Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

55444 : Real Estate Advice

  • All1
  • Local Info0
  • Home Buying1
  • Home Selling0
  • Market Conditions0

Activity 482
Tue Mar 27, 2012
Chris Block answered:
If you are not on the loan, thus it is not on your credit report, you shall not be effected if worst case the home were to go into foreclosure. So good news all around in that department.

Something to consider...Our foreclosure laws are meant to protect owner occupieds NOT non-ones. So, I would think it a smart decision to know your exit strategy before you buy another house. Whether you go with a Realtor who specializes in leases, or you just use a leasing company, I would think it smart to sit down and find out everything on your current home before buying something.

As for whether you should both be on the loan for this new house or not I am not a loan officer so I don't know. I am not sure if you are already working with a loan officer or a realtor, but if Not I would love to help you navigate this. It will be important to work with someone who knows our Foreclosure laws really well, and has the right contacts/team in place to fit your exact needs.

Just contact me directly through Trulia!

~Chris
... more
0 votes 7 answers Share Flag
Thu Nov 28, 2013
Christopher Pagli answered:
I heard yesterday and thinks it's about time!

Chris
0 votes 14 answers Share Flag
Mon Mar 12, 2012
Joel Friday answered:
I think the credit called for you to live in the home for 3 years minimum. Once that occurs, then you can do want you want with the home without penalty. Double check with your accountant to make sure as I am not an accountant, just going off what I heard. Give me a call if you have any questions regarding buying your next home or renting your current one. ... more
0 votes 6 answers Share Flag
Mon Mar 12, 2012
Kirk Duckwall answered:
Parts of Windom Park, Audubon Park and Waite Park should be good for decent appreciation. I also feel you will see an accelerated appreciation over other areas in Copper and Hale. I have put a link below to a neighborhood map with some great information.
http://www.mncompass.org/twincities/neighborhoods.php

Kirk Duckwall
The Duckwall Team of Realtors
Edina Realty
651-303-0019
... more
0 votes 6 answers Share Flag
Thu Mar 8, 2012
Stephanie Fox answered:
You'll need someone who likes being a buyers agent, who like driving around with new buyers to look at homes and who's enthusiastic about helping buyers get into that perfect home. Many agents only work with buyers in tight economies when listing houses becomes difficult. These people may not want to spend the time or create a relationship that makes for a good buyers' agent.

A good buyers' agent also works with a team – mortgage lenders, home inspectors, title experts and others, so that you'll be working with people who your agent knows and trusts. Buying a house is stressful enough without having to find these people yourself. But, if you come in with your own team, a buyer's agent needs to be flexible enough to work with these people.

A buyers' agent should also know about things like first-time buyers' programs, down payment assistance programs, etc., where available.

You might also want to ask if the agent has any extra buyer training. I'm a Certified Buyers' Representative specializing in buyers, especially first-time buyers. I do have listings, but most of those I knew first as a buyer.

If you are a new buyer or know someone who is, contact me anytime.

Stephanie Fox
612-728-2204
spfox@cbburnet.com
... more
0 votes 2 answers Share Flag
Sun Mar 11, 2012
Mike Kelcher answered:
1. Be sure you want to live at the property in question.
2. Read and understand the lease before signing.
3. Document the condition of the rental unit noting any flaws in the condition of anything, and any repairs needed with photos and in writing, before moving in.
4. Get a Realtor to help you and answer your questions, in person, so you don't have to rely on strangers on a website to get answers. I know someone who can help with that...contact me for details.
... more
0 votes 2 answers Share Flag
Mon Mar 5, 2012
Jennifer Hennemuth answered:
The process and time frame of a short sale will vary for each property, but overall expect a minimum of 45 days for a response up to as long as 6 months or more in worse case scenarios. The risks involved include time spent waiting on a response only to have your offer ultimately declined. There is never a guarantee an offer will be approved as a short sale. Banks are becoming more efficient and willing to consider short sales than in the past, however, so the benefits of purchasing a short sale may outweigh the risk, but it is important to understand there are no guarantees. Additionally, with many short sales, the sellers are not in a financial position to make any property repairs if needed or pay for certain taxes, city required inspections, etc. So those are additional considerations as you may need to assume responsibility for such. Work with an experienced agent who can discuss these matters with you and explain the process as every short sale situation will have unique factors involved. Good luck! ... more
0 votes 5 answers Share Flag
Thu Mar 15, 2012
Danny Dietl answered:
Find a Realtor and Loan Officer you trust. I HIGHLY recommend you interview 2-3 Realtors and shop around on the financing. Basically, have the best representatives in your corner. Your Realtor and LO should be able to recommend a first time home buyer class where you can get up to speed on the process. An educated buyer is usually a happy buyer because you will feel confident throughout the process and know the home you are buying is the right one. ... more
0 votes 8 answers Share Flag
Thu Mar 15, 2012
Danny Dietl answered:
Everything is negotiable in real estate. If you're referring to negotiating for the seller to pay buyer closing costs they will be limited by % depending on their mortgage program. The term 'seller paid closing costs' is a bit misleading though because even if the seller 'pays' it the buyer is truly incurring the cost in the form of the sale price. I recently wrote a blog outlining this idea with a link in the web reference. ... more
0 votes 4 answers Share Flag
Thu Mar 15, 2012
Joe Houghton answered:
Aside from the usual, paint, flooring, landscaping, fixing up everything that needs fixing, cleaning everything very thoroughly it really depends on the home, the price point and the location. If it is possible to open up the floor plan I would recommend looking into that and also looking into adding more natural light. ... more
0 votes 5 answers Share Flag
Tue Nov 26, 2013
Rachelle Benson answered:
Some surprise first time home buyers experience are the process of finding the "Perfect Home" and finding one you can afford that met your needs. Some buyers will fall in love with a house before they get their pre approval letter which is why it's important to get it so you know how much house you can really afford. Second, some of the "wants" vs the "needs" , it's easiest to make a list to determine is most necessary when looking for a home. It makes the looking process easier so you don't get burnt out or frustrated. Overall, getting pre- approved , looking at houses to finding the one. It's best to have a check list which you can ask your agent for. ... more
0 votes 7 answers Share Flag
Mon Mar 12, 2012
Patrick Howard answered:
Ashley,

