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Home Selling in 55121 : Real Estate Advice

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Activity 18
Sun Nov 17, 2013
Elizabeth Fuller answered:
Review your mortgage note Usually sale of a home by any method will result in the lender calling the mortgage due as of the date of closing. FHA mortgages may be assumable; that will be in your note as well. If you need help, call your lender. If the mortgage is assumable, that would probably be your best way to sell and often extremely appealing to the buyer. Some lenders will also give you some concessions such as lowering the mortgage rate if the buyer finances with the lender. CHeck it out before you cause a problem for yourself. Most propeties that are sold contract for deed do not have a mortgage, they are owned free and clear. If a loan is assumable, a small contract for deed paid directly to the seller, plus a cash downpayment, may be used to cover any gap between the sale price and the assumable mortgage. Just be sure you have all the factd pertinent to you, the buyer, the specifics of your house, etc. Liz, 612-986-4105 ... more
0 votes 7 answers Share Flag
Wed Aug 15, 2012
Christopher Block answered:
I would need to know what is in the contract, but ultimately it is sounds like you are pretty early in the game and should be fine. It just depends on how the current company responds. If you are honest and upfront I don't see why they would not grant your wishes.

~Chris
... more
0 votes 1 answer Share Flag
Sun Jul 8, 2012
Desert_expat answered:
If you re going to live there awhile and as long as you can afford it and it makes you comfortable then it will also make someone else comfortable. Do it for you and as long as it is a quality job a second bath never hurts!! ... more
0 votes 10 answers Share Flag
Sun Nov 17, 2013
Elizabeth Fuller answered:
Your question as I read it, can't be answered. What has your son filed? Who holds the C/D? What is the property value related to the C/D? I will be glad to try to answer if you can be more specific/ Liz ... more
0 votes 6 answers Share Flag
Tue Apr 18, 2017
Debra (Debbie) Rose answered:
Jimmy, all commissions are negotiable, and it is improper for any agent to discuss specific commissions in a public forum.
Interview a few agents...... see what they charge, and what their marketing plan will be.
Ask for it in writing.
Compare and contrast what they are offering.

My advice is to focus on the agent.......... their experience and knowledge of your area, and what efforts they will make to get your home sold. Ask what their track record is.....what percentage of their listings sell.
While I understand that the commission is a concern, shopping for the lowest one might not be in your best interest.
There are also flat fee brokers you might want to investigate.


As far as who pays the commission - that's an often discussed/argued point here on trulia.

On the basic level............. the seller pays the commission. The sellers sign a listing agreement in which a commission is stated - to be paid when a buyer is found.The listing agent usually agrees to share that total percentage with any agent who brings in the buyer.
The commission is paid at closing, and taken out of the proceeds of the sale.

So, on the surface, the seller is paying the commission.

Now, here is where the discussions come up............it is believed that, in reality, the buyer is also participating in paying the commission, as the final accepted price is most likely factoring that in.
Without a commission the buyer most likely would be able to purchase the home for less. So, they are certainly , in effect, paying the commisson along with the seller.

Good luck!
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0 votes 15 answers Share Flag
Sun Mar 23, 2014
Lenny Frolov answered:
I think you will always find that a nicely staged home will show better in any market. Buyers have a lot of choices and making your home stand out is more important than ever to get a sale. ... more
0 votes 20 answers Share Flag
Wed Jun 30, 2010
Anna M Brocco answered:
For accurate advice, do consult with an attorney who specializes in real estate and see exactly what options you may have.
0 votes 2 answers Share Flag
Sat Jun 12, 2010
Georgina Villa O'Bryan answered:
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
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
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
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
... more
0 votes 8 answers Share Flag
Tue Jan 14, 2014
Elizabeth Fuller answered:
It is the responsibility of the poster to make sure information is the best that can be provided. In the case of a realtor posting a listing, the information is usually the same as he or she distributes via MLS, a company website or personal website. If you posted it yourself, it is important to be as accurate as possible and check the information for accuracy immediately. If you have realtor representation, then get back to your realtor right now and get the information up to date! Good luck. Liz, 612-986-4105 ... more
0 votes 3 answers Share Flag
Sun Nov 17, 2013
Aaron Dickinson answered:
Well first off, do you have SIGNIFICANT equity in your house? Most sellers I see offering CDs have little to zero equity, which makes me wonder how they think they can sell their house.

You may know all this, but most don't so I'll use it as a learning opportunity for the rest:

A Contract for Deed gives the Buyer legal rights to the property beyond "rent to own" or simply renting. A CD is similar to a mortgage in many respects. There are differences but I don't want to go through all the nuances.

The biggest thing is that if you have a current mortgage, selling your home as Contract for Deed typically causes the "due on sale" clause of your mortgage to come due, which allows the mortgage company to demand immediate payment in full.... OUCH!

Buyers are nervouse buying a CD on a house with an existing mortgage since if the seller doesn't pay their mortgage, the new buyer could wind up losing the house when the bank (which is in 1st lien position) forecloses on the house... also an OUCH.

If you are "free and clear" on the house, then to answer your question, the rate is largely dependent on terms such as down payment, length of contract, credit history of the borrower, purchase price, etc. 1% or more above market rate is not unreasonable in many circumstances.
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0 votes 7 answers Share Flag
Thu Feb 26, 2015
Cameron Piper answered:
Linda,

There are three factors that will determine the salability of your home.

Price
Condition/Location
Marketing

All three factors must be appropriately balanced in order for a home to sell. They are based on an inverse relationship, so if ones moves in a positive or negative direction, one or both of the remaining factors will need to adjust in the opposite direction.

I would look hard at your price. Downtown WBL is a very desireable area but you have been at the same price for 8 months. It also seems like you did a bit of work on the house, you may have also overcalculated the value of that work.

Please let me know if you would like me to take a look at your home and give a more detailed opinion. I work with the White Bear Lake office of Coldwell Banker Burnet.

Cameron Piper
... more
0 votes 19 answers Share Flag
Mon Jun 2, 2008
Aaron Dickinson answered:
I cannot speak directly to the appraisal issue as I am a real estate agent and not an appraiser, but I'd argue it really depends on the neighborhood. Some neighborhoods are 30%+ foreclosures and some are 3%. As such, if a significant portion of the comparables in the area are recent foreclosures and they truly are comparables, then they need to be provided some amount of consideration but should have a price adjuster for condition/distress of sale. In neighborhoods where foreclosures are the exception vs. the rule it seems unreasonable to use a foreclosure as a comp. ... more
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Thu May 10, 2012
Teresa Boardman answered:
Neighbors can blow a deal for sellers. I have a post with some real life examples.
0 votes 8 answers Share Flag
Thu May 17, 2007
Teresa Boardman answered:
Thanks for the question. I can't actually answer it. MN Realtors do have fiduciary responsibility when they enter into a contract to represent a buyer or seller. I have more information on the subject and how agency works in MN ... more
0 votes 1 answer Share Flag
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