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
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
Thanks for asking this question and being concerned for your previous agent's welfare. The answer is, no it's not wrong unless you signed a buyer's agency agreement with that first agent. The fact that the landlord killed the deal was tough on you and your agent. That the agent loses you as a client is tough, but you've given them a fair chance.
Buying more than you can reasonably afford can be dangerous. Working with someone local that hears what you are saying and more importantly respects that is great. If you haven't signed a buyer's agency agreement then go ahead and change agents. Before you go with the next agent you meet however, do some homework, get some referrals and work with someone you can put your trust into. This is a huge investment of you money and your life for several years. Choose the best agent you can to work with and you'll be better off for it.... more
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
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,
A professional Realtor will answer all your questions. Need to find a Realtor? Talk to friends for a referral. Interview two or three Realtors. Ask them how many deals like yours they have closed in the last year. Ask for references and check them. Call me if you have questions.... more
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
Maintenance costs are completely subjective depending on usage of the utilties. One person in a 2000 square foot townhouse can run a electric and heating bill for $200/month and the other can be at $350/month in the same home. I am currently in a comparable residence and live alone and pay around $150-$200 a month for heat, water, sewer, and natural gas.... more
Generally, you should list the lots independently, but in the remarks section of the listing mention the possibility of purchasing both. The city would have to approve of combining the lots if the buyer was planning on putting the new structure across property or setback lines. Additionally, there may be covenants or restrictions in the neighborhood that may prevent this as well. I represent a custom luxury home builder in the Metro and may have clients interested in a project like this depending upon where the lots are located and pricing. Give me a call if you'd like to discuss this in depth. Hope this gives you a good start...... more
I work with investors who are looking for the same house as you to remodel and sell at a profit. You are looking for the same home, although it sounds like you want to live in it. There are several programs available for buyers like you right now. One local city will contribute up to $50,000 toward your project. I can help you with property selection, finance, and have a number of reputable contractors I can introduce you to. It may be worthwhile to meet for coffee. Please call me anytime if you have more questions. Thank you.... more
Five to 10 years is the average time one typically owns a home before moving again. Typically, your selling expenses will be small enough that you can still show a profit. Many others believe that is a sufficient time to leverage these great interest rates and hopefully see a modest return on your investment. Especially in the under $250K range, it is more likely that home bracket will see better appreciation that the upper brackets.
If you put $20K down a $200K home, and in 5 years the home appreciates at 3% per year (by the way this last year the average was 7%) then in five years it'll be worth $230K. Subtract the original value and you've ROI of $30K on top of your investment of only $20K. Granted this is simplified not to include mortgage payments (which are substituting your rent) and any improvements. But where else can you turn $20K into $50K in only 5 years?
Hope this is helpful.
Counselor Realty, Inc.... more