Condos Minneapolis

Renter Resources For Emergency Services That Might Help With Rent

In today’s economic environment, tenants are feeling the pain of a recession as well-or even more-than the rest of the population. This might mean their job loss or lesser wages. It is hard to pay the rent without an income. Therefore, as a landlord, your consider learning about and sharing resources with your tenants that provide emergency services in the Twin Cities. I have put together a few ideas on services/programs that might be able to help with food, utilities and even the rent. Besides the greater possibility and likelihood of getting your rent, you are being a friend and showing that you care. What goes around comes around.

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2012 is going to be a year of change in the residential market

My phone has been ringing off the hook with buyers and sellers getting ready to “get ready”. I hope it continues! Let me tell you that the sentiment may have turned. If I can help you, and you’ve been on the fence, the time is now. One of my resources that I follow is Alex Charfen from the CDPE Institute. Watch what he has to say about some MAJOR money entering into the residential marketplace:

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Kung Hei Fat Choy

Happy Chinese New Year-Officially on January 23rd. Some of my family members are from China. We often will celebrate Chinese New Year with a tremendous meal and good company. This is the year of the Dragon. 2012 is going to be an exciting year-count on it! I hope it is your best.

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In the middle of the Winter we all need some “Summer Madness”

I could listen to this song over and over. It has nothing to do with real estate or mortgage-but what the heck-it’s a great tune. Sit back and enjoy!

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Something to think about starting the New Year

This video was sent to me today. I wanted to share it because I believe it is powerful. The meaning is up for your interpretation, as is(are) the message(s). Best wishes for a wonderful 2012.

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Certificates Of Rent Paid – 2011

Don’t forget to give your tenants their CRP’s by the end of January 2012. If you are a tenant, don’t forget to ask. These are useful to a tenant that qualifies for a tax deduction.

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Happy Holidays from Minnesota-See the Flash Mob at Carlson School

This is simply awesome-watch and enjoy! May 2012 be your best year yet. I know it will be exciting!

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2012-will it be just another year or is it YOUR year of transition?

I recently gave a Toastmasters speech on this topic. Key to answering the question is whether or not you have written goals in mind regarding what you want or intend to accomplish. Unless there are specific goals that require you to plan and live with a purpose and focus, life will just happen. Either way is fine as long as you know what to expect. Many people are frustrated when they expect something different. Mastering time and focusing on goals may more create a more fulfilling life. Soon, I will begin my annual project of goal setting. I intend to plan my year with measurable goals. I find I’m much happier when I’m focused on where I’m going. As such, I just came across this PDF called The Tower. I thought it was interesting and wanted to share it here. It is a short e-book about a man who is achieving his goals and living the dream. He’s living life on his terms and creating a legacy. He became more focused after he analyzed a video game he was playing. It is a pretty interesting book. Maybe one of your goals involves real estate-buying a new home or investment property. If this is a goal of yours, I can help. Give me a call and let me help you figure out how we can make real estate goals become your reality in 2012.

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Short Sales Vs Foreclosures Vs Traditional sales

We need to understand that while the current economy is really a “Tale Of Two Cities” in that some people have no idea we are in a recession whereas others are in deep pain, the real estate market as a whole is being impacted by distressed properties. Based on the current backlog of homes, it may be this way for some time. That being said, why are short sales being embraced by everyone as the most economical way to move markets forward? When you look at a comparison of the loss incurred by the lender, you will see that losses are generally worse with a foreclosure. Larger losses via lower sales prices ultimately impacts everyone who is buying, selling or refinancing. I have a report and flyer I’d like to share. Both provide you with opinions and resources so you can draw your own conclusions. Solving the housing problem starts with understanding the problem as well as exploring viable solutions.

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Thanks To Veterans-We’re All Free

11-11-11 Veteran’s Day-We owe you guys/gals a lot. Thanks for your service & dedication!

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HUD Home Tips

Recently, a representative from Best Assets came to speak in Minnesota about how they are handling the disposition of HUD homes in conjunction with the asset managers, agents, and the website http://www.HUDHomeStore.com . The process of buying and selling a HUD home is very similar to that of “traditional transactions”, but there are some small differences and nuances. I have attached a sheet that covers some of items that you should be aware of.

