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Minnetonka : Real Estate Advice

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  • Local Info3
  • Home Buying13
  • Home Selling5
  • Market Conditions4

Activity 23
Wed Aug 5, 2015
Alison Hillman answered:
Hi there-

Take a look at the latest here: http://www.trulia.com/MN/Minnetonka/

Ali, Community Manager
0 votes 6 answers Share Flag
Tue Nov 15, 2011
Jerry Young, Broker answered:
Marky,
I assume that you mean sit in homes that are for sale that have not sold. There was an opportunity for this to happen in the past 3-4 years, especially with builder's homes. The market has changed this year with a 35% increase in sales in the past few months. The prices continue to drop however. The demand is not as great for a house sitter any more and I have not witnessed much of that happening anymore, Jerry ... more
0 votes 2 answers Share Flag
Sat Jul 9, 2011
Gerard Carney answered:
Please Talk to an accountant, also you can try "like kind" transfer giving you mother title to the new home that you brother purchases and he would receive the old home, which he could sell at his leisure to gain back his investments! ... more
0 votes 6 answers Share Flag
Thu Jan 23, 2014
Joe Houghton answered:
I'm a little biased, but I'm loving the Minnetonka Market right now. Prices fell pretty hard but I've seen a lot of action so far this year.
0 votes 10 answers Share Flag
Thu Mar 6, 2014
P Jhn answered:
That's a difficult question to answer. While we expect the market to start returning to normaly within the next 12 months, no one can predict the future. With that said, if the home appreciates at a normal rate - just above the rate of inflation - beginning late next year and you do not refinance, you should have sufficient equity to list (and sell!) at a price more competitive than that of your neighbors. If that is the case, then you shouldn't have any issues assuming now, selling at a profit, and buying your next home.

As far as qualifying for a loan while already owning a home, that depends on your income and credit score. The monthly mortgage payemnt on the loan you assumed would be counted as debt against your monthly income. Lenders follow debt-to-income ratios to determine whether or not you qualify for a mortgage, along with other factors.

All things being equal, it is "easiest" to purchase a home when you don't already have one to sell. If you do decide to assume this mortgage then, when the time comes, I would recommend listing, then securing a purchase agreement on your exisiting home. That will put you in a stronger bargaining position when you go to make an offer on that next home.
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0 votes 3 answers Share Flag
Thu Sep 12, 2013
CCC answered:
It is not just about income, it is also about your monthly expenses, such as car loans, credit cards, anything on your credit report that you pay monthly.

I think you may. Score will be above 620.

Need to sit down with a Mortgage Consultant if you really want to buy.

Good luck.
... more
0 votes 14 answers Share Flag
Tue Oct 20, 2009
Aaron Dickinson answered:
VA and Rural Development allow 100% financing but that's all I know of. FHA @ 3.5% down is the next best thing.
0 votes 6 answers Share Flag
Tue Aug 4, 2009
Ken Whitehead answered:
Not to worry if they accepted your offer and you have that in writing. Find out who the title company is and contact the closing agent to see what the hold up is.
0 votes 4 answers Share Flag
Wed May 21, 2014
Jason Sandquist answered:
cloud 9 has gained some interest over the past few months, the link below explains a little about the building.
0 votes 5 answers Share Flag
Sat Jul 11, 2009
Don Edam answered:
Peter,

Usually the financial terms will state cash only if there might be a problem getting a lender to fund a loan on the property. In condos, this can be due to the current state of the property, possibly a lawsuit going on with the association or developer, or any other myriad of issues. If it is in good condition, I would usually tell a buyer to do some more research on the background of the property in question.

To answer your question, I've rarely seen a seller turn down an offer as long as it can be funded in a proven manner....so I think the options you have laid out above would all work. But again, I would be a little wary.

Let me know if this answered your question or not and if we can provide any more assistance.
... more
0 votes 5 answers Share Flag
Sat Jul 25, 2009
Patrick Howard answered:
If the house is bank owned then typically the listing agent y will stop accepting offers once the bank makes a counter offer on one of them. If the house is in foreclosure and is subject to a short sale then the listing agent may look at offers until the bank accepts the offer which can be a long time. Under normal circumstances, if the listing agent has accepted an offer subject to inspection, it would most likely close and you're out of luck as far as that house is concerned. Dealing with bank mediated tranasctions in today's market, however, it seems that anything can happen. I would recommend that if you find that you like the house and really want it, to write a back up offer so in the event the other offer falls through you can be next in line. There are a number of ways to give yourself an advantage in multiple offer situations, however out bidding the accepted offer isn't one of them. Hopefully your agent has experience with this type of transaction since often times it's more complex than a traditional transaction.

