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Home Buying in Minneapolis : Real Estate Advice

  • All610
  • Local Info42
  • Home Buying268
  • Home Selling50
  • Market Conditions17

Activity 227
Mon May 16, 2011
Sharon Bombardier asked:
0 votes 0 Answers Share Flag
Tue May 3, 2011
BJ LaVelle answered:
the state requires the association to provide you with the condo docs and resale disclosure. you then have 10 days to review them. i'd be aware of the budget, reserves and rules and regulations and what the association is saying in regards to why they are not furnishing them.

have your agent contact the association for you and get to the bottom of it right away.
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Wed May 4, 2011
Kim Nwachukwu answered:
Contract law is contract law - doesn't matter what state it is in. You have a contract with the seller - he can't change that, but he can take the back up. Your biggest problem is the short sale issue - seller's lender has to approve the sale, the lender will know about both contracts. The lender could approve yours, theirs or neither. Unfortunately for you, if the other offer is "better" than yours, and the lender is ready to get the show on the road, they'll approve the other offer. "Better" doesn't just refer to price - it refers to terms, financing, timing AND pricing. Sometimes the higher priced offer isn't necessarily the "better" offer. Good luck with it - short sales are complicated and most times, not for the faint of heart buyer. ... more
0 votes 10 answers Share Flag
Tue Feb 24, 2015
Phil Rotondo answered:
Permits that have not been closed, or have expired with having passed all the required inspections, are considered Open Permits. The building departments view this as work in progress that has not been completed and has not had a final inspection. Open permits that are not renewed, canceled or closed-out are subject to fines, and if still not resolved, liens on the owner's property.

It is the responsibility of the property owner to make sure all permits that are acquired by contractors are closed-out at the end of the job.. In addition to paying the fine, the property owner will be responsible for paying additional permit fees and possibly hiring and paying another contractor to renew the expired permit, if the original contractor is no longer in business.

Buyer beware! Before you purchase a property, make sure there are no open permits on the property. You as the new owner will be held responsible for any open permits that were issued to the previous owner's contractors.
Since this property is a short sale you will also need clarification as to who is responsible for any open permits.
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0 votes 7 answers Share Flag
Mon Apr 11, 2011
Aaron Dickinson answered:
It all depends on what your contract with your agent says - it is best to review that with your agent. If your agent is claiming a commission is due and you do not believe it is, contact his/her broker. ... more
0 votes 11 answers Share Flag
Sat Mar 5, 2011
Steele V. Propp answered:
Would be happy to answer your basic questions. I am a long time bank owned property specialist with 18+ years of working with distressed properties. Contact me direct.

Steele V. Propp
REO Specialist
Minneapolis, Mn
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0 votes 14 answers Share Flag
Mon Mar 7, 2011
Sally Grenier answered:
You should sit down face to face with a lender or mortgage broker who will be able to check your credit score, and other financial information. He/she will be able to tell you what you qualify for, or if you need to do anything in order to get pre-qualified (i.e if you need to improve your credit score, save more for downpayment, reduce debts, etc.). ... more
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Mon Feb 14, 2011
Michael Emery answered:
Property has been on market 28 days. They JUST accepted an offer on 2/14/2011 so any offers that are written would be a back up offer. (info from MLS)
0 votes 1 answer Share Flag
Wed Jun 13, 2012
Patrick Howard answered:
What kind of loan are you approved for? If it's FHA, any homes you find under $75,000 will most likely not be eligible for an FHA loan. You would need to do a 203k renovation loan. If you're not currently working with a Realtor, you should be so they can help you find what you're looking for and avoid financing obstacles. ... more
0 votes 15 answers Share Flag
Wed Feb 9, 2011
Suzanne MacDowell answered:
Hi Mark,

Not everyone wants to be a home owner, I don't get it, but there it is. A lot of renters CAN"T qualify for a mortgage, a lot of them are displaced homeowners these days and I am making a pretty good supplemental income convincing landlords they will make good tenants in spite of their recent financial difficulties. A lot don't know they can qualify for a mortgage due to the tremendous (and false) media hype these days. And a good many of them don't want the responsibility of homeownership.

While renters are still a good source of leads for first time home buyers, they are not as good a source as they once were owing to the fact that there are so many of them who truly can't qualify, those who don't want to buy because their stay in a particular area is transient, and the ones who don't want the responsiblity and are now mroe afraid than ever to purchase a home. I think smart realtors will add rental business to their mix for the foreseeable future until the fear factor can be quelled.

