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Home Buying in Mankato : Real Estate Advice

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  • Home Buying10
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Activity 12
Wed Apr 17, 2013
Chad Kenning answered:
I have sold bank owned homes for several banks for about six years now. It is common to have a home that is owned by the bank and to have people living there. The process that I would do most of the time is that the bank would offer the people living there something that is called "Cash for Keys". This is where the bank gives the person living there money to leave and not trash the place. Most people take this or they just leave because they know they will get thrown out anyways. Most of the time people will move on when they know the bank is actually doing something now.

I would start by keeping an eye on the property and paying attention to anything that is posted on the property. Usually once an agent is assigned to the property they will post their information.

They key is to gather as much information about the property as you can and keep an eye on it. If you have any further questions please do not hesitate to call me or email me. I hope this made sense.
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Mon Apr 8, 2013
Donald James answered:
Hi Ann,
We see very few contingent offers on regular PA's these days so I am assuming you are asking about a bank-owned property. I tell my clients to be ready to wait 90 to 120 days for an answer on these, and even then it may not be the answer we want to hear. Your Realtor should prep you on all possibilities. ... more
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Thu Jan 17, 2013
Elizabeth Fuller answered:
Monolithic dome homes are style and brand made of specific building materials. They can be built anywhere the building codes of the area or municipality allow. I have sold and financed many dome homes and the key is to be sure the particular style and materials will be put together according to building codes, structural requirements and safety rules to make them approvable in the area, Begin by pulling together the plans and specs offered. Work with your real estate agent to make sure you can meet building and financing requirements and find a suitable lot, again taking into consideration the lot size needed, community set-back requirements, etc. If you like, I will be glad to tell you communities where I know dome homes of several different types and materials have been approved, and the company that provides the monolith structures will identify these as well. Good luck!! Liz, 612-986-4105 ... more
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Thu Jun 6, 2013
Debra (Debbie) Rose answered:
I think it would benefit you to sit down with a mortgage rep and have a discussion - they will fill you in on the process and qualifications needed to obtain your own mortgage - they will also let you know what a co-signer would need to show in order for them to qualify............ ... more
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Tue Apr 16, 2013
Tina Lam answered:
You should definitely work with a mortgage loan officer first and/or check with your banker on available savings. Once you know what you can afford, then it makes sense to speak with a Realtor. ... more
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Wed Jul 1, 2015
Tim Moore answered:
There must be starving lawyers out there you can find. Keep looking.
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Wed Jul 12, 2017
Jennifer Kirby answered:
Your best bet is to speak with a lawyer and go from there. Who knows, maybe the basement never leaked while the owners lived there. The Seller's Disclosure only discloses what the then current owners experienced, not what previous owner's experienced, so I don't know how the disclosure from two onwers ago would help you. As for getting out of the sale that is already closed, that is a question best suited for a lawyer. Good luck!

Jennifer Kirby- Broker
Kirby Fine Homes
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Sat Jun 21, 2014
Melina Piroso answered:
Sat Nov 3, 2012
Walt Anderson answered:
This is a mobile home located in Camelot Mobile Home Park. It is not on the Realtor's Multi Listing System.
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Tue Mar 16, 2010
Steve Hoem answered:
Lease purchase and contract-for-deed are not as common as other traditional purchasing options but a Minnesota Realtor is licensed and able to help you with these purchasing options.
As an aside, since you are relocating, you may want to talk with a corporate relocation certified agent.
Steve
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Mon Apr 20, 2009
Lori Jeltema answered:
She sounds confused. Are you sure they are not asking her to sign a disclosure form stating that she understands that she is not represented? The agent, if it is the sellers agent does not have to, nor should she tell anyone what the mortgage balance is. The whole scene sounds like she doesn't understand what is going on. If she 'agent's up' (tells the other agent that she wants her personal buyers agent to prepare the offer) then it's pretty clear. One problem that could arise is that your mil drove around and initiated some sort of pre-negotiating without her agent. Have her call her agent asap and let her handle it from there. If the listing agent is working soley for the seller, they are not going to divulge anything that they are not required to devulge that may hurt their client, especially if it helps your mil. Her agent will understand better what is going on and what disclosures need to be made. Heaven forbid your mil makes an offer and unintentionally does not put in her current home sale contingency, etc. Time to call a time out and make sure she slows down and understands what is going on. Her agent can call the other agent and get a picture of everything in a very short time. Good luck. ... more
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Mon Aug 13, 2012
Cameron Piper answered:
Julie,

It might be worth renting for a bit of time in Mankato just to get to know the area. You might also want to use that time to save up more of a downpayment. While there are programs out there that will qualify you with minimal down they really aren't for people in your situation. Good Luck on your move and do let us know if you have any additional questions as the time draws nearer.

Cameron Piper
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