Archive for Real Estate Resources
October 7, 2009
· Filed under Real Estate Resources
Been extremely busy as of late with buyers doing their level best to take advantage of the First Time Homebuyer Tax Credit before it expires at the end of November.
That has me keeping listing agents selling short sales and foreclosures on task to get offers approved, and mortgage underwriters on schedule to get deals closed on time.
It’s a lot more work then it was just two years ago, and with prices so low, the commission at the end of the deal is about a 1/3rd of what it used to be as well.
I had taken some seminars on how to break into the REO business; listing dozens of foreclosed properties with only one or two corporate entities for clients…
But you know what, that’s not me. I’m a buyer’s agent, and a damn good one.
I’ll keep showing houses (by bicycle), I’ll continue to get buyers into their new homes, I’ll weather this out.
July 9, 2009
· Filed under News, Real Estate Resources · Tagged downpayment assistance, first time homebuyers, foreclosures, Minneapolis advantage
Another recipient of funds from the Minneapolis Advantage Program.
Sweet house.
Great Rate.
$10,000 toward downpayment and closing costs.
Life Is Good.
June 25, 2009
· Filed under Real Estate Resources, Wisdom
I’ve got a client who, rather then bringing money to cover her down payment and closing costs, is being handed a sizable check at the the closing table along with the keys to her new house (which the buyer got at a very good price).
Make no mistake, it’s been a challenge. Between the bank who owns the property, the lender, the underwriter, the REO company, the inpector, the appraiser(s)….it’s been a protracted battle royale to get this deal done.
But worth it in the end.
For more information of the Minneapolis Advantage Program click HERE or give me a call.
May 6, 2009
· Filed under Real Estate Resources, Wisdom
3019 Grand St. NE
I’ve learn that there are no easy deals in this market.
But this one…..both the buyer and I worked tirelessly to bring this one to a successful end.
When considering purchasing a foreclosed home, the buyer needs to be ready for a three ring circus.
Is it worth it…OH, YEAH!
March 17, 2009
· Filed under News, Real Estate Resources, Wisdom · Tagged book a showing, buyers agent, first time homebuyers, minneapolis, realtor, realtor tools
I had my routine down.
I used to sit in front of my computer with my lap full of active listings, calling in my appointments over the phone.
My practiced appointment spiel rolled off my tongue; name, agent i.d., company name, office phone number, property address, time and date of the request, along with whether it was a preview, or a first or second showing.
Along with all the appropriate pleasantries of course.
It was equal parts comforting and annoying.
Shortly thereafter, my phone would start ringing with conformations and lock-box codes.
Yesterday, for the first time, I just typed in MLS numbers, clicked a couple buttons, and within a few minutes my email in-box began to fill with all the necessary information to conduct a day’s showings for multiple properties and clients.
My daughter is delighted she never has to overhear my Realtor appointment spiel ever again.
March 9, 2009
· Filed under Real Estate Resources · Tagged first time homebuyers, longfellow, powderhorn, south minneapolis
I’m working with a number of different buyers right now.
Each with different criteria and pricepoints.
Trust that I’m getting to know the inventory in South Minneapolis (particularly in the $150,000 and under range), very, very well.
I’m averaging 20-40 showings a week. Mostly in the Powderhorn and Longfellow areas..
If you’ve had your eye on it, there’s a pretty good chance that I’ve been there.
March 4, 2009
· Filed under Real Estate Resources, Wisdom
4057 20th Ave.
This one took a LOT of extra effort.
It didn’t need to be that way. It was one of the most qualified buyers buying the finest re-hab job I’ve seen in South Minneapolis. Even my meticulous inspector raved about this home.
Nope, it was lending and title that (needlessly) held this one up.
I understand how lenders and title companies are under a microscope and are therefore taking extra care to make certain everything is disclosed and above board.
But the hoops that the buyer (and the seller?) had to jump through to get this to the closing table was nothing short of onerous.
All’s well that ends well.
February 19, 2009
· Filed under Real Estate Resources · Tagged downpayment assistance, first time homebuyers, Minneapolis advantage
I’ve got a number of first time homebuyer clients who are looking for assistance in making their downpayments and closing costs.
Minneapolis has an excellent program that can help them do just that.
The Minneapolis City Council approved a demonstration program, the Minneapolis Advantage Program, a downpayment and closing cost assistance program to help rebuild the housing market in key neighborhoods that have experienced mortgage foreclosures. The demonstration program provided $10,000 deferred loans to buyers of houses in neighborhoods heavily impacted by foreclosures. The program was funded by $500,000 which allowed for 50 loans, forgiven over a five-year period.
Here’s a link to a map of areas that qualify for the program.
In order for a property to qualify, it must either be in foreclosure (I’ve heard from more then one reliable lender that vacant properties will also qualify).
The fund is, at the moment, dry. However a new, significantly larger, allotment is being released on March 1st, 2009.
The money is available on a first come/first served basis and you must have a fully actuated purchase agreement (all parties have agreed to the terms of the agreement and signed all documents) in place before applying.
This is an amazing opportunity. Ask your lender about it, and then give me a call.
February 17, 2009
· Filed under News, Real Estate Resources · Tagged active listings, buyer's market, first time homebuyers, housing statistics, market activity, new listings
I’ve been so busy, I nearly forgot about The Blog.
I’ve never seen so much action during Winter months
But don’t take my word for it, check the stats:
Here’s the briefing:
New Listings are down 10-16%-Less new inventory on the Market
Pending sales are up-17-25%-More homes are selling
Active Listings are down 12%- Once again, Less Inventory, making shopping less overwhelming. But trust me, there is still a wealth of choices.
Average Days on Market: back to the same level as 2007-146 Days
Percent of Original Price Received at Sale: Down to 89%-Sellers still getting less then what they perceive their home to be wort (i.e.: Buyer’s Market continues)
Question? I’m always ready.
January 19, 2009
· Filed under News, Real Estate Resources, Wisdom · Tagged first time homebuyers, real estate, real estate sales, time to buy
I’ve written two purchase agreements in as many days.
One of them has already been accepted!
Other agents I’ve spoke to have commented on the unusually high level of activity in the past couple weeks.
It’s a perfect storm of motivated sellers, low interest rates, and a wealth of quality, well-priced inventory for buyers to choose from.
I, for one, have nothing but good things to say about the current market.
Let’s keep it going.
It’s warmed up significantly, and my internally-geared bike runs like a top.
