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Brooklyn Park : Real Estate Advice

  • All69
  • Local Info5
  • Home Buying25
  • Home Selling2
  • Market Conditions1

Activity 26
Mon Apr 8, 2013
Christopher Block answered:
Don't look at Twin Homes, which are just 1 side of a duplex. It sounds like you are searching for side x side duplexes. As long as you set up the search correctly those are the only ones you will receive.

I guess the other way to look at it is with a duplex you have 2 units. The property description looks completely different than a twin home.

If you need or want help there is never a stupid question in the eyes of a Realtor. Real estate is our full-time job and a buyer's agent is an amazing resource for buyers. The seller pays our commission so it is a great deal for buyers.

And I love Brooklyn Park

Chris Block
Realtor North/NE Suburbs
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Sat Feb 16, 2013
Kal Mansour answered:
I would love to help, please give me a call to address your needs.

Kal Mansour, e-PRO®
Real Estate Corners, Inc.
(612) 483-1230 Direct
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0 votes 10 answers Share Flag
Mon Jan 28, 2013
Heidi Haaland answered:
Hi! This home looks like an offer was accepted, but it has not closed yet. It is expected to close on Feb. 8th, 2013. There are others out there! If you would like to see any of them or have my send you some of them, I am more than happy to do so, just let me know! Just an FYI, this was listed as having toxic mold and they were only accepting cash offers. ... more
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Sun Jul 8, 2012
Jill Brindamour answered:
Yes, there are. I just pulled up a search and it came up with 84 properties. When you say new, are you referring to new construction? The best thing you can do is to find a good Realtor. Most Realtors do not charge their buyers, so its free to you. Another reason is because most of the information on the internet is outdated when it comes to homes for sale. A Realtor is the only one that has direct access to the MLS. It will cut your home searching time in half. If you would like that list of homes I pulled up, please email me at I am a licensed Realtor. ... more
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Thu Jun 14, 2012
Joe Houghton answered:
Fri Jun 7, 2013
Anna M Brocco answered:
When it comes to any safety/crime related issues, it's always best to contact the local police department with all your questions, hear all there is to hear firsthand. If unfamiliar with the area(s) do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase/rent, or not, in specific neighborhoods.
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Fri Apr 27, 2012
Anna M Brocco answered:
When it comes to any safety/crime related issues, it's always best to contact the local police department with all your questions, hear all there is to hear firsthand. If unfamiliar with the area(s) do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase/rent, or not, in specific neighborhoods.
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Fri Mar 2, 2012
Tim Moore answered:
County records will have it there at the courthouse. Some have it available sooner than others. Normally the bank gets it back, but not always.
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Wed Nov 16, 2011
Elizabeth Fuller answered:
Do you mean rent to you, or do you mean rent your home until the new buyeer is ready? If it is the former, that is more difficult; if the latter, a good source is builders who are completing projects for those who have already sold their homes and beed interim place to live. E 612-986-4105 ... more
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Thu Sep 22, 2011
Charles Dailey answered:
If the property you're buying is a bank owned property it would be common. If it's not a bank owned property, then there should be extensive commentary in the appraisal as to why the comparable properties chosen were the best choices at the exclusion of non-distressed, person to person transactions. If that narrative is absent, that's an issue. ... more
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Fri Apr 23, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
The FHA appraisal is good for 6 months so if someone goes FHA the appraisal is what would be used. When you say the FHA appraisal is so low, does your agent agree it was low? Were the comparable sales in your area or other areas? Were there sales in the last 3 months on the appraisal?

If a conventional buyer has 20% down you might be able to get the sale through but not knowing more details I am wondering if the fha appraisal is low or if that value is the current value of your home right now. Maybe in six months it will change. Your agent needs to explain to you the market and if the appraisal is low or if that value is the current market.

Good Luck

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
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0 votes 6 answers Share Flag
Mon Dec 21, 2009
Don Edam answered:
Hi Kelsey,

You don't specify which property you are talking about. Let us know and we'll be able to help out.
0 votes 3 answers Share Flag
Mon Jan 28, 2013
Tony Grech answered:
Hi Flower
Sorry to hear about your circumstances but a lot of people are in the same boat as you.

Just be prepared for your credit to take a big hit. It's going to stay on there for 7-10 years and you probably wont be able to buy another home for at least 3-5 years. This could also impact your ability to obtain other credit or could affect the rates on your current credit/loans.

As far as fines go, nothing to worry about there, however your lender may be able to issue a 1099 form to you and you may be liable to pay income taxes on the losses they incur.

