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55121 : Real Estate Advice

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Activity 176
Tue May 11, 2010
Brad Anderson answered:
Are you asking about short term rentals? I am sure you can find one, if that's what you are looking for.
0 votes 2 answers Share Flag
Sat May 8, 2010
Don Tepper answered:
Go to your local real estate investment club and announce it. Here's a link to clubs in Minnessota: http://www.creonline.com/real-estate-clubs/mn.html

What investors will want to know is:
-->What is the ARV (after-repair value) of the property?
-->What repairs (dollar amount and list of the major ticket items) does the property need?
-->What would the property rent for?
-->What's the least you would accept for the property?

Hope that helps.
... more
0 votes 8 answers Share Flag
Sun May 2, 2010
Dan Chase answered:
www.city-data.com It has a lot of information when you put in your city.

Also, ask the local police. They know the area and what goes on there.
0 votes 3 answers Share Flag
Sat Feb 28, 2015
CCC answered:
Hello,
Inspection(s) are not required by most of the mortgages. Some mortgages require inspection(s).

Inspections are not part of the mortgage so that is an out side of closing expense to the buyer (and to the seller).

Some institutions (banks) ask the appraisal fee to be paid at front, some others wait until closing.

I do not know what kind of financing you are getting but since Mortgage Consultant mention 3%, I will think is a conventional loan. Ussually a 3% Buyer Closing Costs is request to the seller but, it is important to mention, that it does not mean that seller has to pay it. Maybe you need 3% of YOUR closing costs mortgage to be paid by seller to be able to buy a home.

Most closing costs are fixed, others are related to the mortgage amount and the last one, are related to the closing date/month. For example, if you close/purchase on the 20th day of the month, you will get charged (on a 30 day month) 10 days of loan interes. If you close on the 25th, you will pay 5 days, and so on.

Go back to the Mortgage person and request a break down of the Mortgage expenses, please.

Benito.
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0 votes 29 answers Share Flag
Thu Oct 23, 2014
CCC answered:
Hi, are you paing cash of mortgage? A mortgage will request an appraisal. Also, ask your Realtor for a CMA (Comparable Market Analysis).

It is impossible for me to say yes or not about paying to much since I do not have seen the property and do not know the conditions of the comparative properties.

You could ask the seller to fix all those minor issues if you do not want to deal with them later.

Good luck.

Benito.
... more
0 votes 4 answers Share Flag
Wed May 23, 2012
CCC answered:
Hi, I am not recommending any of this websites, maybe you already found them.

http://milehighautomation.com/

http://www.homecontrols.com/

http://home--automation.com/

http://www.x10.com/products4/overture/home_automation_ps_nox.html

I suggest to post your question in another city/county in Minnesota. It was posted in a very specific section and might not have enough exposure.
... more
0 votes 2 answers Share Flag
Fri Apr 23, 2010
CCC answered:
Fri Oct 22, 2010
Susan Hofflander answered:
For the month of Feb 2010., avg. days on market is 142. That means the average amount of days from the time a property is active until it is canceled, expired or sold. That changes area to area and housing type to housing type. I can send you a pdf of statistics that slice and dice the numbers a variety of ways. Let me know if you'd like me to send you that most current document. ... more
0 votes 5 answers Share Flag
Thu Dec 5, 2013
Elizabeth Fuller answered:
I believe we will experience a fair amount of appreciation over the 5-10 year range. Looking at the prices now and the historic perspectives, I think you would experience a 4-5% appreciation annually at first, with possibly a 10% after a time. We have new buyers entering the market place at all times with the usual reasons for moving - family changes, work changes, etc - to name a few. In the early '80's we had a flattened appreciation structure due to extremely high interest rates - 16 to 18% for FHA and VA mortgages. This came at the end of a run of demand and appreciating prices in housing. If you would like a bit more information and some statistical overviews, please contact me directly at 612-98604105; This is a subject that is really fun to discuss! While, as you point out, we are neither mind readers or fortune tellers, but many of us are keepers of historica trend. Liz ... more
0 votes 15 answers Share Flag
Tue Mar 30, 2010
Dan Chase answered:
You have to make up your own mind about what to do. Look at the question below and also the blog below it based on that question. As I read through both I just got more confused about the right thing to do. You have to see what you want, what you are willing to spend, and how much you are willing to lose out on that house. THEN make the decision to increase your bid or not.

