My Mobile Agents Real Estate Lounge

Housing: The one bailout America could really use

2012-02-09T14:18:00.000-08:00

Housing: The one bailout America could really use

Paying to much in rent? Need to know what to charge for rent?

2012-01-05T10:53:00.000-08:00

This is a fun niffty site that will allow you to find out if you are paying to much for rent or charging to little.

http://www.rentometer.com/

Enjoy!

HNY! Busy Busy Busy - see what My Mobile Agents are doing.

2012-01-02T13:21:00.000-08:00

The new year is here and already we have been busy re-oranizing our onlineoffice, and adding a few new creative marketing systems.

May we entice you to join us this weekend Jan. 8th, 2012 from 1-3p to our first open house at 6825 Zenith Ave in Brooklyn Center. We will be sharing this amazing home for all those interested in a well maintained rambler that includes 3+ BD, 3 BA, enourmous bright living room, informal dining, galley kitchen, spacious family area, large laundry room, and potenial for another bedroom, lots of storage space, corner lot, fenced in backyard, deck, 2 car garage, walk to Palmer Basin trails, shopping, resturants and minutes to freeway access.

This open house will be live on USTREAM. We will be providing tips on selling, buying, sharing the different types of downpayment assistant programs that are available today and trendy housing ideas. We would love your company and of course your interest in this fantastic home.

2011 MN Real Estate Recap

2011-12-30T13:43:00.000-08:00

Metrodome was re-inflated, Porky's on University in St. Paul said goodbye, Considering a Casino in Block E?, Twinsville - housing around Target center, natural gas explosion in South Mpls., Glass apartment in MOA display called "Human Doing", Minnesota House GOP to push property tax relief, buyers looking for more economical houses, more optimism among homebuilders, mortgages rates hit historic lows in 2011, even dipping below 4% on 30-year fixed-rate mortgages. These low rates along with lower housing prices have encouraged many to enter the housing market, yet obtaining a mortgage in 2011 proved difficult for many, but perhaps the most significant decline came in the realization of the American dream. U.S. Census figures put the rate of homeownship at its lowest level since the Great Depression [65.1%], and let us not forget the 20 day goverment shut down. This was fun reviewing and I am sure I left plenty out, if you wish to share a Minnesota 2011 real estate recap, would love to hear from you.

What happen to the front porch?

2011-12-22T06:21:00.000-08:00

The front porch is an American icon. The covered area at the front of the house was born in the revolution era and became popular in the decades leading up to the Civil War. Porches were a place for family and friends to talk and pass the time. The advent of automobiles, television and the suburbs led to the decline of the front porch.Why don't we see families using their porches anymore?2012 we will travel the state of Minnesota to continue to find bargains, we will bring news, facts and quirky researches about housing. We will talk alot about the direction of housing, mortgage dilemas, trends and whats new in real estate. Stay with us this year we will travel through some wild and crazy real estate jungles.We welcome you to join in, comment, ask questions, or simple just follow along.

Home Owners Have a Good Reason to Hide

2011-12-20T14:28:00.000-08:00

Uncle Sam Wants More

By: Matt Dornic

Published: April 15, 2011

Former Senator Russell B. Long famously described the concept of tax reform as "Don't tax you, don't tax me, tax that fellow behind the tree!” Assuming Long’s analogy accurately describes America’s take on taxes, one can’t help but wonder: Who is that poor sap hiding in the bushes?

The answer is simple—he’s an American home owner, hiding for good reason:
Did you know U.S. home owners already pay 80% to 90% of all federal income tax collected? And now the government wants more. Rather than curbing wasteful spending, some policymakers want Americans to part with deductions like property taxes and mortgage interest—a perk of home ownership for more than 80 years.
During an April 13, 2011, speech on deficit reduction, President Obama said, “The tax code is also loaded up with spending on things like itemized deductions. And while I agree with the goals of many of these deductions, like home ownership or charitable giving, we cannot ignore the fact that they provide millionaires an average tax break of $75,000 while doing nothing for the typical middle-class family that doesn’t itemize.”
What the president’s carefully-worded statement ignores is the huge number of typical middle-class families who do itemize their tax returns. The reason most taxpayers itemize is because they are home owners—91% of families currently claiming the mortgage interest deduction (MID) earn less than $200,000 annually and 65% earn less than $100,000 per year. Not only would a repeal of the MID hit middle-class families square in their wallets, experts say it would be a devastating blow to the housing market—dropping home values by up to 15%. The notion that deductions for home ownership do nothing for the middle class is wildly inaccurate.
With Tax Day right around the corner, now’s the perfect time to determine just what the MID means to your family. Take a look at your federal tax form Schedule A (if you are filing tax form 1040) and see line 10. That line shows the deduction for your home mortgage interest—$12,200 on average, translating to a total savings of $3,050 for the typical U.S. home owner.
No small chunk of change. Loss of the MID would have serious implications for American families. Saving the average household over $3,000 per year, the MID means:

A year’s worth of groceries for two people: $2,694 on average.*

Household utilities for a year (heating, cooling, fuels and public services): $3,477 on average.*

12 months of car payments for the average family: $3,269.*

The average family’s annual entertainment expenses: $2,698.*

Your family’s health care for a year: average expense of $2,853.*

*Figures based on a 2009 U.S. Department of Labor 2009 Labor Statistics Report
If you’re like me, you’re frustrated by the government’s runaway spending and discouraged by the deficit. But taking away the few perks enjoyed by the people already paying most of this country’s taxes is an unfair and unacceptable way of confronting the national debt.

This should not hold you back from owning a home today, there are great opportunities. If you want to Skype us today for a free consultation on purchasing a home our Skype name is MyMobileAgents.

Buying a House at Foreclosure Auction is Risky Business

2011-12-13T13:35:00.000-08:00

You can buy a home at a significant discount at a foreclosure auction, but you’ll face a host of challenges. Don’t get burned; be solutions-ready.
Before attending a foreclosure auction, learn the rules for your area. Several processes are set by individual state and local governments.
If you want to get a good deal at a foreclosure auction, know what you’re buying and how you’ll be expected to pay for it.
If you want to get a good deal at a foreclosure auction, know what you’re buying and how you’ll be expected to pay for it.
Start by understanding the foreclosure auction rules for your area. State and local governments set their own rules for such factors as:
Bidding process, Amount of deposit, Where the auction is held, Whether the home owners can get their properties back after the sale.
You can learn about the process in your area by talking to officials at your county tax department or to a REALTOR®.
Although foreclosure auctions follow local rules, there are some universal challenges you’ll face no matter where you shop for foreclosed properties. Here’s how to solve them.

Solutions to 6 common foreclosure auction challenges
1. Challenge: Getting reliable information about foreclosure sales. Many companies charge fees to send you lists of foreclosures that may not be current, or sell expensive foreclosure-buying “systems” that promise to teach you how to make millions in real estate. Solution: Most foreclosure sales are still announced in local newspapers. And you can get accurate information about buying foreclosures from reliable book publishers: Foreclosure Investing For Dummies (For Dummies, 2007) Keys To Buying Foreclosed and Bargain Homes (Barron’s Educational Series, 2008)
2. Challenge: You can’t get inside the property before the auction to inspect it for structural problems and repairs. Many foreclosure auction properties are in bad shape because the owners couldn’t afford the upkeep. And sometimes angry home owners purposely damage the property to punish the foreclosing lender. Solution: Walk around the home to check its exterior condition. If it’s vacant, look through the windows. Ask the neighbors what they know about the property. If it was a rental, check the inspection records on file with the local government. You can safely assume there’s something wrong with any house sold at a foreclosure auction, so cover yourself by bidding no more than 70% of the home’s market value.
3. Challenge: You need to figure out the market value of the house to prepare your bid. Some foreclosure auction announcements include information about the size of the original mortgage. That’s not how much the house is worth or even what the owners owe now. If the current owners bought at the top of the market, their mortgage may be more than the home is worth in today’s market and they could owe even more if there’s a second mortgage on the house. Solution: Commission your real estate agent to do a broker’s price opinion (BPO) on the home you want to bid on. The BPO will show you comparable sales, telling you what similar, nearby homes that weren’t foreclosure sales have recently sold for. Bid well below those comparable sales to leave yourself room to pay for repairs and unexpected problems. Ask the agency that runs the auction how to find winning bid amounts from recent auctions. Use that information to guide your current bid, too. A look at local tax and assessment records will tell you more about previous and current auction properties, like square footage and lot size.
4. Challenge: You don’t know if there are liens on the home. Some auctions don’t give you clean title to the property, meaning liens from the federal government or other entities may not be removed during the foreclosure auction process. You’d have to pay off those liens if you won the property. Solution: Focus your efforts on two or three homes in desirable locations. To find out about any liens, pay a real estate attorney to run a title search on each property and issue a commitment to insure the title after purchase. Ask how the policy treats liens filed between the time of the search and the time you close. A less-expensive option: Hire an independent title search professional called an abstracter or an online company. Both search options should be under $200, title insurance costs vary by state.
5. Challenge: You have to pay cash and pay it quickly. Most auctions require bidders to come up with the full purchase price in cash within 30 days. Solution: Don’t count on getting a mortgage that fast. Look for other sources of cash that make financial sense for you. Take out a home equity line of credit or do a cash-out refinance. Tap retirement accounts, provided it makes sense for you from a tax perspective. Work with other investors to fund a partnership to invest in foreclosed homes.
6. Challenge: You’re in love with a house that you’re aware is headed to foreclosure, but you’re afraid to bid on it at the foreclosure auction because you know nothing about the process.
Solution #1: Contact the owners and offer to purchase the home as a short sale. That’s where the bank agrees to let the owners sell for less than what they owe on the mortgage.
Solution #2: You may be able to buy the house after the foreclosure sale. Foreclosure sales are run by a government agency (often the sheriff), which collects the money from the highest bidder and gives it to the bank to pay off the mortgage.
Banks will often bid at the sale to make sure someone doesn’t pay less than the house is worth (translation: not giving the bank enough money to satisfy the mortgage).
If the bank is the high bidder, it’ll take title to the house and put it up for sale. Then, buying the home is just like buying any other house. You can buy an owner’s title insurance policy so you know the house is free of liens; you can get a home inspection to check for needed repairs; and you’ll have plenty of time to line up your financing.
A real estate agent can alert you the day the bank puts the home on the market, so you can submit your purchase offer. Since the bank pays the real estate agent’s fees, you likely won’t pay more than you’d have bid at the foreclosure auction to outbid the bank, and you’ll avoid most of the risks and unknowns of buying at the auction.
For a private complementary consultation Skype

My Mobile Agents Virtual Real Estate Company Office 763.447.3895

10 Ways to Prepare for Homeownership

2011-12-09T09:48:00.001-08:00

Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income. Develop your home wish list. Then, prioritize the features on your list. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable. My Mobile Agents is offering a complementary consult on preparing for Homeownership via Skype

Is That Rental in Foreclosure?

2011-12-06T12:13:00.001-08:00

Daily Real Estate News | Tuesday, December 06, 2011 More “accidental” landlords are surfacing as home owners turn their underwater homes into rentals to try to come up with some extra cash. But some of these accidental landlords are still unable to keep up with their mortgage payments and may become delinquent on their mortgage. So what’s this mean for the person renting their property? Some renters may suddenly be served with an eviction notice when they discover the property they are renting is being foreclosed upon, and only having days to vacate. One new Web site, CheckYourLandlord.com, allows renters to check rental properties in the U.S. to see if there are any notices of default filed against the property.Renters, or real estate professionals who represent them, can also stop at the county recorder’s office to check the status of a property.

Monthly Skinny: November 2011

2011-11-29T10:12:00.000-08:00

Troubled homeowners get a lifeline

2011-11-11T14:09:00.001-08:00

By Les Christie October 24, 2011: (CNNMoney) -- In the latest attempt to address the ailing housing market, the government on Monday announced changes to a federal program that will make it easier for struggling homeowners to refinance to today's near-record low rates. Under the new program, homeowners who owe more on their homes than they are worth will be able to refinance no matter how much they are underwater, as long as they are current on their payments. The revamped Home Affordable Refinance Program (HARP) will also streamline the refinancing process, doing away with certain types of appraisals and underwriting requirements, and reducing or eliminating fees that prevented homeowners from refinancing in the past.More than 890,000 homeowners have already refinanced under HARP, which is available to borrowers with loans backed by Fannie Mae and Freddie Mac originated before May 31, 2009. But hundreds of thousands more could not qualify -- mainly because of the previous 125% loan-to-value limit on the program or because banks would not take on the risk. The 4% mortgage -- good luck getting one"We know there are many homeowners who are eligible to refinance under HARP and those are the borrowers we want to reach," said Edward DeMarco, acting director for the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac.Currently, about 11 million borrowers are underwater on their mortgages, with about 4.7 million of those loans meeting or exceeding the 125% loan-to-value limit, according to CoreLogic, a financial analytics company. By the time HARP expires in 2013, the federal housing agency estimates, up to 1 million more borrowers may benefit from the new regulations. Many of those borrowers will be from states like Florida, California, Nevada and Arizona where home values have been hit the hardest. In metro areas like Las Vegas, for example, prices have plunged nearly 60% from their early-2006 peak. The new rules and other details have yet to be finalized, but FHFA said that should all be worked out by Nov. 15. Banks may be able to start issuing refinanced loans by Dec. 1. Lifting the loan-to-value restrictions may still only help a limited number of borrowers, according to Jaret Seiberg, an analyst for MF Global Inc.'s Washington Research Group, which analyzes public policy for institutional investors.How Fannie Mae spruces up foreclosuresThe problem: Mortgage holders still must be current on their payments for the past six months -- with no more than one missed payment in the past 12 months --and they also must be able to qualify for a new loan. However, Seiberg believes, the changes should allow banks to refinance loans without worrying that Fannie Mae (FNMA, Fortune 500) and Freddie Mac (FMCC, Fortune 500) will force them to repurchase the loans if the borrower defaults.In the past, banks have been reluctant to refinance loans because they didn't want to take on that liability, explained Shaun Donovan, the secretary of the U.S. Department of Housing and Urban Development. By doing away with that liability, more lenders will compete to refinance the loans, which he believes will make them more affordable for borrowers.That should help remove one of the biggest barriers to refinancing through HARP, said Gene Sperling, director of the National Economic Council.What about us? Responsible homeowners get left out in the coldUnder the newly-revamped program, Fannie and Freddie will also reduce the fees they have charged in the past in order to enable borrowers to better afford the new loans. Among the fees that may be reduced or eliminated are those for loan level price adjustments. Going forward, borrowers may not be penalized for less-than-perfect credit scores, for example. Fees will also be waived for some underwater borrowers who refinance into 20-year or other, shorter-term loans. By doing so, it could help homeowners get above water faster. A homeowner who has a $200,000 balance on a 30-year mortgage with a 6.5% rate and a home value of $160,000, for example, currently makes payments of $1,264 a month. If they refinance into a 20-year fixed-rate loan at 4.25%, it will reduce monthly payments to $1,238 and slash the balance to $160,000 in just five-and-a-half years. If they refinance to a 30-year loan at 4.5%, however, their monthly payments will be much lower, $1,038, but it will take 10 years to reach $160,000. "It's an opportunity for borrowers to improve their household balance sheets by repaying their mortgages much quicker," said DeMarco.

