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55401 : Real Estate Advice

  • All14
  • Local Info0
  • Home Buying9
  • Home Selling4
  • Market Conditions0

Activity 482
Thu Jul 16, 2015
Donald James answered:
Talk to your professional Realtor and / or mortgage professional. With rehab loans it is very important to deal with professionals who have done many of these. Call me if you have any questions. ... more
0 votes 15 answers Share Flag
Thu Jul 9, 2015
Josh Lund answered:
Hello Aspizale,
Good morning.
Are you still renting? Are you in the market to buy a home? If so, I would love to see if we can help you out. We work with 1st time home buyers all the time. Do you have a realtor yet? If not we have preferred ones we can get you in contact with. I would like to see if I can help you out with a home mortgage. I will try and make this a very easy process. Please let me know how to help out.
Thanks much.
Josh Lund
MN District Branch Manager
NMLS # 387408
Gold Star Financial Group
Mobile: 612.802.3265
Office: 952.884.5442
eFax: 877.666.0007
jlund@goldstarfinancial.com
... more
0 votes 1 answer Share Flag
Thu Mar 23, 2017
Chase Lenz answered:
Mon Mar 25, 2013
Mark Claessens e-Pro NHSS answered:
Hi there, Taylor.....

I just ran a complete report on the entire MLS for Minneapolis and St. Paul and I am sorry to report that there are zero under $1000, zero under $1100, and I did finally find ONE at $1200 a month in St. Paul. The next one is at $1250 in St. Paul. The next is at $1375 is in St. Paul. They only go up from there.

Sorry, but this a very strong market for landlords. 2 years ago where they once hoped for $1000 per unit, they can now get $1500.

If you would like any more assistance, please let me know. We can always get outside of Minneapolis or St. Paul and move out to the suburbs.

I decided to do a little broader search. And just so you know, I did find 28 rentals all across the 13 county metro area that were $1000 or under. There were only 3 single family homes. The vast majority are either condos or apartments. So the whole idea of a fenced yard and your boxer? I think you have maybe three options. One is in Buffalo Lake (50 miles west of the cities), one is in Northfield (25 miles south of the cities), and one little tinly little house in Wayzata. But here is a warning: it is only 258 square feet! that is the size of a standard size fish house.

If there is anything else I can do to help, just go to my webiste below and shoot me an email or call me.

Mark
... more
0 votes 2 answers Share Flag
Wed Feb 27, 2013
Lisa Handley answered:
Samantha,

Are you looking at renting or buying? Give me a call 612-390-6520 and I would love to see if I can help you out.

Lisa Handley
ReMax Advantage Plus
0 votes 2 answers Share Flag
Sat Feb 23, 2013
Bill Wallace answered:
Try going to www.hotpads.com and use the advanced tab to only select the option for rental types of "corporate housing". When I did that it does bring up a few options to choose from (not many though).

Of course you can always look at an Extended Stay motel option if you can deal with the small size for a couple months.

Bill Wallace
RE/MAX Advantage Plus
... more
0 votes 5 answers Share Flag
Thu Apr 11, 2013
Ron Jensrud answered:
It's best to speak with a lender about that. I wouldn't consider an FHA loan at the moment. Too Expensive. Look for a Conventional with minimum down.
0 votes 13 answers Share Flag
Wed Jun 17, 2015
Chris Block answered:
My best guess is that you don't have many options available. Before seeking legal representation you need to see what exactly your buyers signed (my guess the bank had a bunch of addendum's for you).

From the standard PA situation the seller has every right to cancel the contract if the buyer does not meet the closing date. From a practical standpoint I have never had it happen to me, but I think lenders sometimes don't take closing dates seriously enough. God I hope that horror story never happens to me.

As for bank owned properties there usually is always an addendum that talks about closing date. Some lenders like HUD just have a standard 45 day closing for financed offers. I already have the extension document if I need it, but there is a very real possibility that they would attempt to charge a daily penalty to my buyer. There is some legal stuff there depending on what is delaying the closing.

But here is the kicker: jumbled in all of those addendum's the lender usually puts language reserving the right to agree, or disagree, to your extension request.

I DOUBT THAT ANYWHERE IN THE PURCHASE AGREEMENT IT SAYS THE LENDER MUST AGREE TO A CLOSING DATE EXTENSION. The fact they verbally agreed to an extension will obviously mean nothing.

I will end with my own story. I wrote an offer on a Fannie Mae property for my buyer who happened to be VA. My lender told me we needed 45 days to be safe on VA loans. I did pretty much the same thing you did, because lenders usually won't allow us to write "closing date 45 days from fully executed and signed PA".

Well we got our offer verbally accepted, and then Fannie Mae sent over all the addendum's. THE STUPID PART IS THAT EVERYTHING HAD TO BE EXACTLY THE SAME AS STATED ON THE PA. When I started looking at the closing date situation I knew we had a problem. Tried talking to the listing agent and she pretty much told me it won't happen, because once again nothing can change from the original PA. Who cares if I pointed out that her own lenders policy was 45days?

End result? I cancelled the PA with my buyer and it took a very long time to finally close on another house.