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Minnesota HUD Homes

Most properties that become lender owned are generally available through our online MLS. HUD homes are listed in our online MLS as well. That being said, HUD maintains a site at http://www.HUDhomeStore.com that lists all their properties for all states and provides you a lot more information about specific homes. I would encourage you to go there and see what is available. As an agent, I am able to show and help you purchase a HUD home. Just let me know what you’d like to view. I can set up a specific search for you within our Online MLS and see that listings that meet your parameters are emailed to you daily. Attached you will see that process that occurs once you’ve purchased a HUD home. It will provide you with a flow chart so you know what happens. Did you know that HUD allows you to put $100 down on a full price purchase offer of a HUD home utilizing FHA financing? These terms and conditions are subject to change at any time. Keep up to date at http://www.HUDhomestore.com

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Expanded HARP Mortgage Refinance Option-Available Soon!

Today, the government expanded the HARP program and qualifications. Attached is the news release. Qualifying for a new loan to lower your rate may now be a possibility even if you are upside down-ie underwater on your loan. Terms/conditions always apply-see the release and call me if you think you fit the parameters. We can take it from there.

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National & Minnesota Foreclosure Trends

The market is still slow, but this is the opportunity for those who want to roll back the clock and purchase at price levels combined with interest rates that we haven’t seen in years. See the newsletter for more information. Also, I have MUCH more information to share. Simply give me a call or send me an email to get started. Let me show you how I can help.

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VA-Veteran Loans Funding Fee & FHA Maximum Mortgage Changes

Starting October 1st, 2011, the maximum FHA loan limit for single family loans is being lowered from $365K in the Twin Cities to $318,550. See the attached form. This is not a good thing, but reflects the reality of declining value of much of the real estate. Unfortunately, underwriting of all loans continues to tighten. On a positive note, the VA funding fee is being lowered. This would be due to less losses and a lesser need to collect as much insurance premium to protect against defaults. So, the question I have pondered is: Why are VA loans-typically financed at 100% loan to value-not experiencing the same loss ratios as other mortgage programs. VA 100% financing has been around forever. It works-and well. The problem of our mortgage crisis is not the loan to value or a required minimum down payment or tighter underwriting as some would have you believe. Imagine all the new homeowners if we actually took what we’ve learned from decades of underwriting VA loans and applied it to a new “stimulus mortgage program”. Instead, we are becoming a nation of renters. Somebody in congress needs to talk to the people who have their boots on the street for real solutions to our mortgage and real estate problems.

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Using A Reverse Mortgage To Purchase

With some of the major lenders leaving the reverse mortgage business-possibly just on a temporary basis-you might find it more difficult to find a lender offering the program. At the same time, it is worth your time to look. If you are 62 years old and have approximately 50% equity in a home, you can obtain a reverse mortgage. You can use this loan for a purchase as well. So, if you put down 50% of the value of the home, you can obtain a reverse mortgage. Remember, the reverse mortgage doesn’t have a monthly payment associated with it. While you are still responsible for the taxes and insurance, you pay off your loan when you sell the home. The attached PDF will give you some examples of how much is required to buy a home using a reverse mortgage at various age groups. This is a unique opportunity for seniors to consider, especially if they are on a fixed income.

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An Economic Blog/Resource For You

I just found this blog at http://www.CalculatedRiskBlog.com It is a cool economic blog. Go there and read articles to see what is happening in the world. Then, go to the graphs gallery. Simply amazing. It is worth your time if you want a macro view of the world and environment in which we live today.

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What’s happening in the Twin Cities Real Estate market?

Are you wondering what’s happening out there? Well I have my “boots on the street”. Here is where I see it and where I see it going in the short term. Overall, sales are slow, but not dead. We are now in the fall market. In as early as 30 days, we could have snow on the ground. Then, you have Thanksgiving and all of the other holidays. Combine all these events and this tends to be the slowest time of the year. This means it will likely get slower over the next 90 days for traditional home sales. I’ll keep you posted about the Spring market when we get there. That being said, I am keeping very busy-thankfully!. Many of my transactions today are involving investors. The deals are just too good to pass up. I would be happy to show you what I mean and give you actual examples involving investor transactions I’ve been involved with. If you believe that values will increase in the future, now represents the best buying opportunity I have seen in my 26 years. Is it all uphill from here? Absolutely not! In fact, depending on the community and property type, it might get worse before it gets better. Yet, if you are a long term investor, purchasing for the long term, this is a golden opportunity. Interest rates are at 50 year lows, the banks will soon have to do something with their inventory of properties. Banks are actually accelerating their foreclosure procedures. This means more homes will be available for sale or even possibly for rent. The government is thinking about solutions-so we’ll have to stay tuned. Will they become landlords? Will they raise the LTV loan limits for underwater mortgage refinance opportunities and expand eligibility beyond Fannie and Freddie loans? Will there be write downs of principal and equity sharing going forward for existing underwater homeowners? These are all ideas being talked about. Stay tuned for more!!