5 States With the Highest Home Ownership Rates

2011-10-14T18:48:00.000-07:00

5 States With the Highest Home Ownership Rates

5 Real Estate Scams You Need to Know About

2011-09-28T19:51:00.000-07:00

Don't be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction. Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses. The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz. 1. The Foreclosure Rescue Scheme The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company. Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud. 2. Loan Documentation Fraud The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it. Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae. 3. Appraisal Fraud The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value. Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns. 4. Illegal Property Flipping The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure. Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae. 5. Short Sales Schemes The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit. Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae. You can report instances of suspected mortgage fraud to Stopfraud.gov. Article by, Melissa Dittmann Tracey

1.2 Trillion in Secret Bailout Money Exposed!

2011-09-27T09:54:00.000-07:00

I feel sick! This stinks!!

Loud Protests? Effective Protests? Eh.

2011-09-26T13:12:00.000-07:00

Loud Protests? Check.brEffective Protests? Eh.

Fannie, Freddie May Hike Fees in 2012

2011-09-20T19:26:00.000-07:00

Daily Real Estate News | Tuesday, September 20, 2011

In overhauling Fannie Mae and Freddie Mac, the government may require more private mortgage insurance from borrowers and charge lenders higher fees to guarantee loans--moves that could increase borrowing costs, Edward DeMarco, acting director of the Federal Housing Finance Agency, said this week at a mortgage conference in Raleigh, N.C.
Such steps are aimed at making the mortgage market more competitive and trim costs to the federal government by $28 billion over 10 years.
The government-sponsored enterprises buy loans from lenders and package them into securities that are then sold to investors. The GSEs charge a “guarantee fee” when they buy mortgages, a fee likely to be raised in 2012.
The increase could lead to a modest increase to mortgage borrowers. “Increasing the guarantee fees by 0.1 percentage point, as the White House proposed, would raise the monthly cost of a $220,000 mortgage by about $15,” The Wall Street Journal article notes.
Fannie and Freddie may also require borrowers to hold more private mortgage insurance to lessen the risks on taxpayers. The federal government took over the GSEs in 2008.
Any changes would be made “gradually” to avoid harming the already fragile housing market, DeMarco said.
Source: “Fannie, Freddie to Raise Fees,” The Wall Street Journal (Sept. 19, 2011) and “Mortgage Finance Head: Shift Risk From Treasury,” Associated Press (Sept. 19. 2011)
Read More:

HUD Announces $25 Million in Available Grants for New Multifamily Energy Efficiency Pilot

2011-09-12T20:50:00.001-07:00

The U.S. Department of Housing and Urban Development recently announced that $25 million is available through HUD’s new Multifamily Energy Efficiency Pilot program. Once awarded, these grants will help develop new innovative approaches for multifamily residential properties to reduce their energy consumption, lower greenhouse gas emissions, while saving money for the residents, property owners and taxpayers.
“HUD is extremely excited about this pilot program because it aligns with the goals of the Administration to create green jobs and build sustainable communities,” says Acting Federal Housing Commissioner Carol Galante. “The innovations that flow from this pilot program will serve as models to create future industry standards in energy efficiency.
“Rather than tell applicants what we want to see, we are asking the private sector to develop new innovative approaches to create jobs and help people save energy and save money. Since these grants will be complemented by private capital, the investors will also have a unique opportunity to become leaders in helping make affordable multifamily homes greener,” says Theodore Toon, Associate Deputy Assistant Secretary for HUD’s Office of Affordable Housing Preservation.
The goal of the pilot program is to develop ideas and mechanisms that could potentially be replicated nationally, as well as help create industry standards in the home energy efficiency retrofit market. In addition, the pilot program will create a public/private partnership as a result of capital investments from private industries and create green jobs in construction, property management, and technical analysis (e.g. energy audits and building commissioning), including opportunities for low income residents.
For more information visit http://www.hud.gov/

The cruelest twist? Responsible homeowners left out in the cold

2011-08-04T10:32:00.000-07:00

What about us? Responsible homeowners left out in the cold

Responsible borrowers who have good credit and make their payments on time are being told that the only way they can refinance is if they start defaulting on payments.

No relief for the responsible1 of 5Consider it yet another cruel irony of the housing bust: While hundreds of thousands of mortgage borrowers have been able to squat in their homes without making a single mortgage payment in months or even years, many responsible homeowners who have good credit and consistently meet their monthly obligations haven't been able to refinance in order to avoid losing their homes.

Many of today's homeowners purchased their homes during a time of easy credit, when mortgage products, like interest-only loans and option adjustable-rate mortgages were issued to the marginally qualified. And many were told that -- if they made their payments faithfully -- they could easily refinance out of these products into affordable fixed-rate loans once the payments started to balloon.

But that day has never come for some borrowers -- no matter how good their payment record or credit score.

Many lenders are refusing to refinance underwater mortgages -- loans that are higher than the value of the home -- because it would mean big losses for them if the borrower defaults, said Mark Zandi, chief economist for Moody's Analytics.

According to data submitted to federal regulators and analyzed by the Wall Street Journal, nearly 27% of mortgage applicants were denied mortgages in 2010, up from 23.5% a year earlier.

The cruelest twist? Lenders typically wait until a homeowner is in default before they are willing to modify their mortgage.

For some homeowners, the clock is ticking. In 2011, $1 trillion in adjustable rate mortgages are scheduled to reset. And many are scrambling to refinance their mortgages while rates are still low -- to no avail.

"What's breaking my heart is the people making payments every month who can't refinance their mortgages, through no fault of their own," said Senator Barbara Boxer (D-Calif.).

She has co-sponsored a bill, the "Helping Responsible Homeowners Act," for borrowers who want to refinance but are in "negative equity," owing more on their mortgages than their homes are worth.

Boxer's legislation also requires banks to offer interest rates comparable to what they're giving to borrowers who are not underwater. And it bans risk-based fees for mortgages issued by Fannie Mae or Freddie Mac that can be as much as 2% of the loan principal.

Here are four responsible homeowners that are currently trying to refinance

JEEZ!

6 Reasons to Reduce Your Home Price

2011-07-26T12:39:00.000-07:00

While you'd like to get the best price for your home, consider our six reasons to reduce your home price.

These six signs may be telling you it’s time to lower your price.

1. You’re drawing few lookers

You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.

2. You’re drawing lots of lookers but have no offers

If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.

3. Your home’s been on the market longer than similar homes

Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.

4. You have a deadline

If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.

5. You can’t make upgrades

Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.

6. The competition has changed

If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what's still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.

By: G. M. Filisko

Published: March 19, 2010

Live Open House 7/24 4-6p @ 6207 Yucca Ave N | 612.558.3189

2011-07-22T09:56:00.000-07:00

You're invited to come and check out what $194,900 buys you in Maple Grove http://6207yuccaaven.epropertysites.com/, we will be serving treats and lemonade. We are also live streaming the event. We look forward to seeing you there.

Marketed Caprice with My Mobile Agents Virtual Real Estate Company | 9684 63rd Ave N Maple Grove | http://mymobileagents.com/ | Office 763.447.3895

Lender Checklist: What You Need for a Mortgage

2011-06-16T08:43:00.000-07:00

W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.
Copies of at least one pay stub for each person signing the loan.
Account numbers of all your credit cards and the amounts for any outstanding balances.
Copies of two to four months of bank or credit union statements for both checking and savingsaccounts.
Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
Copies of your most recent 401(k) or other retirement account statement.
Documentation to verify additional income, such as child support or a pension.
Copies of personal tax forms for the last two to three years.

We suggest going to your bank that you have established a relationship with, ask friends and family members that have purchased a home for referrals. Get quality options, be informed and prepared before, applying for a mortgage.

7 Hot Home Improvement Trends

2011-06-09T06:31:00.000-07:00

Home improvement trends embrace energy efficiency, low maintenance exteriors, and double-duty space.

Trend #1: Maintenance-free siding

We continue to choose maintenance-free siding that lives as long as we do, but with a lot less upkeep. But more and more we’re opting for fiber-cement siding, one of the fastest-growing segments of the siding market. It’s a combination of cement, sand, and cellulosic fibers that looks like wood but won’t rot, combust, or succumb to termites and other wood-boring insects.

At $5 to $9 per sq. ft., installed, fiber-cement siding is more expensive than paint-grade wood, vinyl, and aluminum siding. It returns 80% of investment, the highest return of any upscale project on Remodeling magazine’s latest Cost vs. Value Report.

Maintenance is limited to a cleaning and some caulking each spring. Repaint every 7 to 15 years. Wood requires repainting every 4 to 7 years.

Trend #2: Convertible spaces

Forget “museum rooms” we use twice a year (dining rooms and living rooms) and embrace convertible spaces that change with our whims.

Foldaway walls turn a private study into an easy-flow party space. Walls can consist of fancy, glass panels ($600 to $1,600 per linear ft., depending on the system); or they can be simple vinyl-covered accordions ($1,230 for 7 ft. by 10 ft.). PortablePartions.com sells walls on wheels ($775 for approximately 7 ft. by 7 ft.).

A Murphy bed pulls down from an armoire-looking wall unit and turns any room into a guest room. Prices, including installation and cabinetry, range from $2,000 (twin with main cabinet) to more than $5,000 (California king with main and side units). Just search online for sellers.

And don’t forget area rugs that easily define, and redefine, open spaces.

Trend #3: A laundry room of your own

Humankind advanced when the laundry room arose from the basement to a louvered closet on the second floor where clothes live. Now, we’re taking another step forward by granting washday a room of its own.

If you’re thinking of remodeling, turn a mudroom or extra bedroom into a dedicated laundry room big enough to house the washer and dryer, hang hand-washables, and store bulk boxes of detergent.

Look for spaces that already have plumbing hookups or are adjacent to rooms with running water to save on plumbing costs.

Trend #4: Souped-up kitchens

Although houses are trending smaller, kitchens are getting bigger, according to the American Institute of Architects’ Home Design Trends Survey.

Kitchen remodels open the space, perhaps incorporating lonely dining rooms, and feature recycling centers, large pantries, and recharging stations.

Oversized and high-priced commercial appliances—did we ever fire up six burners at once?—are yielding to family-sized, mid-range models that recover at least one cabinet for storage.

Since the entire family now helps prepare dinner (in your dreams), double prep sinks have evolved into dual-prep islands with lots of counter space and pull-out drawers.

Trend #5: Energy diets

We’re wrestling with an energy disorder: We’re binging on electronics—cell phones, iPads, Blackberries, laptops--then crash dieting by installing LED fixtures and turning the thermostat to 68 degrees.

Are we ahead of the energy game? Only the energy monitors and meters know for sure.

These new tracking devices can gauge electricity usage of individual electronics ($20 to $30) or monitor whole house energy ($100 to $250). The TED 5000 Energy Monitor ($240) supplies real-time feedback that you can view remotely and graph by the second, minute, hour, day, and month.

Trend #6: Love that storage

As we bow to the new god of declutter, storage has become the holy grail.

We’re not talking about more baskets we can trip over in the night; we’re imagining and discovering built-in storage in unlikely spaces--under stairs, over doors, beneath floors.

Under-appreciated nooks that once displayed antique desks are growing into built-ins for books and collections. Slap on some doors, and you can hide office supplies and buckets of Legos.

Giant master suites, with floor space to land a 747, are being divided to conquer clutter with more walk-in closets.

Trend #7: Home offices come out of the closet

Flexible work schedules, mobile communications, and entrepreneurial zeal are relocating us from the office downtown to home.

Laptops and wireless connections let us telecommute from anywhere in the house, but we still want a dedicated space (preferably with a door) for files, supplies, and printers.

Spare bedrooms are becoming home offices and family room niches are morphing into working nooks. After a weekend of de-cluttering, basements and attics are reborn as work centers.

Lisa Kaplan Gordon is a HouseLogic contributor and homebuilder.

Americans: Home Ownership Still a Great Investment

2011-06-03T19:36:00.000-07:00

Seventy-five percent of Americans say that “owning a home is the best long-term investment they can make and is worth the risk of ups and downs in the housing market,” according to a new survey of 2,000 bipartisan voters by the National Association of Home Builders.

Despite their situation — whether underwater on their home or even renters — the survey found Americans to be optimistic about home ownership. Eighty-one percent of those who own their homes outright, 76 percent with mortgages, 67 percent of renters, and 65 percent who have underwater mortgages cited home ownership as the “best long-term investment.”

