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Home Buying in 55306 : Real Estate Advice

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  • Home Buying3
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Activity 15
Wed Jan 10, 2018
Karissa White answered:
Hi Larry,

It can differ from complex to complex. Most are handled by the assocaitions insurance company. If you have a question about a specific assocation, let me know and I can find out for you.

Thanks,

Karissa White
ReMax
952-393-9688
karissa@mnhometeam.com
... more
0 votes 19 answers Share Flag
Mon Dec 23, 2013
Cameron Piper answered:
Linda,

Great question, but you really need to explore the specifics with an attorney.

The fact that you don't have a mortage is immaterial. If you don't pay your association, eventually they will get around to suing you and taking a lien against the property, I believe that they also then have the right to collect on that lien by foreclosing the property. It would be very expensive and unlikely, but if there was enough equity there, they might give it a shot.

Cameron Piper
Coldwell Banker Burnet
licensed MN Real Estate Broker
612-839-4202
... more
0 votes 10 answers Share Flag
Mon Dec 23, 2013
Vicki Schwartz answered:
Absolutely. I will always take back-up offers on listings. There are many things that could change during the process. Do you have an agent or need help in writing a back-up offer?
0 votes 11 answers Share Flag
Mon Jul 2, 2012
Jennifer Sexton answered:
You do not need pre approval letter but
You will need proof of funds from your
Bank.
0 votes 5 answers Share Flag
Mon Aug 19, 2013
Jennifer Sexton answered:
Good evening,

There are many homes available with the criteria you asked about. I would welcome to the opportunity to speak with you to narrow down the search to the perfect home for you.

As a Life long Burnsville resident and agent, I would be happy to show you why Burnsville is a lovely area to live. However, I can accommodate any of the areas you mentioned.

Jennifer Sexton
Jennifersexton@edinarealty.com
952-495-7653
... more
0 votes 2 answers Share Flag
Thu Mar 15, 2012
Michael Emery answered:
Depending on your income limits, you might be eligible for down payment assistance. There tends to me more programs within Minneapolis and Saint Paul, but there are programs for suburban areas too. See link below. ... more
0 votes 4 answers Share Flag
Sat Apr 28, 2012
Rachel Luckow answered:
I would start by talking to a loan officer that you trust. You cannot claim rental proceeds until you have collected them for 1 year. What that means is that you will have to be able to qualify to make the payments on your townhome and the payments on your new home. ... more
0 votes 11 answers Share Flag
Fri Dec 6, 2013
Michael Emery answered:
Have you factored in the non homestead taxes into your expenses as well as any future pending or proposed assessments you would need to pay on both units?

Have you factored in that your rental unit won't be full 100 percent?

Did you know that rental properties require a higher down payment and do you have enough down payment for two units? Some associations won't allow rentals while some lenders won't lend on buildings with rentals and/or for rental properties.

And have you ever been a landlord and how are you going to find tenants?
... more
0 votes 4 answers Share Flag
Wed Mar 3, 2010
Jennifer Kirby answered:
A question, is this an incentive program with Burnsville, Dakota County? If you can let us know the name of the program, it will help us better answer your question. Thank you!
0 votes 3 answers Share Flag
Wed May 13, 2009
Luke Allison answered:
This would probably be best to do via a phone call, but I will do my best:

1) Basically you have to choose which loan product you want to run with. FHA loans right now have much looser criteria for approval and the MI is approvable with the loan. Conventional mortgages have strict guidelines for credit requirements by which to obtain mortgage insurance. 1 point on your credit score can make MI invalid. His advice to take the FHA and go with it is not dubious - it is probably the advice that can make your life easier during the underwriting process.

2) The are only 4-5 main companies writing policies for mortgage insurance right now and I do not believe all of them write MI for 95% loans (yes, it is that tight right now). That is why FHA is so much more desirable. Not only do you not have to worry about MI approval, you also have the fact that the MI is cheaper per month plus your fixed interest rate does not suffer the pricing adjustments that a 95% conventional loan does. (FHA rates are around 5.00% while a 95% conventional loan may have a base rate around 5.75%)

3) You will not be able to lock your loan until you are under contract and have a set closing date. You should have a Good Faith Estimate and Truth In Lending Disclosure which will, at the very least, disclose to you your rate as of the day you registered the loan. Rates have not changed too much lately so your rate should be fine for now. However, it will float and adjust with the market until you lock so your safest bet is to get a home under contract.

I hope all that helps. Let me know if you have any questions.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
... more
0 votes 3 answers Share Flag
Fri Sep 17, 2010
Jennifer Kirby answered:
Usually a bank will not order a BPO (broker price opinion) until they are presented with an offer to purchace from a buyer. Also known as a CMA (comparative market analysis), the bank is looking for an analysis that shows the bank the current market value of the property, with recent sold data included. From the BPO, the bank will look at your offer, then consult the investors that back the loan of the sellers, and then the decision will be made whether or not to accept your offer. You never know how many people have to be consulted, so the process could take a couple of weeks to months. A BPO could be done in as little as a day. The bank could come back asking for a higher price, or they could accept your offer out right. Really, the only thing you can do now is sit and wait for their decision. Good luck and I hope you get the home! ... more
0 votes 7 answers Share Flag
Wed Jun 24, 2009
Paula Rushing answered:
It sounds like you are trying to purchase a foreclosure since your offer was rejected by a bank. In today's market the banks have so many foreclosures out there that they are trying to recoup as much money as possible. Since most of the foreclosures involve interest only loans or adjustable rate mortgages the principle borrowed has not been paid down. Banks in our area won't look at a contingent contract. Listed as "as is, where is" meaning that they are not warranting anything and will not pay for an inspection. An inspection is only to provide personal confort and give you an out if you find too many repairs are needed. So in short, how do you make your offer more attractive? Offer more money. ... more
0 votes 7 answers Share Flag
Fri Mar 25, 2011
Anette Nordvall - Real Estate BROKER, ABR answered:
When it comes to a short-sale you negotiate with the bank. The Seller has to sign the contract yet the final decision maker is the lender that holds the note. Depending on who you are dealing with it can take several weeks since there tend to be not enough "lost-mitigators".

In this case the Selling agent is the only one you can deal with since the bank will not talk to you about it. Your Buyers agent should really do all the work. There is up to 6% in commission there and if you do not have representation the agent on the seller side should be Super Motivated since, if applicable in your state, Dual agency and collect commission from both sides. I would call the agent Every Day!! Good Luck! / Anette
... more
0 votes 9 answers Share Flag
Wed Jun 24, 2009
Aaron Dickinson answered:
The only way would be if you know the agent listing the home or if you are working with an agent that networks with their peers or uses an in-house networking system. Edina Realty (my company) has an in-house networking system called Network One in which we can network listings coming on the MLS soon.

Most listings are not advertised prior to listing on the MLS so the number of "pre-lists" is relatively small in comparison.
... more
0 votes 7 answers Share Flag
Mon Feb 25, 2008
Jason Tangen answered:
Hire a buyers broker to work on your behalf. Let them do the work on determining what a good offer is for this home. It doesn't cost the buyer anything to have a professional working on their behalf. The money that a real estate professional makes for selling a home to a buyer comes from the seller.

It pays to have a professional working in your best interests. Without seeing the home, everyone here would just be shooting from the hip and guestimating prices. That doesn't do you any good.
... more
0 votes 8 answers Share Flag
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