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Amazing Video-Wouldn’t Believe It If I hadn’t Viewed The Video

Amazing message-mortal enemies can get along! What an example for the rest of us!

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Great Cartoon from 1948

Human beings are human beings. Only the names change. When we refuse to understand history, psychology, and human nature we end up repeating mistakes that could be avoided. Re-learning lessons is getting mighty expensive. Definitely worth watching.

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VA financing their foreclosed properties for Investors

This is pretty exciting.  It is a way that investors can buy VA foreclosed homes with VA loans.  I personally have not participated in this yet, but I wanted to make sure everyone knew that it was an option and might be available.  See the flyer for more info

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Foreclosed Homes Might Be Turned Into Rental Homes

Soon, the government will be announcing their plans for upwards of 250K homes that are owned by Fannie Mae, Freddie Mac, and HUD. It is possible that they are going to be turning them into a pool of rentals and sell them later as the market improves. How this will be managed or created is anyone’s guess. Watch the FHFA- Federal Housing Finance Agency for more information. On the one hand, it will allow for revenue to be generated from an asset that is vacant. It also allows for inventory control which might mitigate price declines. We’ll have to wait and see.

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Real Estate Investment Opportunities within the Twin Cities

To better serve the needs of real estate investors in Minneapolis & St Paul as well as surrounding areas within the Twin Cities, I have recently earned the Certified Investor Agent Specialist™ (CIAS) Designation. With the CIAS, I have the training, tools and calculations to effectively serve the five investor types: First-Time Investor, Move-Up Investor, Portfolio Investor, Performance Investor, and Rehab and Resell Investor.

Real estate represents a consistent and stable way to build wealth, brings liquidity to our housing market, and stimulates our local economy. In fact, in the past year, investment and second-home properties represented approximately 27% of all residential sales. It’s also worth noting that nationwide, 43% of real estate investors earned less than $75,000 per year.

Today, real estate is quite literally on sale! There is an unprecedented opportunity to build wealth through real estate, and I specialize in helping all investors achieve their goals.

Contact me today at 952-929-2577 to learn more about investing in real estate.

In my 26 years of real estate sales, I can tell you the values are extreme. Don’t let this opportunity pass you by. Now is the time to purchase real estate.

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Twin Cities Fence Requirements

Recently a client purchased a home and was contemplating installing a fence. They found this link. While it is an advertisement for a fence company, they have PDF’s of each cities respective fence codes http://www.tcfence.com/city-codes

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Minnesota Foreclosure Activity-monthly report from Realty Trac

The report provided shows statistics and information both nationally and locally here in Minnesota. I have access to additional information and reports that will help add clarity to the news stories you are hearing. Things are tough, but not the same everywhere. Call me for my detailed opinion on where we might be headed.

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Short Sales, Foreclosures, Bankruptcies, Judgements All in one Transaction

I just had a short sale blow up because of undisclosed tax liens and judgements. The title couldn’t be cleared and we ended up with a mess. Everyone involved has to dismantle and start over again. I couldn’t help but be disappointed. But, in today’s real estate world this is common. It is all about attitude. When life throws you lemons, learn to make lemonade. Yes, it is more complicated than that. Take a look at this video and share it with someone who may have had a set back. It is really powerful and inspirational

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First Time Buyer Down Payment Assistance-Now In Minnetonka

See the guidelines about this new program for Minnetonka. These programs exist in other communities as well. I will help you find programs-just like this-in other communities within the Twin Cities. NOW is the time to take advantage of these programs. If lack of a down payment has held you back, now is the time to take a look at these special programs. WelcometoMtkaguidelines.doc

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Search Twin Cities Foreclosures

Use this link to find foreclosed homes in the Twin Cities:

http://www.condosminneapolis.net/search-foreclosures/

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Five Things To Know Before Buying a condo, townhouse or loft

Find the answers to these questions

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Perform your due diligence when buying a condo, loft or townhome-The health of the association matters

Don’t neglect this step-it can be costly!!

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Townhome, Condo & Loft Financing tip

Something to look for:

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Three Main Responsibilities Of An HOA (home owner’s association)

Ever wonder where your dues end up? Now you will have an idea!

