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Home Buying in Minneapolis : Real Estate Advice

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  • Local Info42
  • Home Buying268
  • Home Selling50
  • Market Conditions17

Activity 227
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
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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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
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Fri Sep 14, 2012
Christopher 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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Thu May 17, 2012
Stephanie Fox answered:
Sorry, but it's against the law for licensed real estate agents to comment about safety if you are referring to crime statistics. We can only comment on the physical aspects of the property. I'm sure all the other agents will tell you the same thing. However, you can check these statistics online or you can call the local police precinct. They can answer your questions. ... more
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Wed Jul 15, 2015
Deb Johnson answered:
As long as you are legally married, he will have 50% ownership in any property you purchase. The laws are very clear on this in the State of Minnesota. However, if you are on good terms and he would agree to Quit Claim the deed to you upon the finalization of the divorce, it could work. This is more of a legal question, so I would consult your divorce attorney before entering into any purchase agreement. However, if you have any additional real estate questions, please feel free to contact me direct. Deb J at 612.701.8771. Good luck. ... more
0 votes 11 answers Share Flag
Mon Apr 16, 2012
Erin Joynt answered:
Hi Jeff. Usually, when you are purchasing from a builder, you should be going in with your agent or mention that you are working with an agent right away. Most builders will not pay an agent if you did not bring them with you or let the builder know that you are working with an agent, especially if you sign an agreement before bringing a buyer's agent into the picture. I am answering from a Colorado perspective, so you might want to double check with a local buyer's agent just to be sure. ... more
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Fri Apr 13, 2012
Nina Harris answered:
When it involves a foreclosure normally it is sold as an "As Is". You can back out provided that you did not sign a contract and leave a down payment.
0 votes 11 answers Share Flag
Mon Jan 19, 2015
Tim Moore answered:
Get an estimate from a contractor to repair the problems and submit it to the sellers. Your options are to ask for price reductions or for them to make the repairs before you close.

You should be asking your Realtor. ... more
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Mon Apr 16, 2012
Angel Calzadilla answered:
When you look at buying a townhouse in a planned community, you first have to know what you're buying - how the house is deeded.
There are two types of ownership...
1. Fee-simple. This is the type of deed 98% of single homes have. The deed covers both the land and the structure.
Many townhouse communities have HOAs (Home owners Association), and membership in the HOA is specified as mandatory in the deed.
Fee-Simple HOA.

You are responsible for all repairs to the exterior of your house...because you own the outside of the structure.
The HOA usually owns common ground outside of homeowner boundaries, either open space or often things like a pool, tennis courts, playground. These facilities are run by the HOA, and your HOA monthly dues pay for expenses, wether you use those facilities or not.
Also, the HOA may or may not have blanket contracts for things like landscaping, trash collection and snow removal.
The HOA may also have architectural guidelines that specify what you can do outside of the house(yes, on your property) as to plantings, paint colors, additions, etc.

2. Condominium.

Your deed gives you ownership of the interior of your house...from the studs in. The Condo association owns the land and the outside of the house..roof, decks, patios and outside walls.

The condo association, which you automatically belong to, collects fees and negotiates contracts for all common areas and things like the pool, etc.

One of the big differences, as far as quality of life, is the fact that your front and back yards are common property in a Condo - and people can and will walk through your yards.

In my opinion there is nothing like a well maintained single family home and much more when one is a financially conservative individual or couple.
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Tue Mar 27, 2012
Steven Hong answered:
If maintenance is a concern, by all means go newer. I just ran a quick search and there are over a dozen homes in those areas that are 1990 or newer. I would be happy to email you the list with no obligations. Drop me a line if you are interested. ... more
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Tue Mar 27, 2012
Donald James answered:
Hi Tony,

Great questions. This is a conversation you should have with your financial planner as well as Realtor (maybe together). There is not a one-size-fits-all answer.

Mortgage money is cheap now so many buyers go with a lower down payment. Some of my buyers make a larger down payment so their monthly mortgage payment is comfortable for them. ... more
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Tue Mar 27, 2012
Kris Lindahl Team answered:
I would recommend you check the corrections website for crime statistics.
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Tue Mar 27, 2012
Christopher Block answered:
If you are not on the loan, thus it is not on your credit report, you shall not be effected if worst case the home were to go into foreclosure. So good news all around in that department.