When survey respondents were asked whether they’d recommend buying a home to a friend or family member just starting out, 80 percent of Americans said “yes.” Even home owners currently underwater — those who owe more on their mortgage than their home is currently worth — overwhelmingly (78 percent) said they would recommend home ownership to family or friends starting out.

More buyers are coming up through the pipeline too. The survey found that 73 percent of those surveyed who do not own a home said their goal is eventually to buy one.

The NAHB survey also found:

▪ 58 percent of Americans oppose eliminating the mortgage-interest deduction and 63 percent oppose lowering it. What’s more, 57 percent of those surveyed say they are less likely to support a candidate for Congress who wanted to eliminate the mortgage-interest deduction.

▪ Respondents were split on about requiring a 20 percent down payment to purchase a home: 49 percent were in favor and 49 percent opposed it. However, mortgage holders and renters aged 18 to 54 were more opposed to it: 58 percent of younger mortgage holders and 59 percent of younger renters opposed adding a 20 percent down payment requirement.

Tips for Buying in a Tight Market

2011-05-25T06:34:00.000-07:00

Increase your chances of getting your dream house in a competitive housing market, and lower your chances of losing out to another buyer.

1. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller.

2. Stay in close contact with your real estate agent to find out about the newest listings. Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go fast.

3. Scout out new listings yourself. Look at Web sites such as REALTOR.com, browse your local newspaper’s real estate section, and drive through the neighborhood to spot For Sale signs. If you see a home you like, write down the address and the name of the listing agent. Your real estate agent will schedule a showing.

4. Be ready to make a decision. Spend a lot of time in advance deciding what you must have in a home so you won’t be unsure when you have the chance to make an offer.

5. Bid competitively. You may not want to start out offering the absolute highest price you can afford, but don’t go too low to get a deal. In a tight market, you’ll lose out.

6. Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you’ll probably be able to sell your house rapidly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.

7. Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you should just buy it. And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.

True success

2011-05-03T12:50:00.000-07:00

We all know that true success is something that needs to be worked on over time. We all know that life is not something we should race through, but rather slow it down to enjoy and make the most of. Let us take some time this week just to be thankful for the great accomplishments we have had in our lives. Let us remember some of the people that have had a special influence over who we are and what we are doing. We must all understand that what we are here to do on this earth is not just get by, but to make a memorable difference while we are here and when we are not. Let us start today and continue each day we have going forward with the goal of making a memorable difference.

Low-Cost Ways to Spruce Up Your Home's Exterior

2011-04-28T09:40:00.000-07:00

Make your home more appealing for yourself and potential buyers with these quick and easy tips:

1. Trim bushes so they don’t block windows or architectural details.

2. Mow your lawn, and turn on the sprinklers for 30 minutes before the showing to make the lawn sparkle.

3. Put a pot of bright flowers (or a small evergreen in winter) on your porch.

4. Install new doorknobs on your front door.

5. Repair any cracks in the driveway.

6. Edge the grass around walkways and trees.

7. Keep your garden tools and hoses out of sight.

8. Clear toys from the lawn.

9. Buy a new mailbox.

10. Upgrade your outside lighting.

11. Buy a new doormat for the outside of your front door.

12. Clean your windows, inside and outside.

13. Polish or replace your house numbers.

14. Place a seasonal wreath on your door.

Hopefully our weather will allow us to take care of soome of these things. Enjoy!

No charge - Maple Grove Real Estate Resource Center

2011-04-25T14:23:00.001-07:00

Proudly Marketed by Caprice Ayau with My Mobile Agents Virtual Real Estate Company | 9684 63rd Ave N Maple Grove MN 55369 | P.763.447.3895

8 Tips for Finding Your New Home

2011-04-20T11:00:00.000-07:00

This was an older article that still is worth reading.
By: G. M. Filisko
Published: February 10, 2010

A solid game plan can help you narrow your homebuying search to find the best home for you.

1. Know thyself
Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?

2. Research before you look
List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.

3. Get your finances in order
Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.

Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.

4. Set a moving timeline
Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.

5. Think long term
Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.

6. Work with a REALTOR®
Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.

Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.

7. Be realistic
It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.

On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues—like noise levels—that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.

8. Limit the opinions you solicit
It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.

You are cheap

2011-04-11T11:23:00.000-07:00

What a powerful morning with Housing For ALL ~

2011-04-07T10:10:00.000-07:00

We had a Round table event that was AMAZING. We talked about Affordable housing, our discussion was focused on "If you were homeless what would I want from my community?"

Housing Market Activity Appears to be Artifically Low

2011-04-05T09:44:00.000-07:00

Tour of Bank Owned Homes ~ April 17, 2011 2.00p-4.

2011-04-04T12:04:00.000-07:00

Take a 2 hour tour through parts of Maple Grove and Plymouth to view single family dwellings and town homes that vary in price range. This tour is for you if you are currently renting. You will find out what are the advantages with owning your own home. Many cases we have found it is cheaper to own vs. rent. For the current homeowner that resides in Maple Grove & Plymouth we encourage you to take this tour to find out what your community housing values are and find out how you can strengthen your neighborhood.

We will have a team of experts that will assist you with questions about how to purchase bank owned properties, what to look for when inspecting distressed bank owned properties and what it may cost you to repair. Lots of bargains out their, which may interest you in becoming a landlord, a staff member will assist you with calculations if a property will cash flow and other tips on what it takes to finding a great tenant. Get information on the different types of mortgages and grants out there. Lastly, receive a guide on how to collect your home buying tax credit. We wish to inspire you on this tour whether buying your first home, investing in another home or learning more about your community. We hope to have you join us.
This is a seasonal event.

Where: 9684 63rd Ave N. Maple Grove MN 55369
When: April 17, 2011
Time: 2:00pm - 4:00pm
RSVP: 612.558.3189

Event is caravan style and no charge.

Proudly marketed by My Mobile Agents Virtual Real Estate Company | 763.447.3895 | 9684 63rd Ave N Maple Grove MN 55369

FHA swimming pool requirements?

2011-03-31T13:36:00.000-07:00

When you think that you are doing okay along comes a pink elephant that just stepped on your toes.

Buyer's inspection a few days ago went well, however the appraisal is the next hurdle. Apparently if there is a swimming pool that is not operable FHA will not move forward even if there is a secure fence. It is considered a work order. There should be a checklist of items that agents are to be aware of prior to listing and searching. This house was advertised as FHA acceptable and now we are having to address prior to appraisal is scheduled and now after the inspection. Boo, I beleive we do have a solutions, however if anyone out there is selling a FHA home with a non operable pool, make sure you talk to you loan officer or check with a FHA rules. Even though there is nothing anywhere address anything about a pool's condition.

Pink elephants are cute after your toes are healed.

Update on My Mobile Agents ~

2011-03-24T09:54:00.000-07:00

Whew, we have had a busy month of March, we had a housing warming party for Heather LaMar, my bad for not taking pictures. We had a fantastic turn out, lots of good food and a lot of FUN and FUNNY friends and family. Thanks Heather for allowing My Mobile Agents in helping you build a solid foundations.

My Mobile Agents is volunteering their time and media work for a non profit organization called "Housing for ALL." What we have done is put together a publicity package for an event coming up April 7th at Advent Church in Maple Grove called "Housing for All: A United Force for Children and Families." Join us, visit http://housingforallroundtable.eventbrite.com/ and register.
My Mobile Agents is also putting together a video that will display different faces of children with 1 one, to awaken our audience's soul and to create power by joining forces with our audience.

OMG! The Ochsendorf's closed on thier house this morning, it has been a long journey for them. Raise your glass, they are homeowners. We will post pictures in the very near future.

To bad we had to cancel "Get Out of The Rat Race," due to snow storm.

Off to help others with their Real Estate needs.

Come Play Cash Flow 101 Super Fun Board Game ~ No charge

2011-03-22T12:34:00.000-07:00

Buying a home should be fun, not stressful.

2011-03-15T12:05:00.000-07:00

As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.

2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.

4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.

7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.

Let My Mobile Agents help you achieve your housing goals. Call us today and find out the benefits we are committed to serving you with. We are excited to hearing from you. Office #763.447.3895

Final Steps when buying a home

2011-03-11T09:39:00.000-08:00

Closing consists of all the necessary final steps involved in sealing the deal on a home purchase. It includes:

The offer to purchase

There's no foolproof way to make an offer that's guaranteed to be accepted by the seller. But once you find your perfect house, it's wise to move fast. A good rule of thumb is to make an offer that's eight to 10 percent below the asking price, though that might not work in some areas based on trends in the market. This gives you some room to negotiate, but don't top what you've predetermined to be the highest price you can afford.

The deposit

Also known as earnest money, this is a demonstration of good faith and commitment by the buyer to the seller. It is usually 1 percent of the home's purchase price and is included in an offer to purchase. Either the real estate agent or the seller's lawyer holds the deposit in trust until the deal closes. If you decide not to close on a deal once your offer has been accepted, you may lose your deposit and be sued for damages. If the seller does not accept your offer, your deposit will be returned. If the sale proceeds, your deposit is usually applied to your down payment.

Contingencies

These are certain requirements specified in a contract that need to be met before the buyer is required to close. Typical among them: the buyer's securing of financing and an acceptable house inspection. Generally speaking, an inspection contingency covers a 10-to-14-day period from the acceptance of the contract, and financing contingencies run for 30 days. But in a seller's market, buyers may be asked to fulfill their contingency requirements in shorter time frames.

Home inspection

In a home inspection, a professional conducts a thorough examination of a property to assess its structural and mechanical condition. The idea here is that a trained home inspector will be able to catch potential problems that a buyer might not detect.

The contract

This follows the acceptance of an offer by the seller, and it is a legal and binding obligation, on the part of the buyer, to purchase the property if any contingencies are met. It outlines the details of the transaction, including: a description of the property, the selling price, the date of closing, the possession date and any applicable contingencies.

Settlement sheet

Also called a "closing statement" or a "settlement statement," this is a document that the Department of Housing and Urban Development requires to account for all financial aspects surrounding the sale and purchase of a home. It provides an enumerated list of the funds that were paid at closing. Items on the statement include real estate commissions and initial escrow amounts (money or securities deposited with a neutral third party - the escrow agent - to be delivered upon fulfillment of certain conditions). The Real Estate Settlement Procedures Act requires that a copy of the settlement sheet be distributed to both parties at least one day prior to settlement.

Closing documentation

Before you can close on a house, some paperwork must be completed. This includes a title search to make sure the title is clear, title insurance to protect the buyer and the lender from an oversight regarding a claim on some aspect of the property and an application for homeowner's insurance (necessary for securing a mortgage).

Closing costs

The total amount of closing costs varies, but may include: a loan origination fee, an appraisal fee, the cost of a credit report, a lender's inspection fee, the cost of title insurance, a mortgage broker fee, taxes and a fee for document preparation. Your lender is required to give you prior notice of fees associated with your loan.

Final arrangements

Before the deal is closed and you take possession, you must make some practical arrangements regarding utility service and first mortgage payment.
Settlement

Settlement describes the payment of the balance of the purchase price the buyer owes on the property, and the transfer of the title. It takes place on the possession date specified in the agreement.

How To Fight Back Against a Bad Contractor

2011-03-08T19:57:00.000-08:00

Despite the sluggish economy, the overwhelming majority—30 of 33—of the home remodeling projects surveyed in Remodeling Magazine’s 2010-11 Cost vs. Value Report increased in cost from last year’s survey.

By: Oliver Marks
Published: March 4, 2011

Don’t take contractor abuse lying down. If your contractor has fouled up your home improvement project--or disappeared altogether--you have recourse.

Maybe the contractors took on more work than they could handle or their credit dried up in the middle of a job. Worst-case scenario, they’re out-and-out scam artists.

Don’t get mad: Get motivated to defend yourself. Here’s how.

Fire the contractor
Firing is the obvious, but not an easy, step when things go seriously wrong. Your contractor could challenge the firing in court as a breach of contract: You must show that he or she breached the agreement first.

Document each time they didn’t live up to the specifics of the contract, such as substituting inferior materials or failing to stick to the schedule. Then send a return-receipt letter to their business and home addresses stating that unless the problem is rectified within a specified number of days, they’re in breach of contract, and you will be terminating it.

The catch: Contractors probably won’t refund money you’ve already paid. If you’ve written any checks up front, this tactic can be costly.

Request a hearing
Some construction contracts include a binding arbitration clause, where parties agree to resolve disputes by arbitration, rather than in court. Arbitration is a relatively low-cost process in which each side presents its case to an independent authority, who makes a final decision.

Even if your contract has no such provision, you can request a similar hearing. The Better Business Bureau, a national nonprofit association, offers mediation services for free or for a nominal fee of around $50. Neither the home owner nor the contractor needs to be a member of the organization.

The catch(es): You must get the contractor to agree to mediation (good luck!). And mediators and arbitrators look to the contract for guidance. If you have a badly written one, you may be out of luck in mediation.

Hire an attorney
Hire a construction attorney who knows the ins and outs of state statutes and can work around weaknesses in the contract. Unlike BBB hearings, the contractor can’t opt out of a lawsuit.

If the contractor has disappeared altogether, you may be able to collect money from a state contractor recovery fund consisting of contractor licensing fees, or from a bond the contractor posted at the start of your project, which is required in some states.

The catch: Attorneys charge $100 to $300 per hour for these cases. So unless you’re dealing with a big-ticket project, you’ll likely spend more on the attorney than you will collect from the contractor.

Take your case to small claims court
In small claims courts, you represent yourself and pay just a few dollars to bring a case. The rules depend on your local jurisdiction, but typically a judge hears from both parties, asks questions, and then resolves the issues.

The catch: Small claims are just that. In most places, award limits range from $3,000 to $7,500. In Kentucky, coming in lowest, it’s $1,500; in parts of Tennessee, highest, it’s $25,000.