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Five Benefits to purchasing a townhome, Loft or condo

Don’t overlooks these properties. In fact, today they represent the very very best deals in the marketplace.

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How To Find Money To Buy A Home

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So You Think You Want To Fix & Flip Homes

Follow some of the tips in this video so you don’t get financially destroyed. It is harder than you think!

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Why Use A Realtor?

Today, more than ever, you don’t want to buy or sell a home on your own. You need an expert. Let my 25 years of experience help you make the right decision.

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Twin Cities Real Estate-Investment Property In Minneapolis St Paul

This is a recent power point I’ve just put together. It gives you some ideas and information before you begin investing in real estate.

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Learn More About 203K Loans For Home Fix Up Upon A Purchase As Well As Home Improvement

These guys do a pretty good job of explaining the process. Check it out. WE do have outlets for the 203K loans at this time-both streamline and FULL 203K loans. Call us today-952-285-4319 NMLS #373115 Venture Development http://www.VentureLoanApp.com

203k Home Improvement Loans Part 2 of 2

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Funny Video That Explains The Banking System & Our Economy Of Today

You will find it funny, you will find it sad, but you will find it very similar to where we are today. It is called the American Dream. It explains a lot. Watch it once, then watch it again. History repeats itself because we are such poor students of history.

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Insured Conventional Loan Vs FHA-Which Is Better

There are many factors that go into a loan decision-credit scores, down payment, debt ratios, etc. One big question is whether you should consider buying a home with an insured conventional loan using 5% down or applying for an FHA loan with 3.5% down. The information below might make that decision easier. In fact, if FHA continues to raise the cost of their monthly mortgage insurance-known as MIP-the decision may start to favor conventional loans with PMI-private mortgage insurance. Remember, everyone’s situation is different. This information just gives you one more way to look at financing your purchase.

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How Does RE/MAX Compare? Let’s look at 2011

The numbers are now out! RE/MAX is a top producing company. In many markets, RE/MAX is the leader-often head and shoulders above the competition. I have been with RE/MAX for 16 years. Prior to that, I was with another large company for 10 years. Before you select an agent, interview a RE/MAX agent. I think you will agree that there is a difference. If you’re in the Twin Cities Metro-consider my services.

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Twin Cities Market Report 2010

Have you ever wished you had all the metrics of the marketplace in once nice concise report? Well now you do. Our board of Realtors compiles an annual report showing comparative data. While each home is different, pricing trends are trends. The data since the end of 2010 going into 2011 has gotten worse. If you’d like me help you interpret the information as it might pertain to your home sale or potential home purchase, just let me know. Enjoy the report.

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Underwater Homeowner Refinance Programs Extended For 1 More Year

FHFA Extends Refinance Program By One Year

Washington, DC — Federal Housing Finance Agency Acting Director Edward J. DeMarco has announced an extension of the Home Affordable Refinance Program (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2012. The program was set to expire on June 30 of this year. In addition, Fannie Mae and Freddie Mac will make the following adjustments to their programs: Freddie Mac will exempt HARP loans from their recently announced price adjustments and Fannie Mae will conform their eligibility date to May 2009.

The program expands access to refinancing for qualified individuals and families whose homes have lost value. HARP has grown over the past year. In 2010, Fannie Mae and Freddie Mac purchased or guaranteed more than 6.8 million refinanced mortgages. Of this total, 621,803 were HARP refinances with LTVs between 80 percent and 125 percent. This is up from 190,180 in 2009, when HARP began.

For more information on Fannie Mae and Freddie Mac refinance activity, see FHFA’s Fourth Quarter 2010 Foreclosure Prevention & Refinance Report. Additionally, homeowners can visit www.MakingHomeAffordable.gov for more information on the program.

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.9 trillion in funding for the U.S. mortgage markets and financial institutions.

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WHY Pick RE/MAX?

There are lots of reasons why you might choose to select one agent or company vs another. Unless you have a best friend or relative who you “have” to use, I would like to show you how I am different. I believe I have an excellent value proposition as to why you would select me as your agent and RE/MAX as your company. I would welcome the opportunity to meet with you and discuss how I can help you meet your housing goals-whether it be buying or selling. Interview a couple of agents, you will see there is a difference. You may wonder how does RE/MAX stack up within the Twin Cities. The attached PDF’s will give you some market share information as well as agent productivity-based on a 2010 compilation of the numbers. While these are just some of the metrics on which to base your decision, success does leave clues. How can I help you?

