to repay this credit. If you need directions to some resources, call. Best wishes...Liz Fuller, 612-986-4105 ... more
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Wed Apr 8, 2009 answered:
It sounds like you would qualify, Nicholaus, but do consult a tax advisor. They'll be able to answer the question with certainty.

The condition is that you haven't owned real estate, and technically, a mobile home on rented land is personal property in most cases. ... more
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