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Home Buying in Minneapolis : Real Estate Advice

  • All618
  • Local Info42
  • Home Buying271
  • Home Selling51
  • Market Conditions17

Activity 227
Tue Mar 27, 2012
Keith & Kinsey Schulz answered:
Ask about;

References from past clients. - This doesn't always mean much, because they won't show you bad comments, but it's good to know they have many happy clients.

Experience in your area - Ask them what they have sold or worked with buyers on, in the neighborhoods your are looking at.

Knowledge of your area - Do they know of some comps to what you are looking for? Do they know what is a good price and what is a bad price in the neighborhood you want?

Communication - Test them a little. Make sure they are reasonably responsive when you call or email. I normally try to reply within 4 hours to any call or email.

Problem Solving - Ask how they would handle any problems that came up during a transaction? You want an agent that is a problem solver, one that will work with inspectors and lenders to handle any complications.
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Tue Mar 27, 2012
Lenny Frolov answered:
Jessica, there are a few things that may be holding you back currently from being qualified but your best bet is to in touch a great loan officer. A loan officer can take a look at your exact picture and show you the steps necessary to get your credit good and other factors that may be holding you back. Sounds like you have a huge piece of the puzzle with your great job situation now its time to get the other things in line. Some negative credit items can be overlooked with good explanations. Without know more specific information about you this would be the best advice I could give. ... more
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Thu Dec 29, 2011
Colin Simpson answered:
A nice condo in Ft. Myers Florida?
If you don't like humidity try Scottsdale AZ.
Both areas have been hit hard by the bubble and prices are better than ever!
0 votes 4 answers Share Flag
Sun May 27, 2012
MaryAlice Beevore answered:
Boring beige.
All kidding aside, paint color tends to change slightly over time. If you have a smart phone you may download an application from any of the major paint companies that will allow you color match the walls. My favorite is Color Smart from Behr. ... more
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Thu Jul 18, 2013
Joel Friday answered:
Each day (after 10 days on the market) all bids are checked on the HUD site. Wouldn't serve any purpose to do this as the bids would have to be considered and either accepted or rejected. This would also violate the Realtor code of ethics, which states we are to be honest in all matters. The way the HUD system works, agents can see if other offers have been submitted, which can benefit you, the buyer. If you know there is another offer, you may choose to increase your bid on a home you want. ... more
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Mon Oct 24, 2016
Teri Eckholm answered:
Hi Dobie,

I have noticed this fall there were many more multiple offers on bank owned homes. Do your due diligence on the property and have your agent complete a market analysis to determine a good price for the home. Use that information as a basis for your bid.

Good Luck!
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Sat Nov 5, 2011
BG answered:
bankcrupcy: court schedule
F/PF: bank schedule

and buy Title insurance !
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Thu Nov 3, 2011
Annette Lawrence answered:
Yes, foreclosed homes can be toured.
It is best to contact a local San Jose real estate agent. Do not call the agent on the sign in the yard. In the overwhelming instances, the agents listing foreclosed homes have neither the time or inclination to respond to telephone calls. Get your own agent.

Bank owned, also commonly referred to as foreclosed homes, can be sold in many different ways. Some use the traditional real estate method and place the property on the MLS. Some will choose auction. Others may elect to use 'exclusive' resources of the organization selling the property. The bank or owner can choose whatever method they choose.

HOWEVER, the specific issue to which you refer is the nature of both Zillow and Trulia. There is lots of 'stuff' there that has no business being there, some stuff clearly incorrect, other stuff misleading and there is no one to hold responsible. If you want reliable data, you may need to ask for it. Your San Jose real estate agent will be able to connect you to the source of the REAL data you want.
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Wed Jul 20, 2016
Kerry Robertson answered:
Its possible. As long as you can find someone out there that is willing to purchase the home. Also, the lender will not approve a foreclosure bailout loan from a direct relative.

There is another option where you would be able to stay in the home, pay 40-60% less than your mortgage payment in the form of a lease buy back. You would be eligible to purchase the home back in 3 years at 90% of the appraised market value at that time.