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Down Payment Assistance Synopsis

Where there is a will, there is a way. There are many many programs today that are city specific. So, the attached synopsis is a multi county foreclosure down payment assistance pool. Basically, there is money available for purchasers of distressed homes. If you want to buy a home and are flexible in which area you make your purchase, we can try to find you some programs.

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Gifts and Grants can be considered towards borrowers funds on certain 3% down conventional loans

Yes, you read that right. I just got an email today from a leading mortgage insurance company that is willing to underwrite this loan. You will need at 740 or better score. But, what an opportunity. In many ways, this is like FHA, but with a little higher credit threshold. The KEY difference, besides credit score, is the lack of an upfront MI (mortgage insurance) premium and as well as a smaller required monthly premium. This product could be a game changer for the MI company and conventional loans.

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Purchase 80/10/10 and 80/5/15 STILL exists

As of this post, the 80/10/10 and 80/5/15 can still be done. While underwriting has allowed it, it has been very difficult to find a second mortgage product that would write a 5 or 10% second mortgage. Well, after many phone calls, we have sourced two lenders who at this time are willing to offer the second mortgage. One is a bank and the other is a credit union. As with EVERY program, the rules can and do change at any given moment. The key to both product is extremely high credit scores and a file that utilizes conservative ratios. If you don’t have at least a 700 score, this might not be something you can utilize at this time. For the 80/10/10, you will need a 740 or better score.

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What Is Your Home Worth Today?

I found a cool resource at http://www.FHFA.gov. If you go there, in the middle of the page you will find something called the Home Price Calculator. You input your home purchase information in terms of State, quarter in which you purchased and the quarter in which you’d like to get the valuation. Next, you hit calculate, and it will show you a chart. While it isn’t specific to YOUR exact home, it does give trends for your area. If you want specific information-specific to your home-within the Twin Cities metro-give me a call and we can discuss your situation. I can then give you guidance on what the value might be.

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Did you know-Current & Future Housing Data

Watch this video-then call me to help you buy or sell a new home or investment property.

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8 Tips For Finding Your New Home

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

House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.

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.

G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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4 Tips to Determine How Much Mortgage You Can Afford

By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget.

Here are six surefire ways you can get your finances in order before you buy a home.

Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.

Instead of just taking out the biggest mortgage a lender qualifies you to borrow, consider how much you want to pay each month for housing based on your financial and personal goals.

Think ahead to major life events and consider how those might influence your budget. Do you want to return to school for an advanced degree? Will a new child add day care to your monthly expenses? Does a relative plan to eventually live with you and contribute to the mortgage?

Still not sure how much you can afford? You can use the same formulas that most lenders use, or try another of these traditional methods for estimating the amount of mortgage you can afford.

1. The general rule of mortgage affordability
As a rule of thumb, you can typically afford a home priced two to three times your gross income. If you earn $100,000, you can typically afford a home between $200,000 and $300,000.

To understand how that rule applies to your particular financial situation, prepare a family budget and list all the costs of homeownership, like property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care costs.

2. Factor in your downpayment
How much money do you have for a downpayment? The higher your downpayment, the lower your monthly payments will be. If you put down at least 20% of the home’s cost, you may not have to get private mortgage insurance, which costs hundreds each month. That leaves more money for your mortgage payment.
The lower your downpayment, the higher the loan amount you’ll need to qualify for and the higher your monthly mortgage payment.

3. Consider your overall debt
Lenders generally follow the 28/41 rule. Your monthly mortgage payments covering your home loan principal, interest, taxes, and insurance shouldn’t total more than 28% of your gross annual income. Your overall monthly payments for your mortgage plus all your other bills, like car loans, utilities, and credit cards, shouldn’t exceed 41% of your gross annual income.

Here’s how that works. If your gross annual income is $100,000, multiply by 28% and then divide by 12 months to arrive at a monthly mortgage payment of $2,333 or less. Next, check the total of all your monthly bills including your potential mortgage and make sure they don’t top 41%, or $3,416 in our example.

4. Use your rent as a mortgage guide
The tax benefits of homeownership generally allow you to afford a mortgage payment—including taxes and insurance—of about one-third more than your current rent payment without changing your lifestyle. So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment.

Here’s an example. If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.

However, if you’re struggling to keep up with your rent, consider what amount would be comfortable and use that for the calcuation instead.

Also consider whether or not you’ll itemize your deductions. If you take the standard deduction, you can’t also deduct mortgage interest payments. Talking to a tax adviser, or using a tax software program to do a “what if” tax return, can help you see your tax situation more clearly.

