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55337 : Real Estate Advice

  • All9
  • Local Info0
  • Home Buying2
  • Home Selling3
  • Market Conditions0

Activity 26
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.


Karissa White
... more
0 votes 19 answers Share Flag
Mon Dec 23, 2013
Cameron Piper answered:

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
... 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
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
... 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
Mon Jan 27, 2014
Elizabeth Fuller answered:
Mobile homes are often sold as part of a vacation retreat, sometimes they are sold within a certain mobile home park or area, with or without a land lease. They are infrequently listed on MLS unless they are on a separate lot or acreage and considered a manufactured home, allowed through zoning requirements. The commissions on this type of property would vary. Unless the home is attached to the ground, on a separate lot, it would often be subject to non-mortgage financing. Usually the mobile home is considered chattel property, not residential and would be financed more like an automobile. Remember, real estate commissions are negotiable by MN state law. If this is an MLS listed property, the commission would be identified in the published listing. IF it is made available for sale in some other way, I would not be able to ascertain the kind of listing or selling arrangements would be customary. I have sold vacation or rural property where a manufactured home was attached to the property. These were considered a home and usually would have a usual and customary commission published showing the rate or percentage available to the selling agent, the broker, and any other pertinent information. I did a quick search and did not find enough current or recent listings of property to show any commission rate change. ... more
0 votes 2 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
Fri Mar 5, 2010
Aaron Dickinson answered:
I would recommend deleting this question since the other question you posted will get you far more detailed answers
0 votes 5 answers Share Flag
Sat Mar 6, 2010
Ralph Windschuh answered:
It would appear that the only way to stop the sheriff sale would be to get a court order to stop it. I would suggest speaking to an attorney to see what your options are. Good luck to you. ... more
0 votes 9 answers Share Flag
Wed Mar 3, 2010
CCC answered:
Hi, $225 to $250
FIRST: ask the listing agent for an authorization to de winterized the property. Once you have approval, then, ask them for a refrerral of the company that winterized it. City needs to be contacted to "connect" (turn on) the watter. At the time of the dewinterization, the company/person doing it must check for leackage around the house. ... more
0 votes 12 answers Share Flag
Tue Dec 19, 2017
Patrick Howard answered:
Hi Donna,

It looks like you have an eye on a house that's currently in the foreclosure process. Typically there is a six month redemption period after the sheriff’s sale. After that, it will most likely take 2-3 mos after the redemption deadline for the bank to put it on the market. Regarding your second question, I'm not aware of any way to purchase the house from the bank before it's been listed for sale. To my knowledge, banks don't sell homes directly to the public. First of all they don't know what the market value is until they receive a BPO (Broker's Price Opinion) and also each state has different laws and requirements to sell a house. Therefore, they will sell it through a real estate broker and possibly work through a third party that handles these types of homes as well. Unfortunately, if you aren't able to buy the home before the sheriff’s sale, I don't see that you'll have a chance until it comes back on the market again.

If you're really interested in one particular house, I would absolutely make sure that you've spoken to a lender and done all the necessary pre-approvals. I would also have a Realtor with experience in bank mediated transactions ready to go so you can be the first one to make an offer. I'm seeing the trend lately that banks will deeply discount the homes so as to draw a lot of interest. This often results in multiple offers that drive the price up over the listing price and will sell very quickly. If you're truly serious about buying that particular house, it's not the time to play any games or put in a low bid.

I hope this helps. Good luck!

... 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
... more
0 votes 3 answers Share Flag
Sun Jun 7, 2009
Cameron Piper answered:

I have not been to MN tax court, but I do have the same impression that others have given you on the matter. From a practical standpoint I would encourage you to consider the time and effort you will need to put and the potential return that you would garner from those efforts. Even if you are successful, you stand to only recoup a couple hundred dollars from the time spent. Given that my recommendation is to wait for the process to come about next year and let it be what it is. You may see a proper reduction without any work what-so-ever.

From a purely emotional standpoint I can understand and agree 100% that it is wrong for you to pay more taxes than the home is worth.

Camerom Piper
... more
0 votes 3 answers Share Flag
Mon Aug 18, 2008
Scott Hutchinson Hutchinson Group answered:
Original asking price and previous sales price unfortunately do not matter for what your house is worth in Today's Market; however, it sounds like you are planning on staying there for a while, so I would not beat yourself up too much as the market will correct itself. ... more
0 votes 7 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
Fri May 9, 2008
Todd Norsted answered:
Shrema, It strikes me that your mortgage banker does not want to resubmit the application for you. What you would like to do should be possible, as far as I know, and yes,, it does reduce the commission on the loan. You might try telling the mortgage banker that you've found someone who is competitive on rates and will sumbit your application with the additional down payment. My gut call will be that he/she will come around quickly.

Good Luck, Todd Norsted
... more
0 votes 2 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
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