File complaints and bad reviews
A slew of websites allow you to post information about bad contractors, including angieslist.com, franklinreport.com, and contractorsfromhell.com. You can also file a complaint with the state contractor licensing board, which could make the information public if it receives enough complaints.

These steps won’t fix your crooked tile, but you may take comfort in knowing that you’ve protected a fellow home owner from the same fate.

The catch: A contractor could sue you for libel over a bad review. State laws vary, but truth is a strong defense, says Atlanta attorney Alan Begner, president of the First Amendment Lawyers Association, a trade group. Still, a big contractor with deep pockets could force you to spend tens of thousands in your own defense.  To decide how--and whether--to go after your contractor, ask a construction attorney to review your situation. You’ll pay between $500 and $1,000 for a consultation, but you could save far more money (and aggravation) in the long run.

A former carpenter and newspaper reporter, Oliver Marks has been writing about home improvements for 16 years. He’s currently restoring his second fixer-upper with a mix of big hired projects and small do-it-himself jobs.

HouseLogic is the NATIONAL ASSOCIATION OF REALTORS'®comprehensive consumer website geared to helping home owners make smart decisions to enhance, maintain, and protect the value of their home.

A tip for doubling up on insulation

2011-03-05T05:47:00.000-08:00

Improper installation can damage attic framing, promote mold

Q: I would like to lay a plywood floor in my attic and want to know if I can just lay fiberglass batts over the loose fill fiberglass that's up there now. --Dan R.

A: There's no problem with installing fiberglass batts over your existing blown-in insulation. The only thing you want to make sure of is that you use "unfaced" insulation, meaning it doesn't have a paper or aluminum foil facing on the batts. You can purchase the batts already unfaced, which is easier and less expensive, or you can peel the facing off of faced batts.

The reason for this precaution is that the facing on the insulation batts is a vapor barrier, which is intended to prevent moisture vapor from penetrating into the insulation. If you install faced insulation over existing blown-in, you're essentially putting the vapor barrier in the middle, between the two layers of insulation.

Any moisture vapor that gets through your ceiling would also pass through the blown-in material and then hit the face of the batt, where it would be trapped. That can cause damage to both the insulation and the framing members, and also has the potential for mold growth.

Q: I have two crawl spaces underneath my house that each are accessible only through roughly 3-foot-by-3-foot, ground-level openings, surrounded to the left, the right and above by cinder block foundation. Crawling through them is difficult for most people, including myself and HVAC folks.

I would like to convert them to standard doors. Do you suggest that I consult a structural engineer as part of the planning? How should I approach this conversion? --Chris N.

A: Whenever you're cutting or altering a foundation wall, I definitely recommend a structural engineer be consulted. There are so many variables to take into consideration that this really is one place where you need to err on the side of caution.

Here's a suggestion for you and the engineer that should save you some money with the installation of the new door. First of all, let's assume that the block wall was correctly built in the first place, and that it has a steel lintel or reinforced blocks spanning the existing opening. If that's the case, your best bet is going to be to keep the opening the same width, and work from there to create an opening for your new door.

Rough openings for doors are typically 2 inches wider and taller than the door itself. So if you currently have an opening in your foundation wall that's 3 feet wide, it should accommodate a 2-foot-10-inch-wide door and frame. Even if the opening is a little rough or undersized, you should still be able to install a 2-foot 8-inch door with no problem at all, without having to alter the width of the opening.

So all you'll need to do is cut down from the bottom of the opening on each side to reach an overall height of 6 feet 10 inches (2 inches taller than a normal 6-foot-8-inch door height), remove the blocks between the cuts, and you'll have an opening that will accommodate a new, standard door. A concrete-cutting company can assist you with cutting out and removing the blocks.

Q: I had a contractor come out to give an estimate on tearing up the existing carpet in my den and laying hardwood floors. They noticed that there were two layers of linoleum/sheet vinyl. They said they could not lay the hardwoods over two layers and that one layer would have to be removed -- and that we would also want to make sure that there is no asbestos. Our home was built in the 1960s.

Is it even necessary to remove the vinyl tile before we lay the hardwoods? If there is asbestos I'd rather leave well enough alone and just put the hardwoods over the tile. Any help you can provide is appreciated. --Lisa Y.

A: In general, it's possible to install hardwood over old linoleum, even two layers, providing the old flooring is in generally good condition, the underlayment beneath the old flooring is solid, and the additional height won't pose a problem at doorways, appliances, etc.

So, the first thing I would do is ask the flooring contractor why they want to tear up just one layer. In part of your letter you mention two layers of linoleum/sheet vinyl, but further down you mention vinyl tile. Vinyl tiles can crack when nails are driven through them, and it could be that the contractor is worried about chunks of tile coming loose and causing problems under the hardwood.

It could also be that the upper layer is not well adhered to the bottom layer, and they are worried that the hardwood won't lay flat. Or, as I mentioned, it could be that overall height is an issue.

You can also get a second opinion from another flooring contractor. If both contractors agree that the flooring needs to come up, then the next step would be to have a sample of both layers of flooring tested to see if asbestos is present. There may not be any in either floor, in which case one or both layers can easily be removed.

If asbestos is present, I would suggest you talk with your local Department of Environmental Quality (DEQ) to see what their rules and precautions are.

In some cases, a homeowner can assume the risk of doing their own tear-out where a contractor can't, so it may be possible for you to safely remove the vinyl flooring yourself and then have the contractor proceed with the hardwood floor installation. The DEQ can give you all the necessary guidelines for how to remove and dispose of the material.

Remodeling and repair questions? E-mail Paul at paulbianchina@inman.com. All product reviews are based on the author's actual testing of free review samples provided by the manufacturers.

My Mobile Agents Virtual Real Estate Company | 9684 63rd Ave N Maple Grove MN 55369 | P.763.447.3895

4 Ways to Get a Home in Show-Selling Shape

2011-03-02T20:07:00.000-08:00

Daily Real Estate News

March 2, 2011

Make your home stand out in a crowded real estate marketplace. Housing experts offer some tips for sprucing up a home to get it ready to sell.

1. Create curb appeal. Here are some easy, big impact ideas: Paint the front door, pick a new color for the exterior trim, fix any old shutters, and make sure the path from the driveway is clear to the front door. Also, remove any overgrown plants and replace them with low-growing shrubs and perennials.

2. Fix the flaws. Fix everything, they say, including broken joints, cracks in walls or the foundation, and recaulk the bathroom tub, if needed. "If the little things are not done, people will think, what else is not done?" says Steve White, the owner of Handyman Connection in Elmsford, N.Y.

3. Paint. "Paint is the greatest single thing you can do and it's the most cost effective," says David Sanders of Sanders Properties in Nyack, N.Y. "Use light, cheery colors. People don't want to walk into a dark, dreary room."

4. Add some new bling. Interior designer Nancy August from Piermont, N.Y. says just swapping out the home’s hardware for new can quickly freshen up a home. For example, new hinges, doorknobs, drawer pulls, and light switches and fixtures can quickly transform a dated room, particularly in a dated bathroom.

Weekly Market Activity Report

2011-02-28T19:27:00.000-08:00

For the week ending February 12, there were 710 signed purchase agreements, a meager drop of 0.1 percent from the same week last year. Although we fully expect to be down in year-over-year comparisons for the next three months due to last year's tax credit incentive, this is still interesting because it marks the first time we've had more than 700 Pending Sales since May 2010. Think about that. More sales activity in mid-February 2011 than mid-June 2010.

Similar to the week prior, there were 1,324 New Listings for the week, representing a decline of 24.9 percent from a year ago. Active Listings increased slightly from the week before to 21,553, just a 3.2 percent decline from last year.

As we work our way through these next three months of apples-to-oranges comparisons to last year, we will be looking back at 2009 and 2008 for further market understanding. This week's 710 Pending Sales compare well to the 714 for the same week in 2009 and 635 in 2008.

How much of this week's reported pendings can be attributed to unseasonably warm weather? Looking at 15-plus inches of fresh snowfall today, we're certain to find out in a couple of weeks.

Weekly Report

Mood of the Real Estate Market

2011-02-28T16:11:00.000-08:00

Eating real estate cake
Precisely 460 years before the peak inflation of the real estate bubble, in 1546, the phrase "you can't have your cake and eat it, too" was first recorded in "The Proverbs of John Heywood," according to Gregory Titelman in the "Random House Dictionary of Popular Proverbs and Sayings."

Heywood might as well have been trying to issue a 500-year early warning to his equity-gobbling countrymen when he preserved the phrase meaning that you can't consume something, or use it up, and still possess it to enjoy.

Unfortunately, we didn't get the memo. Or maybe we did, but we blew it off. The fact is, behavioral economists have now made the simple but astute observation that humans in general and Americans in particular simply crave to have it both ways -- especially when it comes to money matters.

That means we want to be able to use our home equity as a source of funds and still have the home and its equity -- irrational as that may be.

We want to be able to experience economic, financial and real estate rewards exceedingly beyond any risk posed by the rewarding venture.

In fact, some have seen their homes not as a place to live, or even as an investment, but rather as a jackpot! Remnants of that thinking remain, even in this post-apocalyptic real estate market. I see it when wannabe buyers who have no business buying a home -- no income, no assets, no savings, bad credit -- still persist in such thinking.

But even those real estate market participants who have more rational expectations around their homes can fall into some "cake and eat it, too, please" thinking. Homeowners nationwide are petitioning to slash their homes' assessed values and pay lower property taxes.

Those who have the equity to do it have and are refinancing their 7 percent mortgages into last year's 4 percent loans, or today's, at a smidge under 5 percent -- great examples of assertive consumers executing some do-it-yourself responsibility for their personal finances.

But when tax time comes, these folks are shocked, awed and horrified to find that the tax advantages of homeownership they had grown so used to have dissipated dramatically. And there it is -- that good (bad?) old desire to have it both ways: paying uber-low interest and taxes on your home and expecting to still have the advantages you accrued by paying them in the first place.

And we all just saw this again in the roller coaster of reactions to the recent Treasury Department proposal to eliminate Fannie Mae and Freddie Mac. The federal government backs 90 percent of the mortgages originated today -- which everyone agrees is extreme -- and not in a good way.

Getting rid of these mortgage giants to stabilize the market and get government (i.e., taxpayers) mostly out of the mortgage business? Yep! Sounds great ... well, but it will also make mortgages more difficult to get and very likely decrease the rate of homeownership in America.

When asked, I hesitate to come out passionately in one direction or the other. The best I can do is see it as a bitter, but probably necessary, pill. In the movie version, Heywood is looking down from above, shaking his head, with "I told you so" on his tongue.

It's troubling to have our latent desires to have it both ways emerge when we are disappointed because we have done something wise and are now seeing all of the ramifications of it. But it's worse to go through irrational mental gyrations to make the "have it both ways" thinking make sense in a way that rationalizes unwise decisions.

To wit, the resurgence of interest in fairly short-term adjustable-rate mortgages (ARMs). Here's the chronology: Rates were high, but money flowed freely, and subprime, interest-only or negatively amortizing ARMs were the name of the game. The market crashed and home values fell, but so did interest rates and the types of loans available.

Rates got to 4 percent on a 30-year fixed loan, but some would-be refinancers held out for lower rates. Now they're back up to almost 5 percent, and that 4 percent of "yestermonth" has turned into the holy grail for homeowners.

To get there, people are starting to look hard and long at the 5/1 ARMs, on which rates and payments are fixed for five years before turning into an adjustable loan.

Now, it is true that these ARM loans -- especially the Federal Housing Administration-insured version -- are nowhere near as risky as the subprime variations. Mostly because these are fully amortized, meaning that the payment on them doesn't skyrocket on adjustment like those that didn't require any payment toward principal for the introductory period.

Also, the rate is so low to start that their annual adjustment caps and lifetime rate caps are much lower than those taken out in 2006-07. And the current popularity of these loans seems to be heavier in areas where the market hasn't been completely decimated by foreclosures, places where homeowners are optimistic about where their home values will be in five years.

But I think this is still "have it both ways" thinking. Unless you know you'll be selling, moving or paying your loan off in the next five years, to forgo the ability to lock in today's insanely low rates for the life of your loan to try to get the sub-4 percent current rates on a 5/1 ARM -- even though you could probably have gotten on a 30-year loan a few months ago if you hadn't allowed the fixation on even lower rates to cause you to wait too long -- seems like the worst kind of cake-eating-and-having fantasy.

Today's market conditions minimize the possibility of too much damage from taking a 5/1 ARM. On the FHA version, the lifetime cap would be in the high 8 percent range today and it would be 10 years from now before it could get there.

Nevertheless, it behooves us all to watch and ferret out this kind of thinking and prevent it from controlling our real estate decisions. Rates won't always be low enough to protect us from ourselves.

Thanks Tara you are awesome!

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, www.rethinkrealestate.com.

Get out of the Rat Race ~

2011-02-26T07:12:00.000-08:00

Existing-Home Sales Rise in January 2011

2011-02-25T06:19:00.000-08:00

RISMEDIA, February 24, 2011—The uptrend in existing-home sales continues, with January 2011 sales rising for the third consecutive month with a pace that is now above year-ago levels, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 2.7% to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3% above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier.

Lawrence Yun, NAR chief economist, said the improvement is good but could be better. “The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,” said Lawrence Yun, NAR chief economist. “The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”

A parallel NAR practitioner survey shows first-time buyers purchased 29% of homes in January, down from 33% in December and 40% in January 2010 when an extended tax credit was in place.

Investors accounted for 23% of purchases in January, up from 20% in December and 17% in January 2010; the balance of sales were to repeat buyers. All-cash sales rose to 32% in January from 29% in December and 26% in January 2010.

“Increases in all-cash transactions, the investor market share and distressed home sales all go hand-in-hand. With tight credit standards, it’s not surprising to see so much activity where cash is king and investors are taking advantage of conditions to purchase undervalued homes,” Yun said.