G.M. Filisko is an attorney and award-winning writer who’s owned her own home for more than 20 years. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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Two Special Twin Cities Home Buying Programs

One program is called FPP-Foreclosure Partnership Program, and the other is NSP2 Homebuyer Assistance Program.  Both programs offer incentive money for a purchase.  I can use these financing programs with one of our mortgage investors.  Consider checking them out to see if they’d work for you.

HennipenCounty-Non-forclosedHomes-overview

HennipenCounty-Nsp2-overview

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Rebuilding Credit To Get A Mortgage

Often, especially in this market due to the recession, we find potential home buyers who have had a life event or “bump in the road” that affects their ability to obtain a new loan. If you want to buy a home, you will have to have a certain number of reporting trade lines and for certain length of time. MOST mortgage programs require 3-5 trade lines and a minimum of two years of reporting. The other criteria is the actual credit score-which generally has to be 620, 640 or even 660 as it is all lender dependent. A manual underwriting where they use alternative credit such as rent payments, cell phone bill, utility bills, and the cable bill might be able to be used-but only with a few certain programs and lenders. So, the best bet is to re-establish credit as quickly as possible. HOW ABOUT NOW!! Don’t wait-it will only extend the time until you are going to be eligible. I have put together a list of resources that might be helpful. This list is only a starting place for your research. If you find another good resource please post it in the comments below so that the list can be expanded upon.

TOP IDEAS FOR CREDIT RE.doc

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Buying Rental Property In The Twin Cities

Have you ever wanted to own rental property, but were unsure where to start? I teach a class on the topic. I’ve decided to make the outline into a PPT. I cover the information in my class in much more depth and breadth, but this will give you a lot of useful information. If you are interested in discussing purchasing a rental property as an investment, just give me a call and we can set up a time to meet and review how I can help you become a “real estate mogul”.

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Mortgage Insurance May Still Be Deductible For Some Buyers

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Is There An Opportunity Right In Front Of YOU

I just watched an amazing video which I’ve posted below called the Money Tree. There are so many different interpretations. One that struck me was that people are oblivious to opportunity that is right in front of them. How many of us are looking for something that we already have or is within our reach? How many people are NOT buying real estate today when they could be looking at this as an incredible wealth building opportunity for what it is over the long term-assuming properties rise again in value? I was showing homes this past weekend. It was incredible to see townhomes in great communities selling for 40-60% less than they had sold for just as little as 5 years before. Luckily for my client, we are going to make an offer and ACT. Watch this video and don’t let the opportunities in your life pass you by. Don’t let life pass you by. Happy New Year and may 2011 be your best yet!

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December Is The Time To Reflect

Are each of us doing all we can to make the world a better place? Many of us have our favorite charity and organizations we support. RE/MAX is a very large sponsor of Children’s Miracle Network. Many people don’t realize how much has been given. Each time I sell a home, I automatically donate a portion of my commission to this organization. Other RE/MAX agents like myself contribute from their commission checks as well. Together, with RE/MAX we have collectively given over 100M. I would encourage everyone to consider finding an organization they believe in and make giving a part of their life. Just imagine what the world could look like?

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Getting Ready to Sell Your House

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HUD Has A YouTube Channel-Here Is There Vid On Buying A Home

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Google lets you create cool templated websites

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Can Home Ownership Contribute To Your Wealth?

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Minnesota Foreclosure And Distressed Home Fact Sheets PLUS Twin Cities First Time Buyer Special Programs

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Twin Cities Foreclosure Update

Here is our latest newsletter that has updates on foreclosures in the Twin Cities.

Also, watch the video below

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Minnesota First Time Home Buyer Tips

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Top Seven Tips For Home Buyers

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Data.gov – A Cool Site With Lots Of Great Info

http://www.Data.gov I just found this site and wanted to share it.  It has a ton of info and reports.  If you have a project or just an “inquiring mind”, this is sure to be a hit.  Check it out and get the data you need.

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Buying a Condo Conversion

By Aaron Gordon

Never question the ingenuity of the real estate developer.

Close to 20 years ago, two of my best buddies and I decided to pool our resources after college and get an apartment of our own.

The three of us were barely able to afford a 3 bedroom apartment that was about 10 years old at the time. We paid about $500/mo. in rent. To this day, I am not sure how we could afford that apartment.

