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Must, mold, curled shingles, broken glass, chipping paint, missing copper pipes, a broken toilet, pet soiled carpets, a furnace that needs replacing and no hot water heater. No, these are not a few of my favorite things, and I’m guessing they aren’t yours either, but they are a few of the things first time home buyers are seeing when they’re shopping for their first home in Minnesota today. Particularly when looking at vacant, foreclosed or short sale properties.
There are solutions when you have an appraisal that comes back with required repair items, even if the seller isn’t willing or able to complete the repairs. Most likely, you noted these repair items in a home inspection. It’s often just following the home inspection that I get a call from the real estate agent on the buyers side with questions regarding whether the items that came up will get called in an appraisal or not.
October reports are out and the numbers continue to show signs of strength in our Twin Cities housing market. According to the Minneapolis Association of Realtors, when compared to last year; pending sales are up (40.5%), new listings (-14.5%) are down and the overall inventory levels are down (-21.6%) as well. This doesn’t come as a surprise.
HUD Homes are homes that are owned by The US Department of Housing and Urban Development as a result of a foreclosure on an FHA insured mortgage. HUD’s process is a little bit different than that of other lenders of bank owned property and you will absolutely need an expert real estate agentand mortgage professional representing you to submit a bid on a HUD property.
Bank Owned sales can be relatively easy, however there are some banks that are easier than others and there are some things you need to understand about bank owned sales that differ from one company to the next. These could save you time, money and aggravation throughout the process.
We’re introducing the newest class to our series of monthly classes on real estate and mortgage lending. All of our classes are 90-minute, no-cost, no-obligation classes designed to assist home buyers and now sellers in today’s real estate market. The landscape of Minnesota real estate and mortgage financing has changed significantly in the past few years. During this seminar we will touch on a number of “new normals” for today’s home buyer and seller.
Home Buyers in Minnesota need to start with a solid foundation before they start their home buying process. This free first time home buyer class has been designed with only the first time home buyer in mind. We will walk you through the process of buying your first home and discuss important topics including:
I know what a great agent is and why you need one and as of late, I’ve seen some home buyers make some choices that have not benefited them in the way of real estate representation. I thought you may find these useful. Here are a couple recent situations that I’ve encountered that make me cringe for the home buyer’s sake.
Depending on the significance of the repairs called in an FHA appraisal, you will of course need to weigh your options, as would a seller. Most often, an agreement can be made between the buyer and seller on minor items. However, if you’ve purchased a property “as is” with a bank or seller that is very specific about the fact that they will not make repairs upfront, you need to be prepared to handle anything that comes up on your own. The FHA 203K has become a very popular product to utilize when looking at properties that may need repair.
For home buyers in the market to buy a home today, don’t let multiple offer situations get you down. There are some things you need to know and be prepared for the multiple offer game of tug-o-war in this real estate market. These things can help increase the potential for your success:
Watch this video for information on the upcoming First Time Home Buyer Class
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