It's not good, but sometimes it's the best solution. Best of luck
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0 votes 11 answers Share Flag
Thu Aug 13, 2009
Aaron Dickinson answered:
It would be important to verify if they are foreclosures still in the redemption period or after. If they are still in redemption you would need to try to do a short sale with the seller. If it is after redemption then the bank can sell it directly.

I just recently did one of these with TCF - we watched for this particular house to complete redemption and tracked down the asset manager and was able to gain access for a showing and write up an offer... all before it was listed (and in fact it didn't get listed because we signed a PA).

When I discussed my buyer's interest I included an agreement for me to get compensated and they had no problem agreeing to it.

This process is often not fruitful but it is worth trying if you really want the neighborhood... just don't expect miracles - I was very surprised I got my deal together.
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Thu Aug 13, 2009
Michael Schaab jr answered:
Everything is negotiable, but you need to decide if you are willing to be outbid. There are multiple offers on many of the foreclosed homes in that area. In these situations you need to make a strong offer, or risk losing the house. Talk to your agent, and let them show you what the similiar properties have sold for. So you can make an offer that will get accepted. Good luck

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0 votes 1 answer Share Flag
Mon Jun 29, 2009
Michael Emery answered:
Have you closed on the property? Have you been living in the property? There's not enough information to answer your question.

However the IRS has recently ruled that contract for deed home purchases may not qualify for the First Time Home Buyers Credit because technically you don't own the property until the last payment is made. Which means your contract for deed would have to be paid off prior to December 01 2009.

To be absolutely sure you would need to contact a tax professional or the IRS because even the IRS is unsure of the answer because state laws may affect the final decision.
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0 votes 6 answers Share Flag
Tue May 19, 2009
Patrick Howard answered:
Hi Janet, I didn't see a specific address for the house you're referring to so it will be hard to give you a specific answer to your question. Generally speaking, however, sellers are anxious to sell their homes and banks are anxious get homes out of their inventory and off their books, so I would say there are always options. I would have your real estate agent contact the agent that is listing the house (or previous agent if it's not currently listed) to get more information and find out what your options are.
I hope this helps. Patrick
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Sun Mar 15, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
Given your situation, where your indicating that you will never be able to make the payments in the future and the bank will not adjust the amount due, I would review your options and movem forward.

Do you want to keep the house?
If you want to keep the house, who is the investor and will the new government plan cover the loan you have with your bank?

Did you loose a job or did your income just get reduced?

If you are not covered by government modification plan, can you rent out part of the house to make the balance of the mortgage payment?

You information does not indicate how many payments you are down. If you do not have any 60 days pass due accounts according to fnma underwriting guidelines, when I last looked, you complete a sale of your property even if it was a short sale and be able to purchase another home that you can afford.

If you are behind more than 60 days in payment, a short sale or a foreclosure will hit your credit the same, but with a short sale you could purchase in another 2 years and with a foreclosure it would take you 5 years.

Given the information you supplied this will give you the options that are available. If the lender would have to approve a short sale (if you owe more than the property is worth) and the bank will require tax records,w2, bank statements, and a hardship letter before they will approve a short sale.

If you can not make the payments a bankruptcy is not an option for a chapter 13 and their is nothing in your question indicating you have credit card debt so a chapter 7 does not should worth while either. Of course if you are considering bankruptcy you should discuss it with an attorney.

I would not make partial payments if you will never be able to make full mortgage payments because you will never get that benefits of that money and it will not stop a foreclosure. I would review your goals with regards to this house and take the appropriate action and have the discussions with legal advisors and other experts in you area and then move forward and not waist any time.

Good luck!
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Sun Mar 15, 2009
Todd Davis answered:
Sometimes it takes being a month or two of being late to get attention from your bank.

I'd recommend you call again, and ask for a supervisor at your mortgage company. Explain what you're going through and ask if there is something you can do for a "modification" or to refinance for a lower rate.

With more specifics perhaps we can help a little better.

Todd Davis
Alliance Team Realty
Tulsa, OK

Want more business for your Real Estate or Lending business?

Check out
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Sun Mar 1, 2009
Aaron Dickinson answered:
I cannot comment on the schools as I don't know them personally but I can comment on the area in general and resale value. This area has great access to shopping, parks and freeways and is an easy commute downtown so I think it is very appealing from that standpoint. The house prices have deflated heavily with all the foreclosures in recent years and as such, many of the newer homes up there are selling for well under the cost to build them, which makes for a good buy. In comparison, Maple Grove has not seen prices come down nearly as much in the last few years.

If you are comparing to Maple Grove, expect to pay $50k+ more for comparable. When I know someone who goues up and sees the new construction in Brooklyn Park for the first time they come back very pleasantly surprised. Resale will be tough for the next couple years until the foreclosures all clear out of the system but once that happens you're likely to own a home that has more value than what you paid.
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