Good Luck.
... more
0 votes 4 answers Share Flag
Sun Oct 4, 2009
Bob McClure answered:
good evening.....i have done low risk, higher risk, and fha for a long time.....i must say that there is no one better that could be on your side than a loan rep that is overconcerned about the ability for his client's loan to close......the entire file starts with a great application, asking the borrowers the correct and well targeted questions, and the mortgage reps' knowledge (or lack of knowledge) regarding the program(s) he is suggesting you use for financing your new home....it is much easier working thru a file issue by explaining it out before it is questioned by an underwriter.....in your case, he could be doing his job, or wondering how to do his job..it's too early to tell....no one knows how many fha's or any other loans aren't approved after being originated..many!!....even with the 14 years of experience i have, sometimes you have to give your best and most logical decision to what could and will be needed in a file...give the underwriter a chance to review what you have already supplied...that's when everything will surface.....i call them life or non-lifethreatening conditions to the loan..also, please understand that the lender that approves your loan has probably securitized your mortgage.....that means if they don't do their job properly and document what they feel is important, and the loan goes sideways..(default)..they will have to buy it back from the investor they sold it to.....i have told many borrowers, it doesn't have to make sense, it's the mortgage business.we work in a very misuderstood business...example- i have just closed numerous fha streamline refis..one of the disclosures states that since the borrowers have paid for an appraisal, they have a right to get a copy of it.....that's true, except the fha streamline refis i am referring to don't require an appraisal, but the borrower(s) are requiired to sign the disclosure anyway....see?...please let me know how your deal goes.....best regards.....bob mcclure- success mortgage partners- plymouth, michigan.... ... more
0 votes 2 answers Share Flag
Thu Jun 18, 2009
Susan Hofflander answered:
Yes, there are agents here on the site who would be happy to help you with that endeavor. It's a good idea to interview a few. Contact me if you like!
0 votes 5 answers Share Flag
Tue Jun 2, 2009
Rob Saxe answered:
Hi D,
What percentage of pending sales fall through is generally predicated on the financing of the purchase if financed at all. So that said, I'll address this from the loan perspective in terms of risk.
VA and FHA loans have a higher "failure to close" ratio than conventional loans which have a higher "failure to close" ratio than cash buyers.
Also, escrows fall out all the time because of other than loan issues but loan issues, especially now, are the main reason pending sales fail.
If I had a gun to my head, in our market, I would say that maybe 15% to 25% of pending sales fall out overall. That's a tough question but if you explain your situation, if you have one, maybe I can be of more help.
Thanks!
... more
0 votes 5 answers Share Flag
Mon Aug 3, 2009
Alina Vizenor answered:
Don't know your particular situation, hopefully your agent has advised you accordingly and has discussed the risks involved with all these scenarios so you can make an educated choice. Also, I hope that somehow you/ or your agent have determined an opinion on market value for the property.

Normally, you can counter if you wish, the risk of course, is it can delay the process and can open up the opportunity for someone else coming into the picture and possibly presenting a better offer.
Good luck!
... more
0 votes 8 answers Share Flag
Mon Apr 20, 2009
Jane Revsbech answered:
MIke,
We provide market updates monthly and this is an excerpt from our March report for Minnetonka.
74% (63 of 85) of the homes pended during the month of March were priced $350,000 or below. Currently 53% of the homes for sale (203 or 385) are priced at $350,000 or below. A 6 month supply of homes is considered a balanced market and currently there is a 4 month supply of homes in this price range. This could indicate a shortage of inventory going into a spring market which could result in stabilizing (or even rising) prices!
Data compiled from RMLS on March 31, 2009.
In other words - yes, Mike, there is a market for homes priced around $350,000. Since the local FHA loan limit is $365,000 and many of the buyers are using this financing, this price range has been selling well.
If you would like a market evaluation, contact us.
... more
0 votes 2 answers Share Flag
Sun Oct 4, 2009
MaryLynn Heinen,CRS ABR Sres answered:
Depending on what your County charges for buyer closing fees which may include Escrow Fees, recording fees and tax, irrigation prorations may also be included. The best way to find our would be to call a local Escrow/Title Company and get the estimated costs from them. ... more
0 votes 6 answers Share Flag
Thu Feb 26, 2015
Aaron Dickinson answered:
It takes typically 2 weeks to 2 months to have an house come back on the market. Your agent is not allowed to contact Countrywide directly due to issues of Agency and/or Realtor Code of Ethics. It is considered interference in an agency relationship (the listing agent and the seller) and there are also serious privacy issues that would prohibit Countrywide discussing it with anyone other than an authorized representative of the Seller.

Short sales are tough... I'd say only about 1 in 3 go through. You may have a lousy Realtor but I think it is more likely that the communication between you two is not as good as it should be.
... more
0 votes 8 answers Share Flag
Fri Jul 17, 2015
Aaron Dickinson answered:
VA all the way. 0% down, no upfront MIP, can be assumed (with conditions).

If you want more or want to talk about it, give me a call. 612-251-5599 I'm a Realtor not a lender but I know things! ... more
0 votes 6 answers Share Flag
Mon Jan 12, 2009
Scott Hutchinson & Sean Sovis answered:
Tom,
Find an agent and he or she will help you to determine where you need to be to get the house for a great value. I would find an agent that deals a lot with bank owned properties. If you need any specific son the property, and/or if you have any other questions, please let me know.

Scott Hutchinson
Coldwell Banker Burnet
smhutchinson@cbburnet.com
C: 612 396-0692
... more
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