All-cash purchases are at the highest level since NAR started measuring these purchases monthly in October 2008, when they accounted for 15% of the market. The average of all-cash deals was 20% in 2009, rising to 28% last year.

The national median existing-home price for all housing types was $158,800 in January, down 3.7% from January 2010. Distressed homes edged up to a 37% market share in January from 36% in December; it was 38% in January 2010.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the median price is being dampened by unusual market factors.

“Unprecedented levels of all-cash purchases, primarily of distressed homes sold at deep discounts, undoubtedly pulls the median price downward,” Phipps said. “Given the levels of inventory we see today, we believe that traditional homes in good condition have held their value.”

Total housing inventory at the end of January fell 5.1% to 3.38 million existing homes available for sale, which represents a 7.6-month supply at the current sales pace, down from an 8.2-month supply in December. The inventory supply is at the lowest level since December 2009 when there was a 7.3-month supply.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.76% in January from 4.71% in December; the rate was 5.03% in January 2010.

Single-family home sales rose 2.4% to a seasonally adjusted annual rate of 4.69 million in January from 4.58 million in December, and are 4.9% higher than the 4.47 million level in January 2010. The median existing single-family home price was $159,400 in January, down 2.7% from a year ago.

Existing condominium and co-op sales increased 4.7% to a seasonally adjusted annual rate of 670,000 in January from 640,000 in December, and are 7.9% above the 621,000-unit pace one year ago. The median existing condo price was $154,900 in January, which is 10.2% below January 2010.

Regionally, existing-home sales in the Northeast fell 4.6% to an annual pace of 830,000 in January from a spike in December and are 1.2% below January 2010. The median price in the Northeast was $236,500, which is 4.0% below a year ago.

Existing-home sales in the Midwest rose 1.8% in January to a level of 1.14 million and are 3.6% above a year ago. The median price in the Midwest was $126,300, which is 3.2% below January 2010.

In the South, existing-home sales increased 3.6% to an annual pace of 2.02 million in January and are 8.0% higher than January 2010. The median price in the South was $136,600, down 2.1% from a year ago.

Existing-home sales in the West rose 7.9% to an annual level of 1.37 million in January and are 7.0% above January 2010. The median price in the West was $193,200, down 5.7% from a year ago.

For more information, visit www.realtor.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

The Freest of the Free Markets

2011-02-25T06:04:00.000-08:00

RISMEDIA, February 25, 2011—Think back to your college days. You went out all night and drank way too much. The next morning you had a devastating hangover, and one of your buddies came up with the miracle solution—the hair of the dog that bit you. So you started again. “It’s a miracle!” you thought, until it all caught up with you. Call it the law of unintended consequences.
I liken this to the recent wave of government intervention in our beloved housing market. Consider the following:

During the real estate boom of the “Roaring 2000s,” the federal government decided to play with the housing market. Their mission was to increase homeownership levels for more Americans at lower income levels. This was a laudable intent. Homeownership is good for families and good for communities.

The problem was how they went about it.

In typical federal form, they implemented a solution that was childlike in its simplicity. Instead of promoting responsible homeownership, creating savings incentives and educating the public on how to buy a home the right way, they just eliminated mortgage lending standards. By controlling Fannie and Freddie, and instructing them to offer no-down-payment, no-income-verification mortgages, they sent a wave of buyers out into the marketplace with a blank check in hand. You’ve heard of “funny money?” This was “Fannie Money.”

A few million buyers entered the market with pockets full of Fannie Money and had a direct impact on driving home prices beyond reasonable levels. We all remember the thought process: “I want this house. They are asking $675,000, but I have a blank check in my pocket for $725,000, so offer $725,000!”

We all know what happened next. Mortgage defaults jumped, and since Wall Street bet the farm that those mortgages would perform and that real estate values would always go up, their balance sheets crashed and we got the credit crisis of 2008. But make no mistake. This was not a chicken-or-egg situation. Bad government policy came first.

Fast forward to 2008, and the first thing those same politicians did was jump in front of the nearest microphone and shout, “If you can’t pay your mortgage, you are a victim of a predatory lender! You deserve help and the government will give it to you!” And then they were shocked when loan defaults jumped. (Notices of mortgage default filings peaked in the first quarter of 2009).

The government unintentionally created an incentive to default and then, for two years, continued to flail at the loan modification challenge. Finally, this latest set of solutions frustrated the policy makers in Washington, resulting in the October 2010 order to “freeze foreclosures.” Childlike simplicity or just a tantrum?

Even the Home Buyer Tax Credit backfired. It worked so well that fourth quarter 2009 home sales cranked, and once extended, the spring market of 2010 cranked again. But what was supposed to be a tipping point for consumer confidence ended up being a roller coaster ride. Fourth-quarter sales for 2010 are looking bad compared to 2009, naturally. And we can expect the media reports to reflect a lousy spring market of 2011, when compared to the record-breaking spring of 2010.

American real estate is the most in-demand product the world has ever known. America is in demand. Shelter is in demand. The American dream is in demand. If anyone in Washington is listening, please just leave it alone and let it heal. The American housing market yearns to be free.

Greg Rand is CEO of OwnAmerica.com and former managing partner of Better Homes and Gardens Rand Realty. For more information, please visit www.ownamerica.com.

Median Sales Price for Twin Cities Region

2011-02-21T09:19:00.000-08:00

Stay tuned for our new offering of more information about updates on the real estate market, a collection of educational how to do's for sellers and buyers. We will also be posting lifestyles in the Metro area, answer questions you may have, post challenges that clients may face, and fun activities in the Twin Cities.
We encourage you engage with us, however we ask that you keep your postings clean.

Median Sales Price for Twin Cities Region

New Fed Rule May Lower Costs for Borrowers

2011-02-18T19:54:00.000-08:00

A new Federal Reserve rule that takes effect April 1 is expected to lead to lower costs for borrowers, but some experts say it’s going to hurt the mortgage industry.

Under the new rule, borrowers who get their mortgages through brokers likely will pay less for services and brokers will be required to offer borrowers the lowest possible interest rate and fees that they qualify for. Most banks and other direct lenders, including some mortgage companies that operate like banks, are exempt from the rule.

The new Federal Reserve rule--the “Loan Originator Compensation amendment to Regulation Z”--is to help prevent borrowers from being steered into high-cost or risky loans.

Mortgage brokers used to earn more money on a loan the higher the interest rate and points. But the new rule covers how a loan originator is paid, setting a fixed commission and no longer tying the amount to the loan terms.

Some in the mortgage industry aren’t happy with the new rule, saying it makes mortgage brokers less competitive against the big banks.

“I will now get paid the same amount to process a plain-vanilla loan as I will a complex loan of equal size that requires more work,” says Mark Yecies, an owner of SunQuest Funding, a mortgage broker and lender in Cranford, N.J.
Officials with the National Association of Mortgage Brokers also have expressed concerns, saying the rule would likely put a lot of independent brokers out of business.
Source: “New Fed Rule for Mortgage Brokers,” The New York Times (Feb. 17, 2011)

International Builders Show ~ What's hot and what's new

2011-02-14T18:43:00.000-08:00

Improve the Infrastructure of Your Community

2011-02-14T11:32:00.000-08:00

New community infrastructure enriches your neighborhood—and maybe your home value, too. Follow these four tips to get upgrades that boost your neighborhood’s curb appeal.
The first step in getting a sidewalk or other infrastructure in your neighborhood is to talk to local officials. Image: Royalty-Free/Corbis/Jupiterimages
It takes time and effort, but lobbying local government for sidewalks, crosswalks, street lighting, and other community infrastructure:
Creates a sense of community.
Makes an area more desirable to home buyers. Indeed, appraisers keep score of community infrastructure and amenities when valuing homes.
Sets your ‘hood apart from others with similar homes—especially in a competitive real estate market.
A local REALTOR® can tell you which infrastructure upgrades will offer the most value to your community. Then it’s up to you to work with local government.
1. Who controls community infrastructure?
Call your mayor or councilperson’s office to find out which office of your local government handles infrastructure upgrades and additions. Does your city or town have any short- or long-term plans to develop a grid of sidewalks or street lighting?
“Developing a system of sidewalks leading to a downtown, shopping district, or local school adds more value to the neighborhood than disjointed sections of sidewalk,” says Cheryl E. Kuck, public information officer for the City of Portland Bureau of Transportation.
The pitch: Saying that the infrastructure project is something your community needs is better than something it wants.
Example: If you want sidewalks, argue that kids need them to walk safely home from school rather than saying you need them because they’ll improve your home value.
2. What is the community infrastructure approval process?
You might have to get a certain number or percentage of people who live near the project to sign a petition saying they approve.
You might need to hop aboard a lengthy process involving a zoning or planning board.
Once you know the process, figure out how to present your case.
3. Who picks up the tab for community infrastructure projects?
It’s not cheap. Concrete curbs and sidewalks cost about $15 per linear foot for curbing and $11 per square foot for walkways. Streetlight and crosswalk costs differ depending on their design.
Funding sources may include:
Local, state, and federal tax dollars
Assessments charged to home owners (Local officials may be able to offer relief or deferrals to seniors.)
Bonds issued by local government and paid back over many years
Money set aside by government for capital improvements
4. How do I deflate the naysayers?
One strategy: Emphasize health
As Americans become more conscious of the environment and their health, crosswalks and sidewalks are a good way to get your neighbors out of their cars.
A walking-friendly neighborhood will hold its value better than a similar neighborhood that’s not walkable.
Support for community infrastructure projects can quickly snowball. “Building community support helps to sway local council people to your side,” says Charlie Zegeer, director of the Pedestrian and Bicycle Information Center.

By: Myra A. Thomas

Published: December 2, 2010
Myra A. Thomas is an award-winning Fanwood, N.J.-based journalist. She was drawn to Fanwood because of the quaint walking downtown with well-marked crosswalks and Victorian street lamps. Myra is slowly rehabbing her 50-year-old split-level home, but she is lamenting the lack of a sidewalk on her block

..OTHER WEB RESOURCES
enhancements.org National Transportation Enhancements Clearinghouse. Learn more about funding sources available for sidewalk projects cops.usdoj.gov How infrastructures add safety (PDF)
U.S. Department of Justice report on improving street lighting
A petition is an effective method to affect change in your community and raise awareness around issues. R
Get others involved in improving your neighborhood:

Landing Mortgage More Stressful Than Finding a Job?

2011-02-09T14:31:00.001-08:00

Getting a mortgage in today’s lending market isn’t easy and can be a complicated, stressful process for borrowers, according to findings from a national survey by MortgageMatch.com of 1,000 adults.

About 70 percent of Americans say access to affordable mortgages is a serious problem, and that understanding the mortgage process and lenders’ requirements is even more difficult and stressful than getting the mortgage itself or even negotiating the sale price on the home.

Nearly 80 percent of recent home buyers, particularly those earning $50,000 a year or more, say getting a mortgage was much more difficult than they had expected. And nearly a quarter of home buyers said waiting to hear if they were approved for a mortgage was even more stressful than waiting to hear if they landed a job.

Among the survey’s other findings:
10.8 percent report their lender gave them a higher interest rate than what they were originally quoted.
22.9 percent said applying for a mortgage was challenging because documentation requirements from their lender kept changing.
21.6 percent of borrowers said their lender used too much technical jargon.

"Over the past few years, a lot of buyers have had a hard time not only getting a loan but getting through the process," says Sue Stewart, senior vice president at Move Inc., which is the operator of MortgageMatch.com. "This survey is a wake-up call and clearly points to the fact that borrowers want a process that's easy to understand and follow. They don't want surprises and they want to be able to depend on their mortgage lender. For most people, the home buying process isn't about the mortgage -- it's about getting a home."

Source: “Survey Shows Access to Mortgages Seen as a Serious National Problem,” PRNewswire (Feb. 8, 2011)

Read More:
Mortgage Basics: Avoiding Application Problems

Monthly Skinny: January 2011

2011-02-01T19:41:00.000-08:00

Anti-flipping ~ waiver

2011-01-31T15:14:00.000-08:00

Homebuyers relying on FHA-insured financing will still be able to buy homes that have changed hands in the last 90 days, thanks to a decision by the Federal Housing Administration to extend a temporary waiver of its "anti-flipping" rule through the end of the year.
The anti-flipping rule -- a 90-day waiting period implemented in 2003 to protect the FHA's mortgage insurance program from losses -- already included an exemption for homes repossessed by Fannie Mae, Freddie Mac, and state- and federally chartered financial institutions.
But last year, FHA took the additional step of waiving the waiting period for all resales -- including homes purchased and rehabbed by private investors.
Since the broad waiver went into effect on Feb. 1, 2010, FHA said it has insured 21,000 90-day property flip loans worth more than $3.6 billion that would otherwise not have qualified for financing.
The Obama administration believes the waiver may be helping stabilize home prices and neighborhoods that have been heavily impacted by foreclosures.
An analysis of property-flip loans suggests they carry no more credit risk than others insured by FHA, although they were often missing documentation needed to support valuations, the government said in a notice announcing an extension of the waiver until Dec. 31, 2011.
"This action enables our borrowers, especially first-time buyers, to take advantage of this opportunity and buy a home that has recently been rehabilitated," said FHA Commissioner David Stevens in a statement. "It will also help to move more foreclosed properties off the market and reduce the number of vacant homes in neighborhoods throughout this country."
To protect FHA borrowers against predatory flipping -- resales of properties at inflated prices -- the waiver continues to be limited to arms-length transactions, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, lenders must justify the increase with a second appraisal or supporting documentation verifying that the seller has completed renovation, repair and rehabilitation work to substantiate the increase in value.
The lender must also order a property inspection and provide a copy of the report to the purchaser before closing.
In analyzing 17,114 90-day property flip loans insured between Feb. 1, 2010, and Oct. 31, 2010, FHA found the early payment default rate was 0.03 percent -- less than the 0.15 percent rate for the 1.2 million purchase loans insured during the same period. Borrower debt ratios and credit scores were also nearly identical.
But a further review of a subset of those loans found they were more likely than other purchase loans to have problems with valuations. Nearly half had unacceptable valuation reviews, with a majority of the problems that were discovered related to documentation compliance issues, such as a missing inspection report or second appraisal.