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Wed Mar 30, 2011
Brian Amiot answered:
I have a listing in St Paul that needs some work, but would be perfect for the right investor. See the attached link for more info.
0 votes 8 answers Share Flag
Fri Jan 21, 2011
Joel Friday answered:
I am certainly seeing that newer neighborhoods have lots of walking trails. This I believe is better than sidewalks as the trails tend to go near ponds, woods and other features and take you away from the car traffic. That is especially important if you have younger kids. Cities are also making these trails connect to regional trails as well making safer walk and bike rides. In Coon Rapids for example. I can ride my bike several miles to Blaine High School and never cross a street or the railroad tracks as they have built a few tunnels too. ... more
0 votes 3 answers Share Flag
Fri Mar 22, 2013
Alex Goldfarb answered:
Hi Leah,
It is for sure doable and of course much has to do with the details. Often a lender will take 75% of the income ( rent) from the property being purchased and add that to your income to help you qualify. The rate difference depends on your debt to income ratios and overall scenario though .75% to 1.5% is a ball park.
Just know that some lenders require 25% down for investment properties, not always just 20%.
The best thing to do is to talk to a loan officer asap. Within 24 hours you should know whether your plan is doable with your specific situation. Good luck to you and feel free to contact me with any more ?'s :)

Alex Goldfarb/Boardwalk Realty
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0 votes 17 answers Share Flag
Thu Jan 13, 2011
Stephanie Fox answered:
I'm not sure what you mean by 'feel the most comfortable.' As you know, there are some beautiful condos in downtown Minneapolis. I could better answer your question if I knew what clients wanted in a loft and how much they were interested in paying for it, including condo fees. Do you have any particular concerns or is this just a general question? ... more
0 votes 4 answers Share Flag
Mon Oct 8, 2012
Don't be afraid to make an offer. All they can do is say no. The fact that you are a cash buyer puts you at an advantage. If they are set on the price they will counter and you may be surprised.

You never really know the circumstances of a Seller so don't assume you do... Go for it.

Jan Hall
Onsted MI.
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0 votes 5 answers Share Flag
Sun Dec 12, 2010
Tim Moore answered:
It's slow this time of year so don't expect too much. Mailings do little good if you just do one now and then. Back in the days when I was young and eager to take many classes about real estate (before I realized they all say about the same things) I learned it takes consistency in mailings to get a reply that is meaningful. You have to have your card in front of the person when they decide to sell or buy and to think they will just tuck your card away for the day they do is wishful thinking. If you are going to do mailings plan to do 5-8 a year and there is no guarantee that will do much. Printed ads are almost a thing of the past so don't get into the newspaper ad or magazine ad contract for a year. I get almost zero calls from the homes & land type magazines and only have an office ad in them to make sellers feel better. Internet ads are better and a good website that you can point to is a good investment, be sure to use the url on any mailings.

Getting started in real estate is tough and can be expensive with few leads to show for it. Every market is different so find out what others are doing and either don't do it or copy their idea if it works for them and do it better.
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0 votes 6 answers Share Flag
Thu Nov 11, 2010
Joel Friday answered:
A lease option is a rental agreement where you set a price and some of your rent goes towards the eventual purchase price.

A contract for deed is a purchase agreement where the owner lends you the money to buy the home. Typically 10-20% down is required. Interest rate is normally 1-2% higher than you can obtain from a bank. There is also a balloon payment after 3-10 years in which the entire principal becomes due. At that time a mortgage can then be obtained. The catch here is if you stop paying, the contact can be canceled in 30 days and your principle and the home are no longer yours. If you have marginal credit this could be a good way to buy a home. Then you need to reestablish your credit before the balloon payment comes due. ... more
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Wed Nov 17, 2010
Aaron Dickinson answered:
If it truly has no other amenities, $600 seems high. The older buildings usually have higher maintenance costs and have shared heat, water, etc that are included in the fee. I see a lot of $300 - $400/mo. dues in older condo buildings. ... more
0 votes 9 answers Share Flag
Wed Mar 26, 2014
Aaron Dickinson answered:
The answer to that is very subjective - there are many neighborhoods with strong schools and buses (and soon light rail) that would take you to work, though transfers may be necessary. Are you looking for something in the city or something in the suburbs? How long of a commute would you be willing to do? Yard size, house size, age of house? Is your spouse going to be working as well?

If you are not working with an agent and would like assistance in your home search, please feel free to call me - my partners and I work with many relocating families and we can help you build a shortlist of areas that would fit your needs best.

Aaron Dickinson
Edina Realty
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