Twin Cities Real Estate News

Twin Cities Minnesota Home Buying Tips

Sun, 14 Nov 2010 13:56:00 -0800

Savy Buyers Should Read These Tips Before They Enter The Home Market Top Seven Tips 1) Before you begin to search for a home, always get prequalified FIRST. Seek out an experienced mortgage broker to arrange your financing. Even if you think you want to use a large bank, at least see what a broker has available. In fact, you may find that a broker can deliver the same mortgage to you cheaper from the "same" large bank you were considering. Generally, brokers have access to wholesale pricing as well as more products and programs than traditional large banks or in-house type lender arrangements that you find at large real estate companies. Besides pricing, you might find special grant money or unique loans that otherwise would not be made available. Also, regarding special programs, if you can identify the cities or areas you might be interested in, you may want to call the local HRA (housing redevelopment authority) and see what they offer. Today, we are seeing special programs for purchase or post purchase rehab of foreclosed and short sale properties from the cities themselves. The FHA 203K loan is a program that can be used for rehab on any home. It is not tied to any city or any property specific status. There are a couple of versions of this loan-limited and extensive rehab. FHA loans have size limits that vary based on the geographic location of the property. Not all lenders make this loan available, so seek it out if it is of interest. 2) Look at all homes for sale. Don't exclude any specific sector of the market. Initially, you may have wanted to run away from short sales, foreclosures, and auctions. Ultimately, once you get a feel for the marketplace, you may actually decide to focus on distressed properties. When buying in the distressed segment be prepared for a more complex process. Knowing that upfront will help. Depending on the community, almost 50% of the transactions are not "traditional" sales. Distressed sales often sell for what the market will bear, whereas traditional sellers may be unable or unwilling to adjust to the realities of the market. Until job creation comes back and our economy starts growing beyond anemic levels, expect distressed home sales to be a large part of the market. Frustration may set in but don't allow it to influence an otherwise good decision in your purchase. Don't be put off by some dirt and light repair, analyze the structure and the location. 3) Look to your Realtor as a partner. Loyalty works both ways. An agent only gets paid upon a successful closing. We only stay in business with happy repeat clients and referrals. Most Realtors will work extremely hard for you if you work exclusively with them. Agents work on commission, so they need to know that they will eventually get paid for their time invested in helping you find the right home. If you are an investor and you approach five different agents to "call me" when you get a really good deal, you will probably never get a call. If on the other hand, you work with one agent who you assume is competent, you will get a phone call when they see something that meets your criteria. 4) If you are an investor or want to become one, seek out agent representation from someone who knows the rental property market. The rental real estate game can be rewarding but can also cost you a lot of money and aggrevation if you make a mistake. How can an agent who has never been a landlord really give you good advice on how to buy and manage rentals? Not all agents have the same level of experience. This is a recommendation not to be taken lightly. You want to be "educated" not provide someone an education at your expense. 5) Be prepared to engage technology in your search. Twenty-five years ago we used MLS books and did open houses. Today, we use virtual tours, websites, blogs and auto generated emails to deliver properties to your in box. The internet opens up informa[...]

Short Sale Secrets-Minnesota Under Water HomeOwners Take Note

Tue, 13 Apr 2010 08:56:00 -0700

I have just set up a new site- http://www.ShortSaleSecrets.org This is actually a site created by Alex Charfen and the CDPE institute that is included with the advanced CDPE membership. The reason why I selected this product is that I think it provides an incredible amount of reference material for consumers. There are a number of FREE reports as well as a short survey that a homeowner can take to see what options might be available.

That being said, this site is just a starting point for home owners, but it provides a lot of great information. I live and work in Minnesota. A Minnesota non profit institute at http://www.Hocmn.org provides resources that are applicable for MN homeowners. Take a look at their awesome fact sheets at http://hocmn.org/en/fp-factsheets.cfm Together, between these two resources, someone in MN facing a difficult decision will have an idea of what to consider. Other resources include speaking with the IRS at their help line 1-800-829-1040, consulting a lawyer to review your situation specifically, as well as your tax preparer.

Once all of that is done, and if you feel a short sale is in your best interest, please contact me to assist you in selling your home.

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Minneapolis & St Paul Announce Special Program For First Time Home Buyers

Tue, 09 Feb 2010 20:24:00 -0800

From the Minneapolis St Paul Business Journal:

Tuesday, February 9, 2010, 2:57pm CST | Modified: Tuesday, February 9, 2010, 3:03pm

Rybak, Coleman announce $41M for first-time homebuyers

Minneapolis / St. Paul Business Journal

Minneapolis Mayor R.T. Rybak and St. Paul Mayor Chris Coleman on Monday announced $41 million in new funding for first-time homebuyers to purchase homes in both cities.