How foreclosures failed the legal test | Inman News

2011-01-27T09:25:00.000-08:00

In two separate, but similar, cases that both took place on July 5, 2007, U.S. Bank and Wells Fargo both foreclosed on the homes of borrowers who had defaulted on their home loans. Both properties were auctioned at foreclosure sale and, when there were no takers, the two banks purchased the respective properties themselves, according to court filings.
The fact patterns of the two properties' mortgages were similar. In both cases, the banks that originated the mortgages sold and assigned the loans to another bank, after which both loans were sold and assigned several times.
Some of these sequential assignments were "in blank," meaning the seller of the mortgage actually executed an assignment form leaving the assignee's name blank, filling in the assignee's name later.

Eventually, these loans were securitized, meaning they were bought and sold in a package with hundreds of other mortgages. These packages, containing the two mortgages at issue, were eventually purchased by U.S. Bank and Wells Fargo.

Notably, though, while both banks produced to the courts the memoranda documenting the assignment/sale of a portfolio of securitized mortgages to them, Wells Fargo was unable to produce the schedules referenced in those assignment documents that were supposed to list the specific mortgage accounts included in the securitized packages.

In the case of U.S. Bank, the assignment to these banks was conducted "in blank"; the bank's name was filled in on the portfolio assignment documents only after the actual foreclosure sales had taken place -- although the assignment documents stated that the assignments were in effect before the foreclosure sales.
After the foreclosures, both banks filed suit in the Massachusetts Land Court, asking the lower court to declare that the foreclosures were valid to transfer title in the homes to the banks, that there were no clouds on title, and that the banks owned clear title to the properties.

Even though neither homeowner disputed the foreclosures, the land court denied the banks' requests, finding that the foreclosure sales were invalid because the mortgages at issue had not been assigned to the banks at the time the foreclosure notices were issued, nor by the time the foreclosure sales were conducted by the banks.

Because the banks had no interest in the properties or the mortgages at the time of the foreclosures, the foreclosure sales were held to be invalid.

On a motion to vacate these judgments, the banks produced documentation of the creation of the pools of securitized mortgages but were still unable to produce any documents confirming that these individual mortgages were contained in these pools, except to point to the mortgage accounts and the payment histories to U.S. Bank and Wells Fargo by the properties' homeowners.

On appeal to the highest court of the state, the banks' arguments were again rejected and the lower court's ruling upheld. The Massachusetts Supreme Court pointed out the well-settled rule of Massachusetts law that, since a judge's approval is not required for a lender to foreclose on a home, foreclosing lenders are held to the letter of the law when they foreclose on a home through a nonjudicial foreclosure sale; the court went so far as to quote a 1905 Massachusetts opinion: "One who sells under a power (of sale) must follow strictly its terms. If he fails to do so there is no valid execution of the power, and the sale is wholly void."

One "term" of a lender's power to sell a Massachusetts home is the identification of who can foreclose. In Massachusetts, " 'statutory power of sale' can (only) be exercised by 'the mortgagee or his executors, administrators, successors or (assignees).' "

As purported assignees, the banks were required, by the plain language of the relevant statutes, to show that they had been assigned the mortgagees' interest in the mortgages and properties at the time that (a) the foreclosure notices were issued and published, and (b) the homes were foreclosed on.

The trust agreement under which U.S. Bank purported to have been assigned the mortgage at issue was never produced to the court, and was described by the bank as a document that would be executed in the future, so it failed under the requirements of Massachusetts law.

The Wells Fargo assignment agreement met the timing requirement, but did not state with specificity that the particular foreclosed mortgage was part of the securitized package, the court found.

In rejecting the banks' requests for clear title and invalidating the foreclosure sales, the court clarified that a securitized mortgage could be validly foreclosed with "the executed agreement that assigns the pool of mortgages, with a schedule of the pooled mortgage loans that clearly and specifically identifies the mortgage at issue as among those assigned."

Additionally, though, the court fielding the request for a declaration of clear title might also require proof that the assignment was made by a party that actually held the mortgage.

Either the assignor or the assignee should be the holder of the mortgage recorded in the public records, the court explained, and the assignment must be in place at the time of both the foreclosure notice and the foreclosure sale itself.

The court also ruled that assignments "in blank" are not valid until the date on which they are completely filled in with the name of the assignee. Neither did the post-sale assignment agreements do anything to empower U.S. Bank to foreclose; transfers of interests in real property are valid only on the date they are made, the high court opined.

Accordingly, the Massachusetts Supreme Court ruled that the land court had not erred in rejecting the banks' requests for declarations of clear title in these matters, nor had it erred in declaring the foreclosure sales invalid.

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, http://www.rethinkrealestate.com/.

5 Tips to Prepare Your Home for Sale

2011-01-27T06:41:00.000-08:00

1. Have a home inspection
Be proactive by arranging for a pre-sale home inspection. For $250 to $400, an inspector will warn you about troubles that could make potential buyers balk. Make repairs before putting your home on the market. In some states, you may have to disclose what the inspection turns up.
2. Get replacement estimates

If your home inspection uncovers necessary repairs you can’t fund, get estimates for the work. The figures will help buyers determine if they can afford the home and the repairs. Also hunt down warranties, guarantees, and user manuals for your furnace, washer and dryer, dishwasher, and any other items you expect to remain with the house.
3. Make minor repairs

Not every repair costs a bundle. Fix as many small problems—sticky doors, torn screens, cracked caulking, dripping faucets—as you can. These may seem trivial, but they’ll give buyers the impression your house isn’t well maintained.
4. Clear the clutter

Clear your kitchen counters of just about everything. Clean your closets by packing up little-used items like out-of-season clothes and old toys. Install closet organizers to maximize space. Put at least one-third of your furniture in storage, especially large pieces, such as entertainment centers and big televisions. Pack up family photos, knickknacks, and wall hangings to depersonalize your home. Store the items you’ve packed offsite or in boxes neatly arranged in your garage or basement.
5. Do a thorough cleaning

A clean house makes a strong first impression that your home has been well cared for. If you can afford it, consider hiring a cleaning service.
If not, wash windows and leave them open to air out your rooms. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Wash light fixtures and baseboards, mop and wax floors, and give your stove and refrigerator a thorough once-over.
Pay attention to details, too. Wash fingerprints from light switch plates, clean inside the cabinets, and polish doorknobs. Don’t forget to clean your garage, too.

Working to get your home ship-shape for showings will increase its value and shorten your sales time.
By: G. M. Filisko

If you need further assistance with any of these listed items contact us today.

7 Reasons to Own Your Home ~

2011-01-25T12:13:00.000-08:00

I thought I would share this information, for interest rates are still at historical low as well as housing values. I don't think this is going to stick around.

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.
6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at http://www.ginniemae.gov/.

REALTOR® Magazine-Daily News-Thieves Target Tax Documents, Watch Your Mail

2011-01-23T21:34:00.000-08:00

Thieves Target Tax Documents, Watch Your Mail

Tax season is here, which means you need to take some extra caution when receiving your important tax documents in the mail and ensure they don’t fall into the wrong hands, identity theft experts warn.
Year-end credit card summaries, W-2s, 1099 income tax forms, and brokerage statements contain critical information about you, such as your full name, Social Security number, and account numbers. In the wrong hands, that type of personal information can put you at risk for identity theft.
"People don't understand that 'walkers' follow mail carriers and look through your mail for any bonanza they can find," says Linda Foley, chairman of the Identity Theft Resource Center. "Mail thieves know the prime time is between 9 a.m. and 3 p.m. Others take advantage of the dark of night and/or consumers' tendencies of not checking mailboxes each day."
Some experts warn that some thieves are even opening envelopes and making copies of documents and then resealing your mail and placing it back in the mailbox -- so you never suspect a thing.
Here are some suggestions from experts on how to better protect your mail:
Purchase a secure, locked mailbox for your home or get a post office box to prevent others from accessing your mail.

Get your mail soon after it arrives and avoid having mail left in your mailbox for long periods of time. Put a vacation stop on your mail if you are going to be out of town.

If you think your mail has been stolen, contact your creditors or bank about your bills and the U.S. Postal Inspection Service to investigate any missing mail or mail theft. You can file a mail theft complaint online at https://postalinspectors.uspis.gov/contactUs/filecomplaint.aspx or call 1-877-876-2455.
Source: “Mail Thieves Are Waiting for Your Tax Documents,” The Dallas Morning News

COMIC: Selling a home ... at any price | Inman News

2011-01-23T21:15:00.000-08:00

REALTOR® Magazine-Daily News-House Flipping Fraud on the Rise

2011-01-19T14:11:00.000-08:00

House Flipping Fraud on the Rise
A high percentage of mortgage applications from house flipping is causing investigators to become increasingly alarmed. House flipping is when investors buy properties for quick resale and profit.

Lenders have reported greater occupancy fraud, employment fraud, and undisclosed debt on many of these mortgage applications.

Mortgage fraud continues to increase across the nation, rising by more than 20 percent since fraud rates reached a low point in early 2009, according to CoreLogic’s 2010 Mortgage Fraud Trends Report. CoreLogic’s recent study also found that one in every 24 REO sale transactions are associated with a fraudulent resale.

“Fraud continues to shift to areas of the lending business where large volume increases occur over short periods of time, or where advanced risk mitigation processes are not squarely in place,” says Tim Grace, senior vice president of Fraud Solutions at CoreLogic.

The biggest home flipping hot spots are Southern California, Phoenix, Detroit, and Atlanta.

Source: “Open House; Flipping Tied to Mortgage Fraud,” The Herald News (Jan. 16, 2011)

Not an easy task selling a home in 2010

2011-01-17T09:07:00.000-08:00

The number of homes sold dropped to the lowest level seen in eight years.
There were 37,608 homes sold last year in the Twin Cities metro, down 16.8 percent from 2009, according to the Minneapolis Area Association of Realtors.
The number of homes brought to market also hit an eight-year low of 82,127, down 1.4 percent from 2009.
The numbers weren’t all bad: There was a 2.3 percent gain in median sales price from the previous year, due in large part to more upper-bracket home sales.

MAAR predicts listings, sales and median price to all increase in 2011, though most had also hoped that 2009 would be rock bottom for the real estate market — not 2010.
-------------------------------------------------------------------------------
Minneapolis / St. Paul Business Journal - by James Anderson , Staff Writer

2011-01-14T14:31:00.000-08:00

IRS Not Ready to Take Itemized Returns Until Mid-February

Procrastinators now have an official reason to delay filing their taxes this year—the IRS says those who use Schedule A to deduct mortgage interest need to wait until mid- to late February to send in their tax returns.

The IRS needs the extra time to reprogram its processing systems to accommodate tax law changes enacted by Congress and signed by President Obama in December of 2010.

Schedule A is used to itemize deductions like mortgage interest, charitable deductions, medical and dental expenses, and state and local taxes.

The due date for taxes this year is Monday, April 18, because Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, April 15. By law, District of Columbia holidays impact tax deadlines in the same way that federal holidays do. Taxpayers requesting an extension will have until Oct. 17 to file their 2010 tax returns.

The IRS says it will let taxpayers know when it’s ready to process returns with Schedule A. Meanwhile, if you want to get started on your tax return, you’ll find the paperwork you need at the IRS website, www.irs.gov, and at libraries and post offices.
Source: IRS

Read more: http://www.houselogic.com/news/articles/irs-not-ready-take-itemized-returns-until-mid-february/#ixzz1B3FTbxrl

New Real Estate Company in Maple Grove MN 55369

2011-01-11T08:48:00.000-08:00

Looking for 10 experienced agents to come aboard.

6 creative ways to afford a home

2011-01-11T08:28:00.000-08:00

1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, http://www.hud.gov/.

2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.

3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors' names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.

4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.

5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.

6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.

In Person Networking (IPN) Calendar of Events - Maple Grove Minnesota MN - AmericanTowns.com

2011-01-07T07:31:00.000-08:00

Intereseted ~ In Person Networking (IPN) Calendar of Events - Maple Grove Minnesota MN - AmericanTowns.com

The not-so-dynamic duo Fannie and Freddie is more powerful.

2011-01-06T13:24:00.000-08:00

An American dream: government gets out of housing

Could the U.S. government stop subsidizing mortgages altogether? Probably not in real life. But that is where the debate over reforming Fannie Mae and Freddie Mac, as well as righting the public-private sector balance in housing, should begin.

This unlikely dream imagines the government out of the business of guaranteeing housing finance within 10 years. That should be long enough to phase out subsidies slowly, preventing the still fragile housing market from dropping further. It would give private-sector banks time to absorb an estimated $5 trillion of government-backed mortgages. And it would wean homeowners gently off the subsidized financing they’ve grown accustomed to. Just as importantly, though, 10 years is short enough to focus minds now.

The Treasury, due to propose ideas for Fannie and Freddie in January, has been prevaricating for two years. And the indecision has made the not-so-dynamic duo more powerful. They currently guarantee the highest percentage of U.S. home mortgages seen in the last 20 years, according to Barclays. They enjoy unlimited access to taxpayer funds and have expanded their affordable housing mission to include the well-off.

