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Home Buying in Eagan : Real Estate Advice

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Activity 7
Fri Jan 24, 2014
answered:
Are you paying cash? Problem #1 most lenders can’t lend on a niche property like a berm home. There may be exceptions if there are enough comparable sales of similar properties in a 90 day to 6 month period located within walking distance of the subject.

Problem #2, what is your exit strategy? The reason for Problem #1 is the limited market, most people do not want to live underground.

Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
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Thu Oct 25, 2012
Tina Lam answered:
Don't get me started on bad appraisals, so let's not go there. I suspect the market conditions may have strengthened in the intervening period to drive the price up despite the condition.

For your first question, the asking price from Fannie Mae is just that. It's not a price set in stone. If the property doesn't sell, then Fannie Mae will eventually reduce the price in steps until it does. If you put in what you'd consider a fair market offer, they'll give you a counter or accept it.

Of course, this deal is only meaningful when you have the capacity to buy it. I hope it's still there when you can.
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Sun May 20, 2012
Cirelli Home Services answered:
There are currently 142 active single family homes in these areas on the market that have at least 5 bedrooms and 2 baths. Of the 142 properties, 20 of these home currently have contingent offers. ... more
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Tue Nov 15, 2011
Annette Levinson answered:
It is not only your income but also your monthly bills. You need to speak with a mortgage officer that can run your credit and go over numbers with you.
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Wed Nov 11, 2009
CCC answered:
Hi Marie,
FHA has no Score rule, but the unspoker Middle credit score is 620 for FHA. Remember that there are 3 credit scores.
Conventional Mortgage is higher because the Mortgage Insurance Companies do not approved them at lowers scores.

Benito.
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Wed Aug 27, 2008
Ben Goheen answered:
Hi Mary,
Looking at the current active listings at 2103 Silver Bell Road, at least 9 out of the 12 are bank owned. There is a lot of inventory in that building and the banks must know it - some are listed for 1/2 of what they sold for originally.

Let us know if we can help you out with your search.
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Fri Jan 24, 2014
Aaron Dickinson answered:
Townhomes and condos are often different, and each association has different rules as well. I've seen a couple condos that do not permit hardwood/pergo floors other than in kitchens because of the noise.

Generally you can replace anything cosmetic inside the home without permission/authorization from the association or neighbors so things like flooring, paint, lighting, appliances, cabinets, plumbing fixtures, etc.

In this market the house has to be an absolute deal to "flip" it by fixing it up and reselling it quickly... the average market time makes your carrying costs heavy. Rentals are not always permitted in developments and if they are, there may be a limit imposed, which often has already been reached.

So in summary, most condos and townhomes would have minimal obstacles for renovation/investment, but there's a lot of things that can come into play that vary greatly by development. Talk with some real estate agents and pick one that you feel comfortable with to help you in your efforts.
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