The funding comes available through the CityLiving Program, which offers below-market interest rates on mortgages as well as downpayment and closing-cost assistance. CityLiving Program is part of the HFA Initiative, a program which Fannie Mae and Freddie Mac have purchased bonds under an agreement with the Treasury and the Federal Housing Finance Agency.

In order to quality for the funding, homebuyers' household income cannot exceed $92,290 and the purchase price (for a single-family home) can't be greater than $276,870.

"More people owning homes in Minneapolis and Saint Paul means more prosperity, more civic engagement and more vitality in our Minnesota's core cities - and that's good for everyone," said Minneapolis Mayor R.T. Rybak in a statement. "For nearly 30 years, Minneapolis and Saint Paul have worked together through the CityLiving program to help 30,000 first-time homebuyers enjoy the benefits of city life."

In addition, each city has $500,000 available for assistance with downpayments and closing costs.

Find Minneapolis homes or St Paul homes from my websites.

Veteran Buyers Eligible For 1 Year Extension On Tax Credit If They Qualify

Mon, 08 Feb 2010 20:16:00 -0800

Under the new law-Worker, Homeownership and Business Assistance Act which is now a new law as of November 2009, individuals and there spouses who serve on qualified extended-duty service outside the country for at least 90 days between January 1st, 2009 and April 30th 2010 with have an extra twelve month to buy and close on a home in order to take advantage of the tax credit. So, they would have to buy a new house by April 30th, 2011 and close on this home within a 90 day time frame.

Another cool twist is that the veteran won't have to pay back any of the credit if he/she has to move at least 50 miles away for new deployment that will be expected to last 90 days or longer.

To find out more benefits for Minnesota Veterans visit Minnesota Veteran Loans

To begin a Minnepolis St Paul Home search go to Minneapolis Real Estate

Minnesota First Time Buyer Programs| MN First time buyer Tax credit

Thu, 31 Dec 2009 17:22:00 -0800

Edina real estate and Minneapolis mortgage broker have produced a local television show on community access TV highlighting the mortgage programs and opportunities in today's Minnesota real estate and Twin Cities mortgage market. There are special programs-such as making home affordable, HAMP, HASP, and Streamline refinancing which offer opportunities to lower your payment even if the value of your home has dropped. We may be able to help, even if the mortgage exceeds the home's value by up to 125%. Watch the show and call us with any questions. We only lend and work within Minnesota.

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Mortgage Default Prediction

Thu, 06 Aug 2009 19:52:00 -0700

If the author of the article I've just read is correct, we haven't seen anything yet and it doesn't bode well for a real estate recovery anytime soon. I don't want to take anything out of context from the author. Instead, you NEED to just go and read the article. More troubling to me is how are we going to work our way back from the crisis? That's the big question I have in my mind. The solution is that we need sustainable good jobs that pay a decent income and offer some degree of security. With the goal in mind, we need to figure out how to get there. As a Minneapolis area realtor and MN mortgage broker, my perspective covers the entire spectrum of a real estate transaction. Here is the article's title: About half of U.S. mortgages seen underwater by 2011 By Al Yoon Al Yoon Wed Aug 5, 5:12 pm ET And here is the link to the article http://news.yahoo.com/s/nm/20090805/bs_nm/us_usa_housing_deutschebank Has this recession stabilized and are we improving or are we headed in a depression? We'll all know with hindsight. I have posted the following information about the Great Depression of old. I don't believe we are there yet, but things may get worse before they get better. There are lessons to be learned from studying history-let's hope our politicians are good students. The Great Depression Many of us have heard first hand accounts about the great depression from our parents and grandparents. These stories often come about when children want something they feel they should be able to have. Many people that suffered through the Great Depression feel people today don't appreciate all that they have. There were some world wide effects caused by this event though. There were signs of economic trouble in many countries including the United States in 1928. The big fall came in October of 1929 when the stock market came crashing down. This date is often referred to as Black Tuesday. The trickle down effect of the money not coming in affected everyone. Companies closed down production as people weren't able to buy their goods. Stores had to shut their doors locally as well. People all over were out of work and barely able to keep food on the table. Farmers struggled to make ends meet even though they were still growing crops. They were only about to sell them though for less than what they were used to. As a result many of them lost their land. Those that kept it farmed less land as they couldn't afford to continue getting the supplies. In many instances they choose only to grow enough to feed their own families for survival. The effects of the Great Depression continued to become more desperate. It didn't seem like the world would ever be able to rebound from it. Ironically, it was the amount of jobs created by the emergence of World War II that helped people to get back on their feet. While war is seldom considered to be good economically, this was one time when it was. People were able to have money again and they started to buy things like they once did. For many that lived though the era of the Great Depression though they never forgot the impact. They continued to put money away and to expect such a fall to occur again. Many of them saved their money in jars or under bed mattresses. They didn't want to trust the banks and then not be able to get their money if things in the economy didn't survive once again Great Depression Timeline In order to get a very accurate understanding of what took place in regards to the Great Depression you need to start at the very beginning. This period of time began in 1929 and lasted into 1941. There are many significant things that occurred during that span of time. In 1927 and 1928 there were economic problems developing, yet it was the stock market crash of 1929 that resulted[...]