Something to consider...Our foreclosure laws are meant to protect owner occupieds NOT non-ones. So, I would think it a smart decision to know your exit strategy before you buy another house. Whether you go with a Realtor who specializes in leases, or you just use a leasing company, I would think it smart to sit down and find out everything on your current home before buying something.

As for whether you should both be on the loan for this new house or not I am not a loan officer so I don't know. I am not sure if you are already working with a loan officer or a realtor, but if Not I would love to help you navigate this. It will be important to work with someone who knows our Foreclosure laws really well, and has the right contacts/team in place to fit your exact needs.

Just contact me directly through Trulia!

~Chris
... more
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Mon Mar 12, 2012
House Geeks answered:
Parts of Windom Park, Audubon Park and Waite Park should be good for decent appreciation. I also feel you will see an accelerated appreciation over other areas in Copper and Hale. I have put a link below to a neighborhood map with some great information.
http://www.mncompass.org/twincities/neighborhoods.php

Kirk Duckwall
The Duckwall Team of Realtors
Edina Realty
651-303-0019
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Thu Mar 8, 2012
Stephanie Fox answered:
You'll need someone who likes being a buyers agent, who like driving around with new buyers to look at homes and who's enthusiastic about helping buyers get into that perfect home. Many agents only work with buyers in tight economies when listing houses becomes difficult. These people may not want to spend the time or create a relationship that makes for a good buyers' agent.

A good buyers' agent also works with a team – mortgage lenders, home inspectors, title experts and others, so that you'll be working with people who your agent knows and trusts. Buying a house is stressful enough without having to find these people yourself. But, if you come in with your own team, a buyer's agent needs to be flexible enough to work with these people.

A buyers' agent should also know about things like first-time buyers' programs, down payment assistance programs, etc., where available.

You might also want to ask if the agent has any extra buyer training. I'm a Certified Buyers' Representative specializing in buyers, especially first-time buyers. I do have listings, but most of those I knew first as a buyer.

If you are a new buyer or know someone who is, contact me anytime.

Stephanie Fox
612-728-2204
spfox@cbburnet.com
... more
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Mon Mar 5, 2012
Jennifer Hennemuth answered:
The process and time frame of a short sale will vary for each property, but overall expect a minimum of 45 days for a response up to as long as 6 months or more in worse case scenarios. The risks involved include time spent waiting on a response only to have your offer ultimately declined. There is never a guarantee an offer will be approved as a short sale. Banks are becoming more efficient and willing to consider short sales than in the past, however, so the benefits of purchasing a short sale may outweigh the risk, but it is important to understand there are no guarantees. Additionally, with many short sales, the sellers are not in a financial position to make any property repairs if needed or pay for certain taxes, city required inspections, etc. So those are additional considerations as you may need to assume responsibility for such. Work with an experienced agent who can discuss these matters with you and explain the process as every short sale situation will have unique factors involved. Good luck! ... more
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Thu Mar 15, 2012
Danny Dietl answered:
Find a Realtor and Loan Officer you trust. I HIGHLY recommend you interview 2-3 Realtors and shop around on the financing. Basically, have the best representatives in your corner. Your Realtor and LO should be able to recommend a first time home buyer class where you can get up to speed on the process. An educated buyer is usually a happy buyer because you will feel confident throughout the process and know the home you are buying is the right one. ... more
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Thu Mar 15, 2012
Danny Dietl answered:
Everything is negotiable in real estate. If you're referring to negotiating for the seller to pay buyer closing costs they will be limited by % depending on their mortgage program. The term 'seller paid closing costs' is a bit misleading though because even if the seller 'pays' it the buyer is truly incurring the cost in the form of the sale price. I recently wrote a blog outlining this idea with a link in the web reference. ... more
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Tue Nov 26, 2013
Rachelle Benson answered:
Some surprise first time home buyers experience are the process of finding the "Perfect Home" and finding one you can afford that met your needs. Some buyers will fall in love with a house before they get their pre approval letter which is why it's important to get it so you know how much house you can really afford. Second, some of the "wants" vs the "needs" , it's easiest to make a list to determine is most necessary when looking for a home. It makes the looking process easier so you don't get burnt out or frustrated. Overall, getting pre- approved , looking at houses to finding the one. It's best to have a check list which you can ask your agent for. ... more
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