The best time to list your house to move in June is right now. I also wouldn't recommend trying to sell on your own. It sounds easy to do but it isn't, even for the professionals. Let me know if you have any other questions. ... more
0 votes 14 answers Share Flag
Tue Jul 28, 2015
Elizabeth Fuller answered:
Minneapolis has a fairly tight rental market, with many people loooking for rentals. You should find a realtor who can help you use the MLS rentals and also find other sources for you. Your realtor will save you time and help you find the right rental. Credit is important; ability to pay and the prospects for your job lasting are all factors that may be assessed. Finding a rental where pets are allowed, the number of pets (2) and other needs will make a difference, but your realtor will present you and negotiate for you, find people who will be willing to work with you on making their rental and your needs work for both owner and renter. Liz, 612-986-4105 ... more
0 votes 9 answers Share Flag
Tue Mar 27, 2012
Keith & Kinsey Schulz answered:
Ask about;

References from past clients. - This doesn't always mean much, because they won't show you bad comments, but it's good to know they have many happy clients.

Experience in your area - Ask them what they have sold or worked with buyers on, in the neighborhoods your are looking at.

Knowledge of your area - Do they know of some comps to what you are looking for? Do they know what is a good price and what is a bad price in the neighborhood you want?

Communication - Test them a little. Make sure they are reasonably responsive when you call or email. I normally try to reply within 4 hours to any call or email.

Problem Solving - Ask how they would handle any problems that came up during a transaction? You want an agent that is a problem solver, one that will work with inspectors and lenders to handle any complications.
... more
0 votes 5 answers Share Flag
Tue Mar 27, 2012
Lenny Frolov answered:
Jessica, there are a few things that may be holding you back currently from being qualified but your best bet is to in touch a great loan officer. A loan officer can take a look at your exact picture and show you the steps necessary to get your credit good and other factors that may be holding you back. Sounds like you have a huge piece of the puzzle with your great job situation now its time to get the other things in line. Some negative credit items can be overlooked with good explanations. Without know more specific information about you this would be the best advice I could give. ... more
0 votes 23 answers Share Flag
Thu Jun 25, 2015
Jennifer Hennemuth answered:
I'm not exactly sure what you are asking, but the property listings will indicate at the top the sq footage, foundation size and then the finished sq footage below ground or basement. Under room count it will specify what rooms are in the basement, if any. ... more
0 votes 7 answers Share Flag
Fri Jun 22, 2012
Joe Houghton answered:
Contact an agent such as myself who understands all of the inter workings of "distressed" properties (REO's Bank owned, Foreclosures and short sales) I list bank owned properties as well as short sales and represent buyers and investors on the purchase of short sale and foreclosure properties regularly. I cannot stress how important this is for buyers. It is also very important that the agent you work with knows how to properly value properties and knows how to analyze the condition and quality of homes both new and old. ... more
0 votes 2 answers Share Flag
Wed Apr 4, 2012
Angela Niece answered:
There is nothing that says you can not get a loan or buy a home after a foreclosure. You just can't buy one from a lender that sells their loans to Fannie and Freddie. I would try smaller banks. I am sure if you call 3-4 of them and tell them you want to put down 75%, one of them will lend to you.

Joe Niece
... more
0 votes 10 answers Share Flag
Tue Jan 10, 2012
Ron Thomas answered:
You are between the Rock and a Hard Place:
They have changed the locks, but insist that you still own it.
You have to have insurance on it, but you don't have access.
You are not paying anything for it, but don't occupy it.
You are responsable for it, but....

By moving out, you might have lost the opportunity to get the Cash for Keys.
Your Credit is already ruined, the next few months aren't going to make much difference,
other than the clock has not started on your waiting period for another loan.
If you know how to contact the Bank, or their Kisting Agent; you should share these points.

Good luck and may God bless
... more
0 votes 9 answers Share Flag
... 5 6 7 8 9 ...
Search Advice
Search

Followers

289