Making Home Affordable Plan-HARP-Could Help Clients Who Can't Sell Or Previously Refinance

Sat, 11 Apr 2009 11:32:00 -0700

This could be BIG. Many homeowners today can't sell or refinance because the value fo their home is underwater. This means they owe more than the home is worth. This week, the new 75Billion dollar plan to allow people whose first mortgage doesn't exceed 105% of the value became available. If you wan't a lower rate-before inflation kicks in due to our Trillion dollar spending-then find out more about this plan. The Freddie Mac plan is called Freddie Mac Relief Refinance Mortgage and the Fannie Mae Product is called Fannie Mae DU Refi plus. Already in existance is the FHA Streamline and the VA streamline. With the FHA and VA loans, an appraisal may not be necessary. Consider exploring your refinance options while rates are historically low.

I did a YouTube mortgage video about the plan:

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I also went to Youtube to get a HARP video-more or less for fun-but to remind you of the anacronym of the Making Home Affordable Plan(it's sweet music to our ears)

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Lastly, If you are thinking of buying or selling a home, there may be a payment protection plan available that you will want to explore. I have access to this program.
http://www.authorstream.com/tag/creative+alliances

Don't Worry Be Happy By Bobby Mcferrin

Tue, 10 Feb 2009 06:27:00 -0800

In "interesting times" like those of today, one needs to look outside themselves for inspiration. I woke up today stressed, but I made a conscious decision to remain postive and productive. I watched a great video about deciding to make a difference. Attitude is so important in everything we do. Once you watch the video below and sign up for their newsletter, you will be taken to a video page with many other great inspirational videos. I encourage you to watch a few, and then decide how your day will be

http://www.simpletruths.com/simpletruths/a.aspx?af%219&mo=stsr

After you're done with this site, watch an all time favorite from Bobby Mcferrin- Don't Worry Be Happy:

http://www.youtube.com/watch?v=l9K4BKkLaCI

Italian Fish Soup-Whatsa Matta U-Cioppino

Tue, 20 Jan 2009 16:02:00 -0800

OK, you might be asking yourself- "what does this video have to do with real estate?" Well, the answer is everything. In real estate, we sell dreams, special times with family, and memories. Otherwise, we are selling houses. I prefer to sell homes. Are you selling homes or houses to your clients? We recently shot this video with the Flip Ultra this past summer. I just turned it into a movie with the software on the web cam. It is absolutely the best investment you will find for $150. You don't need to be afraid of it being too complicated. It is as easy to use as "point" and "click". Anyway, I wanted to encourage my fellow Realtors to look at doing some inovative marketing. For example, next time you are on a listing appointment, pull out you Flip and ask the client if they would like to give a video testimonial about the house and what it has meant to their family. Then, post it on YouTube or some of the other video sharing sites. You could have a link to the client testimonial with pictures of the home and possibly a virtual tour.

Here's the other benefit. You WILL actually use the video recorder. You will shoot memories of your own friends and family. I have captured some great moments that I would not have if It hadn't been for the flip.

So here are two examples-one was our first cooking show at my house, and the other was at a commercial listing that I posted online. I would encourage everyone to increase their technical skills. This is a fun way to go about learning video.

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FHA 203B| FHA 203 Streamline Lite Version| FHA 203K FULL version

Wed, 07 Jan 2009 15:43:00 -0800

Have you ever wanted to know the difference between FHA loan types? We've put together a few slide shows that explain some of the characteristics of FHA mortgages. In our Minnesota real estate marketplace, we are seeing 1/3 to 1/2 the financing being FHA. Some of the special rehab money which would be great for scratch and dent REO and foreclosure propertys are not used often enough. Not all lenders offer the rehabilitaion funding. FHA 203K loans are available in Minnesota. You may need to contact a mortgage broker who is able to do FHA financing to find this loan. If you are a real estate agent that wants to sell more homes, you need to make yourself aware of various programs and where you can get these loans. In Minnesota-visit http://www.VentureLoanApp.com Fha Home Loan View SlideShare presentation or Upload your own. (tags: rate no) Minnesota FHA 203 K Full ReHab Financing for Home Purchase or Refinance View SlideShare presentation or Upload your own. (tags: mn refinance) FHA Streamline 203K-light Rehab loan View SlideShare presentation or Upload your own. (tags: minnesota mortgage) [...]

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