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55120 : Real Estate Advice

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Activity 176
Fri Mar 22, 2013
CCC answered:
Hi, not on buying but on refinance, so you need to have a home , and equity, to consolidate the debt.

Get all you paperwork toghether, such as, last 4 paystubs, last 2 years of tax returns, last 3 bank statement, make an appointment with a Mortgage consultant, get pre approved and see what is in your range.

Best.

Benito.
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0 votes 8 answers Share Flag
Tue Jan 26, 2010
Kathleen Lordbock answered:
Many more homes will be entering the market in your area soon. Here in the Brainerd Lakes things are picking up and new listings are hitting the market weekly. Buyers are also coming out of hibernation and realizing that the Tax Credits end in April. ... more
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Thu Jan 21, 2010
Kathy Weber answered:
Jon,

The best avenue to go is with the appraisal from your lender. That is your top priority.

Even if it's less than what the lender's appraisal/BPO says. It's your only option at this point. If your lender's appraiser states it's the "higher" price, they won't approve your loan if you come in with a "less" than appraisal.

Obviously a few more details are needed to completely answer this question correctly.

Is this a Short Sale? Bank Owned? Standard? Who's appraiser gave the "higher" price? Lower price?
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0 votes 6 answers Share Flag
Thu Jan 2, 2014
Anna M Brocco answered:
Why not seek the advice of an attorney that specializes in Real Estate--maybe there are other ways of coordinating exterior an roof maintenance, since the home is not part of any HOA.
0 votes 6 answers Share Flag
Sun May 2, 2010
Charles Dailey answered:
You would either want to cooperate with your bank in selling your home if you owe more than the house is worth (also known as a short sale) or attempt a loan modification. In the case of a short sale, the bank would have to take a payoff that would be less than the balance that you owe. Keep in mind that if you persue this option, most lenders would disqualify you for a future mortgage until 2 years had passed. A loan modification is where your lender would consent to adjust the terms of your loan to something you could afford. If you're going to try for a loan modification, start at makinghomeaffordable.gov. If you are interesting in looking into a short sale, call a good realtor. You seem to be in zip code 55104. Adam Duckwall from Edina Realty is a good realtor in that area. Good luck Gwen and I hope you start sleeping better! ... more
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Thu Oct 15, 2009
Lenny Frolov answered:
Typically your credit is not used in a contract for deed situation. The seller may elect to run your credit to determine worthiness but that is not mandatory. I have run into a lot of sellers that will not run credit if you have a decent down payment. Also, if you are the only one buying on the contract for deed technically you would be needing only your credit if seller decides to run it. Like in your previous question though your wife would automatically be added to title. ... more
0 votes 5 answers Share Flag
Thu Oct 15, 2009
CCC answered:
According to my knowledge if you are married and buy a home, it will belong to your spouse too. Both are owners.
Then, if you divorce, your spouse will owned that property too and will have to be on the divorce decree if you had an agreement.
If you want to sell later, you need yoru spouse signature too.
I do not recommend separate married people to buy a home.
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0 votes 4 answers Share Flag
Sun Sep 27, 2009
Fred Griffin answered:
In many states, Real Estate Agents are required by Law to present any Reasonable Offer to the Seller, unless instructed otherwise in writing by that Seller. Failure to present Offers may be a violation of Fiduciary or Agency Relationship.

If the Realtor will not present the offer, take it directly to the Seller, based upon advice and counsel from your Real Estate Attorney.

See an Attorney for Legal Advice.

-------------------
Best wishes,
Fred Griffin
-------------------
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0 votes 10 answers Share Flag
Thu Jan 2, 2014
Teddy Jagessar answered:
When a lender is willing to allow the sale of a house for less than the mortgage absorbing the loss
0 votes 8 answers Share Flag
Fri Oct 2, 2009
CCC answered:
Your offer could be rejected or counter.
What price does yoru Reator think the property is worth?
Ussually listing price is close to sell price. Request from your Realtor a CMA based on such property and check how close/far your offer will be.
Assesment value is for Tax property porpuses.
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0 votes 11 answers Share Flag
Wed Jan 6, 2010
CCC answered:
Hi, there is alot going to on that neigborhood.
For example:
http://www.livemsp.org/pohlad-foundation-homebuyer-assistance-program-for-homes-in-zip-code-55106
Pohland Fundation.
http://www.livemsp.org/pohlad-foundation-homebuyer-assistance-program-for-homes-in-zip-code-55106

It is hystoric neghborhood. http://www.associatedcontent.com/article/821155/my_historic_daytons_bluff_neighborhood.html?cat=54


http://www.daytonsbluff.spps.org/

There are grants to fix the homes with some restrictions.
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0 votes 2 answers Share Flag
Tue Oct 6, 2009
Stacey Wyatt answered:
Heidi,

My gut says that you would not qualify since you were on Title, but definitely a question that would be best suited for a Real Estate Attorney or your CPA.
0 votes 5 answers Share Flag
Tue Sep 8, 2009
Kim Eisen answered:
I would call them and ask them why they sent it to you. It does seem odd, but they may have inadvertantly sent it to you rather than 'back' to the estate trustee. Worth a call and let us know how it goes. Good luck.