http://www.trulia.com/voices/Home_Buying/Proof_of_competing_offer-200578

http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-competing-offer/#comment-68270
... more
0 votes 8 answers Share Flag
Fri Mar 19, 2010
Lenny Frolov answered:
Unless the windows are extremely small I have not seen an appriaser measure windows (on upper levels) to make sure they meet code. If buyers have an inspection done the inspector may flag it. You may want to call St Paul to find out the what size window they require to be egress. To answer the question, yes the windows must be egresss size to be legal bedrooms. Other things such as ceiling height can play a role as well. ... more
0 votes 6 answers Share Flag
Sun Jul 18, 2010
Lenny Frolov answered:
What do you mean? Is your house being foreclosed? If its your house you are able to take your personal belongings and private property which does include some appliances. If you are just viewing a foreclosed home and their is garbage in it you are not allowed to take that. ... more
0 votes 9 answers Share Flag
Thu Mar 11, 2010
Richard Schulman answered:
First, do you have a buyers agent representing you? If so, they should be helping you out with these questions (and this a reason to have a buyers agent -at no cost to you - as they help with these things and navigate the tricky short sale process).

Second, don't be surprised about banks dragging their feet. We see this constantly now, and yes, it makes no sense. The banks are overwhelmed though. We have found the best way to deal with the banks is to repeatedly call/email your contacts there, try to get other contacts and work your way up. Get in touch every day. Eventually you usually get your answers, with enough persistence!

Good luck,

Richard Schulman
Keller Williams Real Estate
... more
0 votes 6 answers Share Flag
Thu Mar 11, 2010
Brad Anderson answered:
Read your original lease. It probably requires a 60 day notice, and if it does you need to pay the rent. If you have another reason for leaving, contact an attorney.
0 votes 4 answers Share Flag
Wed Mar 10, 2010
Dan Chase answered:
Below is a house price prediction site. It also offers some information on why they think prices will do whatever they will do.
http://www.housingpredictor.com/minnesota.html

Home sales are up and prices are down in Minnesota, where some of the most affordable housing markets in the country are at 2000 year home prices.

It looks like 2000, not 1995 to me. Some areas may be lower. Wait awhile, they may change even more.
... more
0 votes 14 answers Share Flag
Sat Feb 27, 2010
Charles Dailey answered:
Yes, it does. I have access to this product but, in fairness, I'd rather refer you to a specialist. Jerry Fancher from Wells Fargo ((612) 386-4367) is very, very good at these.
0 votes 9 answers Share Flag
Thu May 10, 2012
CCC answered:
Find a Purchase Agreement form for the State of Minnesota (last forms) , fill it out, fill out the addendums, call the city and check on occupancy status, present the offer, remove contingencies, if any, go to closing, done.

http://www.mnrealtor.com/Frequently_Asked_Questions/AM/ContentManagerNet/ContentDisplay.aspx?Section=Frequently_Asked_Questions&ContentID=6506
I will try to find 2009 forms.

Good luck.

Benito.
... more
0 votes 28 answers Share Flag
Mon May 19, 2014
Brad Anderson answered:
It depends on the bank, but if you are 2 months behind, I would get caught up if you can. It can take them up to 6-9 months, but they are sometimes faster than that.
0 votes 17 answers Share Flag
Sat Jun 1, 2013
Brad Anderson answered:
Lori, here is a link that explains buying HUD Homes. Hope it helps.
0 votes 3 answers Share Flag
Thu Jan 28, 2010
Anna M Brocco answered:
Have you visited with a qualified loan officer(s) yet, if not you should and see exactly what your budget can handle--then take it from there--home mortgages are just that, for the purchase of real property--did your brother perhaps do an equity loan after he purchased--again if you haven't done so yet, visit a loan officer. ... more
0 votes 6 answers Share Flag
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