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55446 : Real Estate Advice

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  • Home Buying9
  • Home Selling0
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Activity 482
Wed Oct 24, 2012
Mary Jo Quay answered:
Hi DI4546,

I'm guessing that you didn't have an agent representing you when you signed a purchase agreement?
The photos in the link are of what we commonly see for air exchange systems. When you signed the purchase agreement you were given a list of specs. That would be specific elements to be used in the construction of your new home including plumbing, heating, electrical, windows, etc.

The first thing you would want to do is check with an HVAC company for their professional opinion of the impact of using flexible as opposed to sheet metal. The web link shows examples of both good and bad installation.

It is not uncommon to have a home inspection after the home is built to insure that systems, siding, roofing were all properly installed. Your inspector would be aware of new industry standards, if they are installed properly, and advise you accordingly.
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0 votes 6 answers Share Flag
Mon Oct 8, 2012
House Hunters Team answered:
In my 15 years of experience, it is more than likely the lenders will make you pay them off but your best option is to speak with a qualified lender as guidelines change rather frequently.

I would be more than happy to help get you on the road to home ownership. Rates are LOW and the time is now.

Call me anytime!!

Earron Shields
Keller Williams Classic Realty NW
763.245.4600
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0 votes 9 answers Share Flag
Sat Jul 28, 2012
Chris Block answered:
Try contacting this guy Charles Daily. I have pasted his profile link below.

Thanks!
0 votes 10 answers Share Flag
Wed Jul 4, 2012
Mary Jo Quay answered:
There are several areas that are popular and rentals are in demand. The North Loop area, and most of the condo buildings along Washington Ave in Minneapolis are popular. You might also consider some of the developments around Lake Calhoun.

Besides the area, the building and association in which you buy would be important. Not all associations allow rentals, or only a certain percentage. When you buy a condo, the seller will give you a copy of the condo bylaws and financials for review. Your lender will also want to review the financials to be sure that the association has sufficient funds for emergencies in the future.

Additionally, some buildings have a history that would impact your decision to buy or not. it's important that you do due dilligence in researching not only the area, but the building and association.
Let me know if you need a little help.
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0 votes 1 answer Share Flag
Fri Jun 29, 2012
Mike Kelcher answered:
It's a fee charged by the brokerage on each transaction. Usually, it's charged to both buyers and sellers. Many brokers need this type of income to do business in the manner they do. For them, it's an income source. I've seen such fees as high as $495 and as low as zero. One way or another, the brokerage needs to make a profit....this is one way....there are others. Most likely, your broker has another way and it's $0. Rejoice! ... more
0 votes 2 answers Share Flag
Mon Sep 24, 2012
Mary Jo Quay answered:
Hi Eric,

Two years after a Chapter 7 discharge, you can apply for an FHA loan.
You'll need to rebuild your credit to a minimum of 640, but you'll want it higher to get better rates.
Make sure tht you carry less than 1/3 of your credit limit per card, per month and pay more than the minimum. Always be on time. Make sure the car payments are on time.

As you know, your credit is evaluated in parts, not as a lump. It's the late payments that causes a drop. I have a client who missed 2 $40 payments, and his credit tanked 60 points. Ouch. Most lenders are more credit savvy than they were 5 years ago.

You mentioned that you could do an 80% LTV, but you'll only need 3.5% with FHA, and have some flexibility with closing costs. You wouldn't want to clear out your reserves, and it always looks better to the bank if you have a little cushion. Rates are so low that you wouldn't be gaining much by using up your reserves, but you do want to stay within a comfort zone on your monthly payments. As you well know, you could qualify for more than you would be comfortable paying every month.
Let me know if you need a little help, or L/Os who understand and work with credit.
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Wed Jun 20, 2012
Mike Kelcher answered:
I recently completed a purchase transaction for a couple who lost their previous home about 3 years ago due to a foreclosure. They also had a bankruptcy about three years ago. They just purchased a nice home. They got a fixed 30 year mortgage with an interest rate under 3.75% with $0 down.

Generally, 3 years is what the lender I recommend most often, tells me. If I can help...my contact info is beneath the photo of that ugly guy in the suit.
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0 votes 7 answers Share Flag
Mon Jun 18, 2012
Jennifer Hennemuth answered:
You should speak to a loan officer specifically about this. 500 scores are low and most lenders generally won't approve mortgages with 500 range scoring; however, a lender/banker will best be able to answer that for you upon review of your full financial circumstances. ... more
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Mon Jun 18, 2012
Fred Glick answered:
It's all about the intent to owner occupy.