Kim Eisen
RE/MAX Specialists
Realtor since 1980
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Wed Aug 12, 2009
Gary Meek answered:
0 votes 9 answers Share Flag
Wed Jul 29, 2009
Grace Hanamoto answered:
Hello Im2cynical and thanks for your question.

Prior to funding the loan, the lender will contact the Homeowners Association's Board of Directors or management company and will request an "HOA Certification" form to be completed. This form provides the lender with information about:

1. The number of rental units within the community (Fannie and Freddie loans require less than 40 percent of the homes be rental homes)
2. The number of delinquent homeowners within the community and the amount of the delinquencies (the requirements differ for many lenders, but most are looking for less than 40 percent of the homes being delinquent)
3. The amount of the reserves and whether or not those reserves are adequate to cover the costs within the community.
4. A copy of the budget and copy of the current association financial statements.
5. A copy of the current homeowners association insurance policy, including any flood insurance policies.

In the past, lenders were not nearly as sensitive about the information provided in the HOA certification form as they seem to be today. In the era of foreclosures, a high delinquency or foreclosure rate can be a red flag, and I've seen both refinances and purchase money loans turned down due to high delinquencies within the community. Also, loans can be denied for a lack of proper reserves since this can portend future costly special assessments or deferred maintenance. A new "wrinkle" in loans for homeowners associations has been the failure of the association to carry adequate amounts of flood insurance. Lenders seem to "latch on" to one or two amounts for flood required for each home, and HOAs have not been quick to comply with the higher loss amounts.

So, in short, if the homeowners association has excessive delinquencies, higher than permitted rental rates, inadequate insurance coverages or insufficient reserves, the Board and manager will let the lender know of these problems, which can result in the loan being denied for the community.

Hope this answers your questions.

Sincerely,
Grace Morioka, SRES, e-Pro
CID Consultant and Forward Planner
Area Pro Realty
co-Author "Homeowners Associations: A Guide to Leadership and Participation"
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0 votes 1 answer Share Flag
Sun Jul 26, 2009
Cameron Piper answered:
Lenny,

I wish you the best of luck in your business. However, you might want to check out the Community Guidelines - advertisement are generally frowned upon here.

http://www.trulia.com/guidelines/

Cameron Piper
#1 Trulia Agent in MN
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0 votes 0 Answers Share Flag
Tue Jul 21, 2009
Cameron Piper answered:
Craftychick,

At the end of the lease contract, when you didn't sign a new lease, your rental agreement turned into what is know as a tenancy at will. You can read about a tenancy at will at the MN Statutes webpage below. Please let us know if you have any other questions.

https://www.revisor.leg.state.mn.us/statutes/?id=504B.135&year=2008&keyword_type=all&keyword=tenancy+at+will

Cameron Piper
#1 Trulia Agent in Minnesota
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0 votes 5 answers Share Flag
Sun Nov 24, 2013
Dan Swanson answered:
We have been through this discussion with a number of our Sellers. In this market, allowances are not as compelling as offering the prospective Buyer a turn-key, contemporary home. Please seek guidance from a decorating or staging professional (or a Realtor with experience in this area) to help you make a choice for the flooring in your lower level. Also, have this renovation completed prior to going on market if at all possible. Most Buyers in the current market don't want to read notes which say "countertops to be replaced soon" or "carpeting allowance offered". They simply want everything in move-in ready condition and at market price or less.

Good luck with your renovations!
-Dan
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0 votes 8 answers Share Flag
Sat Mar 24, 2012
Cameron Piper answered:
Irene,

I don't know that real estate agents are really qualified to answer your question. Hopefully there will be a medical doctor out there who sees your question and can answer it for you.

Cameron Piper
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0 votes 9 answers Share Flag
Fri Jun 5, 2009
Darwin answered:
Have this discussion with your REALTOR representative. He or She will guide you to the best price and value for the home.
0 votes 2 answers Share Flag
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