The apartment was a dump. The flooring, the kitchen and, especially, the bathrooms were so bad, that my father walked in one day with a horrified look of disgust on his face, and refused to stay. However, that was what my buddies and I called home.

Today, nearly 30 years later I am doing loans for people buying units in that same apartment complex. Today, it’s a condo conversion!!

The entire complex has been remodeled, and the units are going for nearly $175,000 a unit.

Pure genius!

You all know about condo conversions and how incredibly hot they are in the market. Low interest rates have driven new home sales thru the roof and condos are no exception.

First time home buyers are flocking to get in any way they can. This has actually crippled the apartment business and is driving the biggest condominium conversion boom in 20 years.

Over 12,000 apartment units in Las Vegas are currently mapped for condo conversions. Condo developers are paying a premium to acquire and transform old apartment complexes into condos and they are doing this all across the country, especially Las Vegas and South Florida.

The developers typically search for apartment-to-condo conversions in desirable locations where they won’t directly compete with affordable entry- level homes.

They want to offer an affordable alternative to pricier single-family homes or to costlier condos in new developments.

In many cases, condo conversions provide the perfect entry-level opportunity for renters to become home owners, allowing these new property owners to build equity and realize their homeownership dream.

Transforming apartment buildings into condominiums is quicker and less risky than construction from the ground up.

Land prices have gone up so high that many developers cannot afford to build entry-level housing, so this is a great option. Home buyers then benefit because converted units are usually more affordable than new ones, and many are in choice locations. You can find some of these units advertised locally for as low as the $90′s.

Conversion developers say they can buy something for one-third of the cost that it would take to buy the vacant land and build something on it.

The beauty for the developer is that the condo conversion isn’t going to be selling for one-third of what it would cost brand new. It’s more like 75%-85% of it.

The developers usually do a pretty nice job improving the property and the units. Upgrades are usually made to the property’s exterior and common areas. Then they add on the sizzle. Granite counter tops, upgraded cabinetry and fixtures, and wood floors are often added to individual units. The upgrades are built into the condo prices.

Once the developer acquires an apartment complex, they generally convince about 10-15% of the existing renters to stay by buying a unit. They will often offer these people discounts before they ever even market to the general public.

The obvious key to selling these units to your clients is to convince buyers that they are better off owning versus renting or to get your more timid investors to jump in with less financial risk.

People have a desire to own a home. There are very few who want to rent and low interest rates have provided this opportunity.

Condo conversions create more affordable housing in areas when the price for a single-family home skyrockets like we have seen throughout the country. A single family home in Las Vegas, where I live, is averaging around $300,000. That is simply not affordable for your average first-time home buyer.

Speculators and investors make up 30-50% of all condo conversion buyers. They buy these units, intending to sell them at a higher price in a short term.

Rising interest rates historically have slowed conversion activity. This slows down the appreciation as well. It’s difficult to convince someone to pay $1200 per month on a mortgage for a 1000 sq. ft condo. However, get it under $1000 and you will find buyers.

Before you invest in one of these units and plan on renting it out, or you plan to buy one to live in, you must know a few things.

Condo conversions are marketed to the very same people who rent apartments. Thirty to 50% of all condo conversion buyers are investors and speculators.

When they go to rent their units, they are competing for the very same market as the developer of the project. Why rent when you can buy? Why rent from you either?

Once cheap mortgages vanish, and rates have been rising recently as you all know, condo conversions will become riskier. When home sales slow, converters may find it harder to sell their condos.

Once 30 year interest rates hit 7% or 8%, experts say, condo conversions will cool. Today, we are at around 6.25%. The good news is condo conversions are almost the last bastion of truly affordable housing in many areas.

Here are some things to keep in mind…

Many people buying condo conversions don’t realize that the property they are buying is different from a newly constructed unit. This means the financial exposure for repairs and replacements can be much higher.

New condominiums, built from the ground up, are constructed with the building materials of today and have to conform to today’s more strict building codes.

The condition of converted condominiums can vary. An older apartment complex converted to condos could have wear and tear and may have structural faults unknown at closing. These problems can become a real hinderance later on.

Newer apartments that have been converted to condominiums in the past few years were probably constructed under the latest building codes and have new building components, mechanical systems and interior finishes. These are a safer bet and you will want to find out the year the original structure was built.

Many older buildings have been converted as well. Some converters gut an apartment building, taking it down to its “shell,” and then rebuild it, installing new plumbing, roof and mechanical systems.

Other developers simply do “cosmetic rehabs,” leaving the building components as is and merely sprucing up the property to make units more marketable.