Just remember that mortgage fraud penalties are $1,000,000 fine and/or 30 year in the slammer.
0 votes 7 answers Share Flag
Fri Jun 8, 2012
Joel Friday answered:
Eden Prairie and Bloomington would have those types of homes. I search can be set up upon request or check out my web site.

HomebyFriday.com
0 votes 9 answers Share Flag
Tue Aug 14, 2012
Joe Houghton answered:
I think just about everyone you ask is going to tell you that your going to be much better off using an agent.
0 votes 26 answers Share Flag
Mon Jun 4, 2012
Ron Thomas answered:
Last Q first; the Buyer's Agent is paid by the Seller, the Commission goes to the LISTING AGENT's Broker, and he splits it 4 ways.

As a Buyer, you will be responsible for;
General Inspection; approx. $450
Pest Inspection; approx. $100
Roof Inspection; ??
Septic Inspection; ??
Well Inspection; ??
Those are the most common inspections, some may not be applicable, and they will vary around the Country.

I won't guess on your Closing Costs; too many variables: But, what you can do; with the help of your Buyer's Agent, choose a Title Company, go in and ask the Escrow Officer to do a hypothetical HUD1 with the selling price that you provide. You can see very good numbers that way.

Good luck and may God bless
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0 votes 6 answers Share Flag
Thu Apr 20, 2017
Vicky Chrisner answered:
Ironically, I just wrote a blog post that sort of address this issue - see the link below. But to answer your question - yes, it's normal. It's a best practice. It's in your favor, as well as in the favor of the agent. They have a standard agreement - review it and address any concerns but it's probably a regional agreement and widely used to balance interests of the buyer and broker. Good luck. ... more
0 votes 20 answers Share Flag
Sat May 26, 2012
Paulette Carroll answered:
Good Evening,

The market is improving - with home sales raising considerably last month. A contract for deed would allow you to most likely get more for your town home as the buyer would be willing to pay a bit more for your to finance the transaction and you will be able to avoid an appraisal on your property. Rentals are also an option to selling, but since you would be out of state you would most likely want a reputable company to manage the rental property.

To help you make your decision, I would definitely get a Comparative Market Analysis on your town home, then I would interview a few realtors to assist you in your decision making process. As one of the top realtors in the Twin Cities, and office out of Anoka County, I would love to help you out. Please contact me at 763.443.3733 or paulette@movingheartsandhomes.com.

KNOWLEDGE IS KEY!!!

I look forward to hearing from you soon!

Paulette Carroll
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Fri Sep 14, 2012
Chris Block answered:
Hey I just answered your other question posted on Trulia so check it out! I have worked with many buyers in Blaine with Town-Homes (all along 65 and especially Club West), Single Family Homes, as well as investment properties. I would love to help you in this transaction.

What I need you to do is contact me directly through Trulia. From there I would love to hear a little more about your specific goals/needs.

Re-sale value is a major piece to the puzzle and I can see is important to you. I will easily be able to answer that question (hopefully I answered most of it on the other question you posted), but I also want to make sure whatever you buy fits perfectly with your needs.

Hope to speak with you soon!

~Christopher Block
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0 votes 3 answers Share Flag
Wed May 23, 2012
Jolene Holcombe answered:
Yes, area can play an important role in resale value. End units are usually larger in size so they can tend to sell for a little bit more. Buyers like to see low association costs in an HOA. Some buyers are school district specific due to math/reading scoring, sports, etc. If a builder has a poor reputation that could hinder buyers or if a builder has a strong background and known for quality production that can help but all in all the market determines the value of ones property. ... more
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Mon May 14, 2012
Mark Claessens e-Pro NHSS answered:
Please don't be rude. We are here to help you and we don't charge for our time, OKay? I just responded to your last request on the other question.

Mark
0 votes 1 answer Share Flag
Mon May 14, 2012
yllommac asked:
Mon May 14, 2012
yllommac asked:
Thu May 17, 2012
Mark Claessens e-Pro NHSS answered:
Yllommac....there is actually specific question here. What is your question? There have been a ton of properties sold there in Camden and i NEED MORE TO GO ON.


Mark
0 votes 7 answers Share Flag
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