By laying out a clear exit plan in 2011, legislators could reverse the expansion that has already sucked down more than $150 billion of taxpayer funds. It would also make it easier to roll back emergency measures put in place at the height of the recent crisis. For example, Fannie and Freddie are still guaranteeing loans for as much as $730,000 in high-cost areas, even though the private sector is again strong enough to provide loans to rich homebuyers. Without a deadline such temporary measures risk becoming permanent
While they are at it, U.S. lawmakers should consider ending the deduction of mortgage interest for tax purposes. It’s another subsidy for home ownership — though it probably partly defeats itself by making homes more expensive at the same time as it makes mortgages cheaper.
Most important, though, is to start by re-examining the policy goals underlying today’s subsidies: how far should the government push home ownership, and how much support for affordable housing should be focused on buying rather than, say, renting. The usual Washington tinkering with the status quo isn’t enough. To create a new, sustainable American dream, lawmakers need first to wake up.

2010 mortgage rates lowest since 1955

2011-01-03T08:14:00.000-08:00

Can you believe this?
Long-term mortgage rates rose a bit in the final week of the year, but average rates this year have been the lowest since at least 1955.
Freddie Mac says a 30-year fixed-rate mortgage averaged 4.86 percent in the week ending Dec. 30, up from 4.81 percent last week. A 15-year fixed-rate mortgage averaged 4.20 percent, up from 4.15 percent last week. For all of 2010, 30-year mortgages averaged 4.7 percent.
Reading from Washington Business Journal

2011 - People still in love with home ownership

2010-12-30T06:59:00.000-08:00

In the first half of 2010, the extended $8,000 first-time home buyer tax credit and expanded home $6,500 tax credit for repeat buyers helped encourage sales and stabilize home prices. Home buyers in 2010 have also benefited from historic affordability levels, with the combination of record low mortgage rates coupled with rising household incomes. The NAR Housing Affordability Index currently shows that a median-income family with a down payment of 20% has 184.2% of the income required to purchase a median-priced home.

Despite record affordability and buyer incentives, rising foreclosure rates and concerns about proper foreclosure procedures led some to question whether owning a home was a good personal decision.
The decision to own a home is a very personal one, but over the long term, owning a home is one of the best ways to build long-term wealth, in addition to providing numerous social benefits that include reduced crime rates, improved childhood education, and increased stability. After all, a fixed-rate mortgage might last 15 to 30 years; renting is forever.

Low interest rates mean real money for today’s home buyers. Buyers who purchased a median-priced home five years ago with an FHA mortgage requiring a 3% down payment would have a monthly mortgage payment of $1,650. With today’s interest rates and median home prices, that same buyer would pay $1,150 per month—a $500 savings. That’s a savings of $6,000 per year.
People are passionate about the American dream of home ownership, and this passion underscores how important home ownership is to our nation,” said NATIONAL ASSOCIATION OF REALTORS® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “Owning a home has long-standing government support in this country because home ownership benefits individuals and families, strengthens our communities, and is integral to our economy
So hands down many home owner in 2010 had no regrets, many renters and ready buyers are in love with home ownership.

Read more article like thishttp://www.houselogic.com/

Hope ~ Federal Programs grant millions for housing issues

2010-12-29T06:20:00.000-08:00

The Obama Administration announced nearly $73 million in housing counseling grants to more than 500 national, regional and local organizations. As a result of the funding, hundreds of thousands of households will have a greater opportunity to find housing or keep the homes they have because of the housing counseling and counseling training grants awarded by U.S. Housing and Urban Development Secretary Shaun Donovan.

The grants represent a $13 million, or 22% increase over last year’s funding level. In announcing the grant awards, Donovan said HUD-approved housing counseling agencies are a critical part of the nation’s housing recovery.
“These organizations are on the front lines of helping families who are desperate to remain in their homes,” said Donovan. “Now, more than ever, it’s crucial that we support these agencies that are working with struggling families on a one-to-one basis to manage their money, navigate the homebuying process, and secure their financial futures.”
“This critical funding will help counseling organizations continue to assist families in making more informed choices before they purchase a home and counsel families facing foreclosure.”

For more information, visit www.hud.gov.

A little X-Mas note.

2010-12-15T21:09:00.000-08:00

I want to wish everyone a Happy Holiday!
http://www.portablenorthpole.tv/watch/GODf8pescSb-bjBi4CmWog

Real Estate Agents are you ready for 2011?

2010-12-14T08:10:00.001-08:00

Hot new housing trends for 2011

2010-12-13T21:32:00.000-08:00

Christopher Solomon of MSN Real Estate has great insight. Read on..........The housing market may be down, but it's not out. Houses continue to be built across the nation, especially homes aimed at first-time buyers. But the Great Recession has limited the bells and whistles that many people demanded under their new roof even four years ago. Would-be homebuyers want — and are getting — different things from "home sweet home" today.
From front porches to LED lights, here are the top six things experts say are trendy in new homes for 2011. How does next year's wish list compare to yours?
1. Smaller homes that 'live' the same

"One big trend is the smaller homes," says David Barista, editor-in-chief of Professional Builder and Custom Builder magazines. In fact, the median size of new U.S. homes fell from 2,277 square feet in 2007 to 2,135 square feet in 2009, according to the National Association of Home Builders.

"There's a couple drivers here," Barista says. "I don't think buyers are looking for that opulence of several years ago; they're looking for something more modest. (But) they still want the amenities and the spaces" in these smaller homes.

So he's not seeing the number of rooms in a home being cut; instead, the size of the rooms — and the overall home size — is shrinking 10% to 15%. That, of course, also brings down the price, which is key in a market in which new houses are competing against foreclosures.

MSN Money: Shopping for a home? Estimate your credit scores

Despite that shrinkage, Barista says homeowners still want nice touches such as quality faucets, higher-end appliances and granite countertops in that smaller kitchen.

2. The old front porch, revisited

Front and side porches are making a comeback, says Kermit Baker, chief economist for the American Institute of Architects, which performs a quarterly Home Design Trends Survey. One reason is simple: Front porches help create a sense of community, something that more traditional suburbs lack.
But something else is driving the interest in front porches, Baker says. Thanks to the recession and the soft housing market, homebuilders have sharply curtailed their construction of big, self-standing communities of hundreds or even thousands of homes. Instead, they're doing more "in-fill," adding dollops of homes here and there among existing homes. Porches can help integrate these homes with the existing community, Baker says.
3. A ‘greener’ home

Not surprisingly, energy efficiency is one of the year's hottest trends.
Efficiency takes many forms, from builders adding insulation in the walls, to better windows with glazing and higher "R-value" — or insulation ability — to sealed ductwork that doesn't leak air, to Energy Star-rated appliances throughout the home. Some builders are even installing low-energy LED lights for accent lighting, Barista says.
"There is a premium that (builders are) paying for these products," Barista says, "but they're doing their best not to pass along all the cost to the consumers."
Read: Housing market 2010: Good riddance!
Ideal Homes is one of many builders now offering a guarantee on ongoing energy savings for homeowners for their new home. The builder "does the math" on the savings for buyers, estimating their savings as part of the sale process.

"Multiple large national builders, including Beazer Homes and Meritage Homes, are now offering energy-efficient homes, some as standard (no premium cost to the buyer) and many rated or certified through third-party programs," Barista says, such as Energy Star or the National Green Building Program.

The trend is less about consumer demand and more about builders needing to stay competitive, not only with other homebuilders but also with existing homes and foreclosures.

"They see 'green' as adding value to their products," Barista says.

4. No 'upstairs, downstairs' drama

Single-story homes remain popular, according to the AIA. Why? It's simple: As the baby boomers age, such homes are easier for older folks to navigate. They're also easier for aged friends or parents to visit, too.

5. The downscaled kitchen and bath

Our desire for big kitchens and bathrooms ballooned during the boom years, and homebuilders were happy to oblige. That's changing.

"Functionality is now preferred to more and larger kitchens and bathrooms within U.S. homes," Baker wrote earlier this year. "But since kitchens remain the nerve center of the home, doing more with less space is a key consideration."

The upshot: Practicality and multiple use rule. Making a kitchen a family space is a priority. Kitchens will have areas devoted to charging laptops, mobile phones and PDAs, Baker says.
In the bathroom, some of the bloom is off the rose. Adding linen closets and storage is in. Adding a doorless shower? Not so much.

6. A home that serves you well

"Buyers are looking for value and how features contribute to the efficiency of their lifestyle," says Stephen Melman, director of economic services for the National Association of Home Builders.

That's why "walk-in closets in master bedrooms and well-designed laundry rooms are likely candidates to repeat as most likely features for 2011," says Melman, whose association is performing a survey of the year's most requested items in homes. Those requests may not be dramatic, but they underscore how homeowners want their home to work easily for them.

And there you have next year's hot house. Get yourself a big master closet and a big front porch and start enjoying yourself in 2011.

Get ready Bank of America to Resume Foreclosures

2010-12-12T19:11:00.000-08:00

I thought I would share something I thougt was interesting.

Bank of America to resume foreclosures

By Aaron Smith, staff writerDecember 10, 2010: 8:19 AM ET
NEW YORK (CNNMoney.com) -- Bank of America said Friday it was ending its hiatus on foreclosure sales, and promised to get its act together after a series of sloppy home seizures prompted the bank to back off and re-examine its process.
"We have identified areas of our process that can be improved and while we make these improvements, it's important that we move ahead with efforts to reduce the number of abandoned properties across the country," said Barbara Desoer, president of Bank of America (BAC, Fortune 500) Home Loans, in a statement. "The properties can drag home values in neighborhoods and slow the eventual recovery of the housing market."

The bank said it plans to proceed with 16,000 foreclosures this month, though it will observe a "holiday suspension" of sales and evictions from Dec. 20 to Jan. 2. Freddie Mac (FMCC) and Fannie Mae (FNMA) have announced a similar holiday freeze.

The Bank of America action ends the "voluntary freeze" that the bank initiated in October, after a series of messy real estate mistakes. They included the foreclosure of a house that was owned outright by someone who had paid cash, without any mortgage at all, as reported by the Sun Sentinel of Florida.

In another case, the bank shut off the utilities of a Pittsburgh homeowner and seized her pet parrot, despite the fact that she was current on her payments.

"We continue to be committed to ensuring that no property is taken to foreclosure sale until our Bank of America customer is given an opportunity to be evaluated for a modification or, if ineligible for a modification, a short sale or deed in lieu solution," said Desoer. "Foreclosure is the option of last resort."

Why are they so difficult to work with?

How to fail in Real Estate

2010-12-09T14:31:00.000-08:00

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Totally off the subject ~ Early Planning for Thanksgiving recipes

2010-11-18T13:53:00.000-08:00

I so couldn't help myself and wanted to share the awesome Recipes for Thanksgiving.

Oh Martha Stewart you are a gem!

Enjoy! Share with me what you think of these recipes and let me know if you make any of these and how they turned out.

Where is the Twin Cities Real Estate Market been and where is it going?

2010-11-17T08:53:00.001-08:00

Realty Times - FHA's Rehabilitation Program

2010-10-26T19:30:00.000-07:00

Realty Times - FHA's Rehabilitation Program

Median Sales Price for Twin Cities Region

2010-10-04T20:22:00.000-07:00

Median Sales Price for Twin Cities Region

Local Skinny Video

2010-10-04T20:20:00.000-07:00

Eugene's day 2 of inspection

2010-09-03T20:02:00.000-07:00

Initial inspection had 2 major concerns, sent over inspection addendum to seller to review. Seller has accepted request. One of the major request was to hire a license heating and cooling contractor to assess vibration in furnace vents and to check out the air supply to 3rd level. Day 2 of inspection, contractor visited the home and has decided that a good cleaning of the motor and cooling coils would solve the issues. Buyer were present while contractor diagnosed the issues. Buyers were not happy that booster fans are still needed to push air flow.

We now await seller's response to contractors assessment. Stay tuned.

Utica ~ Buyer's Inspection

2010-08-31T06:43:00.000-07:00

Buyer requested seller take care of a few maintenance items. Seller accepted their request and will complete task by or before we close. Which is Sept. 30, 2010.

Today Eugene's inspection on their new home. Stay tuned to hear more about their future.

Where has the Twin Cities real estate market been and where is it heading?

2010-08-27T07:37:00.000-07:00

Offer coming on 2738 Utica Ave S.

2010-08-23T21:38:00.000-07:00

Buyer's just called and said, they were approved to purchase 2738 Utica Ave S. We are meeting tonight to go over putting an offer.

In the meanwhile there is 1 showing today and I am doing a Realtor's open tomorrow from 11:00 - 1:00PM.

Stay tuned for more details.

2010-08-22T19:42:00.000-07:00

We did something different today. We plastered the Eugene's yard with open house signs. We offered light snacks, refreshing sassy water, some soft jazz, gorgeous weather, lots of neighbors, amazing house, priced right, lots of good facts about the market and neighborhood.

We had a total of 8 parties join us today. All who gave us positive feedback. With all the excitement with regards to great company, perfect house and outstanding weather, I believe we have a very interested party that loves this home. Stay tuned for more updates on what happens with the Eugene's and the first time homebuyer who is anxious to pursue this 2 story, spacious beauty.

Social Benefits of Homeownership and Stable Housing

2010-08-19T19:35:00.000-07:00

Research has consistently shown the importance of the housing sector on the economy and the long-term social and financial benefits to individual homeowners. The economic benefits of the housing market and homeownership are immense and well documented. The housing sector directly accounted for approximately 14 percent of total economic activity in 2009. Household real estate holdings totaled $16.5 trillion in the first quarter of 2010. After subtracting mortgage liabilities, net real estate household equity totaled $6.3 trillion.

In addition to tangible financial benefits, homeownership brings substantial social benefits for families, communities, and the country as a whole. Because of these societal benefits, policy makers have promoted homeownership through a number of channels. Homeownership has been an essential element of the American Dream for decades and continues to be so even today.

The purpose of this paper is to review existing academic literature that documents the social benefits of homeownership. Furthermore, this paper examines not only the ownership of homes, but also the impact of stable housing--as opposed to transitory housing and homelessness---on social outcomes, looking specifically at the following outcome measures:

•Educational achievement;

c participation;
•Health benefits;
•Crime;
•Public assistance; and
•Property maintenance and improvement.