Now I am working with HUD and they politely set the 45day count as soon as I receive all the seller signed docs. What I have learned is that every lender is different. I now ask the listing agent what their closing date policy is, and most of the time to be on the safe side I account for 10-14days extra to get all signatures. If the bank counters me on the closing date than we can clear everything up then.


Lastly, I won't say that you should not encourage your buyers to seek legal advice. What I would do however is try to be as upfront and honest with them NOW about what they signed in the purchase agreement. That language should be there. You and I both know most buyers do not fully take the time to review these docs. If this closing does not happen they are going to be very emotionally attached. They may want to attack someone, and between the lender/bank/and Realtor we tend to be the easiest target.

~CHris
... more
0 votes 7 answers Share Flag
Mon Jan 27, 2014
Matt Christensen answered:
Anish,

I always recommend that a buyer have representation from an agent. Realtors work with negotiations all the time and know what is reasonable, what areas you can negotiate for a little more. They can look in on the transaction with a neutral set of eyes, it is easy to miss things in the excitement of buying a new home. There will be many excellent reasons given by realtors in response to your question. Feel free to contact any of them that reply or I can make a few recommendations for you if you wish.

Let me also say that sometimes a builder will try to discourage people from obtaining representation, by stating that you will have to pay the commission. Any reputable builder will be familiar with working with clients who have buyers agents. Personally if they tell me this I would find a different builder.


Good luck!

-Matt Christensen
NMLS# 373371
... more
0 votes 42 answers Share Flag
Mon Feb 25, 2013
Matt Christensen answered:
Abhifyan,

I have not dealt with this specific situation before. I will foward your question to an underwriter and post back here when I get an answer.

-Matt Christensen
0 votes 6 answers Share Flag
Tue Feb 19, 2013
Scott Graham answered:
look at www.homelink.com it is where most Sec 8 rentals are listed
0 votes 2 answers Share Flag
Fri Feb 15, 2013
Chris Block answered:
It is recognized by appraisers. I have a client doing it right now and work in your world Chad as a realtor. The appraiser ultimately is looking at the comps in the neighborhood that have sold. Does not matter if you are a DIY flipper or you hire someone to do the work... hopefully the finished product is the same. An appraiser is not going to discriminate just because you did the work yourself.

If you want to throw me an email with a little more detailed description of what you are going through I may be able to help, because I am guessing you are selling the house and having appraisal issues?
... more
0 votes 2 answers Share Flag
Thu Feb 21, 2013
Stephanie Fox answered:
I think you might see an increase in new home construction as we move into warmer weather. Home prices are rising and the inventory of homes on the market is smaller than it has been for years. People are buying up lots and developers are looking for more land, a good indication of increased home building. ... more
0 votes 9 answers Share Flag
Tue Apr 19, 2016
Ron Thomas answered:
This is rather silly;
If the process have progressed to the CONTRACT stage, (what you describe), you are UNDER CONTRACT!
If it hasn't; you are not under CONTRACT.
0 votes 17 answers Share Flag
Sat Feb 9, 2013
Chase Lenz answered:
That property has been sold.
Email or call with more specific questions or any other properties you would like info. on.

Chase
612-819-4474
chase@sp-realestate.com
0 votes 4 answers Share Flag
Sat Feb 9, 2013
Peter Mohylsky answered:
Nothing, If I assume you are asking what happens when you sell a home for less than the mortgage. You will be expected to bring money to the closing to satisfy the bank unless you have negotiated a short sale. ... more
0 votes 5 answers Share Flag
Thu Feb 21, 2013
Josh Barnett answered:
You have to trust your gut and speak with a local attorney.
0 votes 11 answers Share Flag
Mon Jan 28, 2013
Ryan Bretzel answered:
I just looked and there are 59 single family homes in the Wayzata School District under $450k. What you really need to figure out is what is important to you and your life style. There are many benefits to both townhomes and single family homes. Townhomes are great for those who are very busy and might not be able to maintain the home on the outside. Single family homes are great because they normally appreciate better than townhomes and you have more privacy.

I'd be happy to send all the listings that fit your needs if you tell me a little more about what you are looking for. Being first time home buyer my best advice is to sit down with a realtor so they can explain the process from start to finish, fill you in on all the pitfalls of the market, and do a needs analysis. They can then refer you to a great loan officer who will help secure your best financing options.

If you would like to meet and chat about your options or would like more info on the homes available just send me a message. Best of luck,

Ryan
... more
0 votes 10 answers Share Flag
Thu Feb 7, 2013
Chloe Chung answered:
Seller's asking price is not the actual selling price until the lender approved the price that the seller asked. You have to know that the real seller of the short sale property is not the owner of the property but the lender of the first mortgage the seller has.Usually seller's asking price is lower than the market value of the property. Therefore check the market value of the property and the loan amount that the seller borrowed from the first mortgage.
If the asking price is lower than the market value and the loan amount of the first mortgage. Better not make an offer lower than the asking price. Better talk to an agent who knows about the short sale property before you decide the offer price.
... more
0 votes 15 answers Share Flag
Sun Dec 15, 2013
Alicia Garatoni answered:
Hi Phenom --

According to the National Association of Realtors (NAR), lender owned properties sell at a 20% discount and short sales (where the seller owes more than the current market value) at a 16% discount.

Does this help?

Alicia
... more
0 votes 16 answers Share Flag
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