The only qualification is that the first mortgage is at least 200k.

More details on my website below.
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Mon Oct 17, 2011
Michael Emery answered:
Typically the final signature on a bank owned purchase agreement is from the bank. They can change the purchase agreement until their final signature. There may also be language in the purchase agreement that allows them to arbitrarily change the terms of the agreement even after their signature but before closing.

When it comes to bank owned homes, the contracts strongly favor the bank over the home buyer.

And as an aside, personal property is never included in the purchase. If the appliances are on site on the day you take possession, then they are considered a bonus. Rarely will a bank sign the personal property addendum - which is where the appliances are supposed to be listed. Appliances should never be listed on the first page of the purchase agreement.
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Mon Jan 2, 2012
Howie Feinstein answered:
There's just one step you have to take - in my opinion - BE WARY of rent-to own schemes. There is a lot of bad history with rent-to-own. Look very carefully at the numbers. You are being offered a property for X dollars a month rent to own. Here are the questions you have to find out the answers to: 1. If this property was not rent to own, if it was just for rent, what would the rent be? 2. What would a comparable property (same location, size) rent for? 3. What would a comparable property (same location, size) sell for? 4. What is the price you are paying for this rent to own property? If these numbers look good to you, if you've talked to an independent local agent about it, and you've seen at least 6 properties for rent & 6 properties for sale (same location, size), then by all means - full speed ahead. ... more
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Thu Sep 29, 2016
Lenny Frolov answered:
Prices dont neccessarily go down in the winter but typically there are less buyers which makes for better negotiating. On the other hand inventory is also down so there is a smaller selection than in the summer. In my opinion is half a dozen one way and six the other. You can never control the future so if you are intersted in buying I would start looking soon, if interest rates go up even half a point what you gained by possibly waiting for winter would have been lost and then some. Good luck. ... more
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Mon Jan 2, 2012
Team Jernell answered:
If grading issues are not addressed could become a problem. It depends on your comfort in addressing these issues and then moving forward. If this seems like to much to take on, I would advise to keep looking. ... more
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Tue Aug 30, 2011
Team Jernell answered:
Tough to say! Need more info. But the old saying goes location location location.
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Thu Aug 4, 2011
Thaddeus Smith answered:
I believe its possible to do a 203k or rehab loan with as little as 3.5% down as long as it will be your primary residence. You will need to have a signed lease and you can use up to 70% of the income from the rental to qualify for your new mortgage. If you want you can call me in the morning or email me with your contact info and I would be happy to discuss how that type of loan works. Thanks Thaddeus
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Thu Jul 9, 2015
Don Tepper answered:
Right now. Maybe last month.

Let's work backwards. Your lease is up February 29. That means you'd want to move into your home by February 29. Most closings take 45-60 days. Let's say 60 days, then build in 30 days as a cushion. (Things can go wrong.) That means you should have a ratified contract in hand November 29. (Recognize, too, that you're going to be running into Thanksgiving, Christmas, New Year's, and Martin Luther King's birthday--all holidays that are going to slow the process down.

So we're back to November 29. Allow at least 30 days to look at homes, make offers, and go through the negotiation process. (That may seem like a lot, but that's only 4 weekends.) Now we're back to October 29.

You'll need to get preapproved. That shouldn't take long so if your credit is OK. Let's say October 15.

Now let's consider your finances. Your credit may be fine. It may not be. You need to allow enough time to fix any (minor) problems on your credit. Big problems could take years. But let's say it's just a few items of inaccurate information. And maybe you've got high balances on a credit card or two that you should pay off. Allow 90 days or more to find out the problems, make the fixes, and allow time for those fixes to ripple through to the various credit bureaus. To allow those 90 days, we're back to July 15.

Looks like you really ought to begin this week.

Hope that helps.
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Wed Jun 15, 2011
Linda Burns asked:
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Thu Apr 18, 2013
Steele V. Propp answered:
You should be fine. The seller is just making sure the disapproval is legit. The money should be released shortly.

You can make an offer on another house. Just make it contingent on getting the cancellation signed.

Steele V. Propp
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