Find out more information, read: Social Benefits of Homeownership and Stable Housing 2010 (225K PDF)

http://www.realtor.org/wps/wcm/connect/8ec2e7804373765ebbf3ffebde1cdb9c/Social+Benefits+of+Stable+Housing.pdf?MOD=AJPERES&CACHEID=8ec2e7804373765ebbf3ffebde1cdb9c

Pending Home Sales Ease in Post-Tax Credit Market

2010-08-11T22:37:00.000-07:00

Assumable Mortgage ~ 6412 Neddersen Parkway , Brooklyn Park, MN 55445

2010-08-06T07:46:00.000-07:00

Incredible split entry, bi-level, 1994 home that has been well maintained. Home includes 3 bright bedrooms, 2 bathrooms, total finished square feet # 2,080, hardwood floors, sunny kitchen, full finished livable basement, attached 3 car garage, 2010 property taxes $2,855, minutes to Zane sports park, Oak Grove Park, Hwy 610 and more.

Rent vs. Buy [consult with your financial advisor-loan officer to determine what your exact loan terms are. Each situation will vary based on credit].
Details on assumable mortgage terms please inquire via email.

Payment breakdown

	Rent	Buy
Monthly payment	$1,800.00	$1,100.38
Monthly taxes, maintenance, insurance, association dues and PMI	$30.00	$555.54

Total monthly payment	$1,830.00 to $2,055.92	$1,655.92
Total payments over 5 years	$116,477.33	$99,355.20

Tax savings over 5 years

	Rent	Buy
Total payments	$116,477.33	$99,355.20
Total payments less tax savings	$116,477.33	$81,442.63

Total tax savings	$0.00	$17,912.57

Home appreciation vs comparison investment over 5 years

	Rent	Buy
Sale price of home		$248,197.19
Remaining loan balance		($179,188.31)
Cost for purchase and sale of home		($28,825.83)
Down payment, points, and closing costs invested	$22,134.00
Investment return	$2,665.22
Investment tax owed	($666.31)

Gain on home or comparison investment	$24,132.92	$40,183.05

Total cost analysis over 5 years

	Rent	Buy
Total payments	$116,477.33	$99,355.20
Total tax savings		($17,912.57)
Gain on home or comparison investment	($24,132.92)	($40,183.05)

Total	$92,344.42	$41,259.58

Thank you Heather Dietrich Feigum #612.309.7626 with Keller Williams Realty Integrity Northwest, for allowing My Mobile Agents Virtual Real Estate market your property you have listed.

Wanted to share what my friends at the US Chamber of Commerce is passing along ~

2010-08-02T14:22:00.000-07:00

Please add friends@uschamber.com to your address book to ensure our emails reach your inbox.

Delays, denials hit home-buyer tax credit filers TaxWatch - MarketWatch

2010-07-29T11:14:00.000-07:00

I wanted to follow up with how the IRS is refunding the first-time home-buyers.

Delays, denials hit home-buyer tax credit filers TaxWatch - MarketWatch

If you have a story to share positive or not we would love to hear from you. Please be no inappropriate language.

Well maintained Brooklyn Park home offering Contract for Deed terms

2010-07-28T10:39:00.000-07:00

2101 87th Trail N , Brooklyn Park, MN 55443 $234,000

1990 Split entry, included 4 bedrooms, 3 bathrooms, total fsf #2,100, open floor plan, updated kitchen, hardwood floors, new carpet, new roof, property taxes $3,345, large deck great for entertaining, near Edinbrough golf course.

If you are currently paying $1,900-$21,00 a month in rent. Your total payment over 5 years is $123,000.

If you were to purchase this home you could save $74,500 over the next 5 years. [Consult with your financial loan officer to find out what mortgage products your are eligible for. All circumstances are different based on credit].

Call me today for your 30 minute consultation on how you can purchase this home. 612.558.3189.

Thank you Nader Kazeminy 612.267.6311 with Counselor Realty, Inc for allowing me to advertise your listing.

$149,900 6800 Orchard Ave N Brookyn Center MN 55429 ~ my real estate bargain of the day!

2010-07-26T21:03:00.000-07:00

One story 1956 rambler in move in condition. Offers 4 bedrooms, 2 bathrooms, total finished sq. ft. #2,056, property tax $3,238. 2 fireplaces, hardwood floors, this fantastic opportunity, seller is willing to provide a contract for deed opportunity with 10%, this loan is also assumable. Please call for more details and private showing.

Let's compare rent vs. buy; if you are currently paying $1,600 for the next 5 years in rent you would be paying a total closse to $100,000.

If you purchase your payments could be $1,256.00 your total payment for the next 5 years is $75,355. [Please consult with your loan advisor, mortgage products vary based on credit].

Your saving if you were purchse would be $64,000. Call for more details on an estimated comparison.

Thank you Pahola Clysdale with The Realty House #651.398.6250. I appreciate you for allowing me to advertise your listing.

6001 Century Boulevard , Brooklyn Park, MN 55429

2010-07-26T20:43:00.000-07:00

1969 4 level or home that includes 3 bedrooms, 2 bathrooms, seperate dining room, hardwood floors, full finished basement, fened in lot, 1 car attached garage.

Paying $1,400 in rent, you have to consider this opportunity!
If you were to stay where you are for the next 5 years and pay rent in the amount of $1,400 you would be paying close to $90,0000.

If you were to purchase your payments could be at $1,200 a month. [Please consult with your finacial consultant, all mortgage products vary, based on credit]. Total payments over 5 years is $72, 0000.

Total cost anaylsis over 5 years you would save $51,000. This is an estimated calculation.

I would be more than happy to provide you a complementary estimated comparison.

Seller is willing to provide a contract for deed opportunity. Let's talk 612.558.3189

Thank you Doug Lees with Re/ Max Action West Inc, 952.470.7603.

Golden Valley beauty ~ 1834 Glenwood Parkway MN 55422

2010-07-22T16:40:00.000-07:00

My hot pick of the day is this 1957 one story, rambler. Offers 2 large bright bedrooms on the main floor, 3 bathrooms, 2 bathrooms, sunny eat in kitchen, seperate, formal dining room, hardwood floors, 2 wood burning fireplaces, full finished, walk out basement with look out windows, 2 car tuck under garage, chain link and wood fencing, roof 8 years or less, walking distance to bike and walk trails. Must see this to appreciate.
Sale price is $200,000.

Let's compare rent vs. owning;

If you are pay rent in the amount of $1,500 + utilities senerio for 5 years you will be paying $97,364.44+. You have no tax deductions, no investment return. You will have paid out -$97,364.44 + in rent.

Buy payment with 5% down, 4.25% interest rate, 30yr. fixed rate, is $1737.54 Total payments for 5 years $104,252.40. - Tax savings of $18,108.81. Sale of home in 5 years is $231,854.81-remaining loan balance 4175,083.82 - cost to sell $19,311.29. = $37,459.71 = +$48,683.89 [please check with your financial consultant terms may vary based on credit and mortgage products, this is a senerio case study.]

Call Caprice 612.558.3189 for more details on how to own this home.

Thank you Micheal Wasem #612.386.4988 and Linda Wasem 952.938.1900 with Edina Realty for allowing me to market your listing.

Caprice's Real Estate pick of the day ~ 5235 Arrowowwd Lane N, Plymouth MN 55442

2010-07-20T14:56:00.000-07:00

This 1978, 1 one story home is located Arrowwood development. Offers 4 bedrooms, 4 bathrooms, 2 or more entertinment | media center, 1 gas fireplace, total fsf # 2,764, property taxes $3,160. In 279 Osseo school district, .5 acre corner lot on culdesac, park across the street, park and public acess to Bass Lake.

Contract for deed terms available with ample down payment.

Payment analysis if you are renting;

If you are paying $1,900 in rent you can afford this home. If you rented for the next 5 years, you will be paying $122,848.30 in rent. If you own and sold in 5 years your savings would be $57,633.31. Please contact your financial consultant for more exact numbers. Everyone's situation is completely different. Call or email me Caprice 612.558.3189 | ca@mymobileagents.com if you have any questions on buying or selling.

[Listing agent w/ Re/Max Associates Plus, Inc]Mark Pehlke 612.581.5465

Have an awesome day!

Monthly Real Estate Skinny: July 2010

2010-07-19T22:15:00.000-07:00

Wanted to share some news with everyone.

Cash flow 101 game night ~ this Wed. 6:00 PM At Maple Grove Starbucks

2010-06-21T12:55:00.000-07:00

Come learn how to get out of the rat race. Play cash flow 101 with a small group of beginners. Learn strategic ways or get ideas and support on how to untangle personal economic burdens. There is no financial committment and or sales involved. Our goal is to get everyone we meet out of debt and start buiding a solid financial foundation.

This is a RSVP event call or email Caprice 612.558.3189 | ca@mymobileagents.com

This opportunity is also an avenue to network. We look forward to hearing from you.

When: June 23rd, 2010
Where: 7979 Wedgewood Lane North Maple Grove MN 55369
Time: 6:00-7:30pm
No charge event

Hot bargain property pick of the week ~ $59,900

2010-04-20T19:26:00.000-07:00

4015 24th Ave S. Minneapolis MN 55406 ~ HUD home for sale.

Bids are due 4/22/2010 | Owner occupant only.

2BDS | 1BA | 1 car gar | built 1926 | fsf #648 | tax $1,777
hardwood floors, kitchen window, full unfinished basement, fenced in backyard,
forced air heat source, central air, shopping, bus line and light rail in walking distance.

If you are comfortable with creating creative space you should run and take a closer look at this opportunity.
You can't pay rent this cheap. Monthly payments on this home is $330. this does not include property taxes and homeowner insurance. Payment is based on 5% down, 30 year fixed, interest rate at 5.7%. Please speak to your financial consultant, terms will vary and will be based on credit.

If you have a home that you feel is a bargain feel free to post it.

Resourceful idea for sellers and buyers ~ Fuse without bank's terms

2010-04-15T16:23:00.000-07:00

How do we help each other in the housing crisis?

Buyers experiences;
When out there shopping with a buyer, is exciting. To see what you can be purchased with today's dollar. If you are not allergic to work and many cases mold you can find a solid home with a lot of bells and whistles for under $200,000. However, there are so many challenges with getting financing. Lending rules have made my buyer's experience unpleasant.

Sellers experience;
When helping a seller unload their home, the experiences have been pretty grime. Sellers who thought of their home as the ticket to retirement, cash out and take it easy, have been awaken from their nightmare with a slap to the face with my words "your home is not worth what you thought it is worth today". Now what?

Could both parties unite? How can we help each other without upper management controlling the entire circus show?

I am currently seeking individuals that want to operate with this theory, 'Fuse without bank's terms'. Get to know more about renting with option to own possibilities or get the skinny on contract for deeds. There could be a world of different opportunities for you.

Keep following me if you want help with creative financing or can offer creative financing.

All comments are welcome.

We had a blast!

2010-03-28T20:03:00.000-07:00

What a gorgeous day to have our "Tour Of Bank Owned Homes" in Maple Grove.
We saw a total of 6 homes in Maple Grove that offered a wide range of prices, styles and designs. We were inspired to transform many of the homes available on our tour. Many of us got a chance to share ideas and information that bought clarity to what was important to each of us.
You can't afford to miss our next tour, it will empower you when making one of your biggest decision. This event is seasonal we have only 5 more events left. Our next event;
When: April 29th, 2010
Where: Starbucks7979 Wedgewood Lane Maple Grove MN 55369
Time: 2-4PM ~ Event is no charge and caravan style.
Reserve your seat today e-mail or call Caprice - cwayau@gmail.com | 612.558.3189.

Join us today for "Tour Bank Owned Homes."

2010-03-28T07:50:00.000-07:00

Are you looking to buy before the tax credit expires? Can't find the perfect house that you dream of at a bargain? You won't want to miss this caravan style cruise through Maple Grove. We have several homes on our tour that won't last.
The event is no charge and comes with professional experts that will answer your questions on the spot.

Shop LIVE
Get tips on buying, selling and investing
Learn about the different mortgages and rates available
Learn what to look for in distress properties
Find out what the cost would be to fix up distressed properties
Find out how to protect your assets
Get instructions on how to get the tax credit

We encourage you to participate; time is running out to get credit for buying your first and or second home.
Uncle Sam is giving money away!

We meet today:
March 29th, 2010
2:00 PM -4:00PM
Maple Grove Community Center
12951 Weaver Lake Road Maple Grove MN 55369

If you are under contract we ask that you do share your representives name. We respect our fellow colleges.

Mortgage delinquency crisis, FHA guidelines that put my client in a corner.

2010-03-25T21:51:00.000-07:00

I discovered today that my clients can not sell their home based on FHA guidelines. Seller and buyer now need to qualify for a short sale. Because my clients bought a house that was significantly cheaper than what their home that they have been trying to sell for the past 9 months has not sold for what is owed on the mortgage they decided to proceed with a short sale. No offers after another price reduction, sellers decided to proceed with a short sale, before they bought a new home. Unfortantely 2 more months later they did find a home to buy and decided to purchase it. Finally we recieved a low ball offer on their primary home in the mean time and submitted to lender only to hear offer was rejected. Seller in their new home now. We proceeded with the short sale, did a preliminary work and ordered a Broker's Price Opinion, which came in at $99,900. We finally got another offer for $92,00 with buyer's closing cost assistance and to close in 30 days. Buyers have great credit, are putting 20% down. Lender rejected another offer, becasue sellers bought another. Help? Any ideas?

HUD ~ Bargains

2010-03-22T21:11:00.000-07:00

Be ready to get a dose of super bargains. There is going to be a new storm of new below market deals.

2955 Knox Ave N. Minneapolis
3BA 2BA 2 car garage
$75,000

3100 Lawrence Road Brooklyn Center

4BD 2BA 2 car garage

$60,000