Buyers beware. Are you buying a fully renovated building that was taken down to the shell, or are you buying a building that someone just slapped some paint on and put in a few new windows?

What about problems to the complex? Although most developers do a terrific job in converting, what if the roof needs to be repaired after a few years? Does the association have enough reserves to cover it? Many people believe condo conversion owners can expect special assessments quicker than new condo buyers.

You do have some safeguards. As a lender for condo conversion buyers, we often require an engineer’s report from the developer before we close the loan. You have a right to this document as well.

It tells you what was done to the building and the sales office can give you a copy of this if you ask.

Here are some other things you should know before buying a condo conversion:

They usually have restrictive covenants. Every condominium project has rules and restrictions that govern what unit owners can do. If you own a pet, make sure your building is pet-friendly. Do you even get a covered parking space?

Are you buying the unit as an investor to rent out? You will want to make sure the building allows rentals and the minimum term required.

If speculators cannot resell their units they will rent them out too. If there are many renters, that can create problems with condo owners in the same building and lead to maintenance issues.

Renters tend to care far less about their homes than do the home’s owner. Too many renters can destroy the complex and it’s value.

Speculators buy as much as 70% of some condominium projects. You may be moving into a building that is nearly vacant. That may not be what you had hoped for.

Once a condominium project has more than 30% of its owners that use it as a second home or as an investment property, the condos all become “non-warrantable.”

Non-warrantable condos mean the project is not insured by Fannie Mae. This means a different kind of loan for the buyer of your condo. Many banks do not loan on non-warrantable condos. We offer non-warrantable condo loans. Even though they are very competitive, even offering 100% financing, the loan programs are not quite the same as they are on a warrantable condo.

Here is a time and problem saving tip:

When you are selling a condo, of any kind, you want to make sure you or your agent contacts the Homeowner’s Association, early in the process, and asks them what percentage of the project is non-owner occupied. If it’s over 30%, you want to communicate this immediately to your buyer. He has to make sure his lender can do the loan or he may have to change lenders. It is best if you know this early.

Many condo conversions are considered non-warrantable.

The bottom line is condo conversions offer affordable housing in many areas where the first-time homebuyer and the real estate investor, who wants to take on a little less financial risk, are starting to be turned away. However, as a buyer you want to be very cautious and ask questions about the building’s history and residential make-up.

Aaron Gordon is a top-producing Senior Mortgage Consultant with Realty Mortgage Corporation in Las Vegas, NV. His monthly newsletter currently goes out to over 10,000 real estate agents and other professionals in the Las Vegas area. He helps over 200 families each year with their mortgage needs in many states. He can be reached by email at aarong@realtymortgage.info or you can see more newsletters at http://www.aarongordon.net

Article Source: http://EzineArticles.com/?expert=Aaron_Gordon
http://EzineArticles.com/?Buying-a-Condo-Conversion&id=518715

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Thinking of Buying a Condo Hotel? Here Are 20 Things You Need to Know!

By Joel Greene

1. What is a condo hotel or condotel?

Think of a condo hotel (also sometimes called a condotel or hotel condo) as buying a condominium, although one that is part of a four-star caliber hotel. Therefore, as an owner, when you are on vacation, you’ll get the benefit of more four-star services and amenities than you’d get in a typical condominium.

2. What types of services and amenities are found in condo hotels?

If you can imagine the niceties you’d find in an upscale hotel, then you can picture a condo hotel. Among the features are often resort-style pools, full-service spas, state-of-the-art fitness centers, fine dining restaurants, concierge services and room service.

In some locations, like Las Vegas, you’ll find condo hotels with their own casinos, retail areas, and entertainment venues. In places like Orlando, you’ll find condo hotels with their own water parks and convention facilities.

3. What is the difference between a condo hotel and a traditional condominium?

The big difference between a hotel and a condo hotel is that a hotel typically has one owner, either individual or corporate, but a condo hotel is sold off unit by unit. Therefore, a 300-room condo hotel could have as many as 300 unit owners.

4. Is it evident to hotel guests whether they’re staying in a condo hotel or a traditional hotel?

A hotel guest will likely never know that the hotel has multiple owners because the property is operated just like a traditional hotel and often under the management of a well-known hotel company like Hilton, Hyatt, Starwood, Trump or W. Also, each of the individual condo hotel units will look identical in design and décor to every other, just as they would in a traditional hotel.

5. Who typically buys condo hotels?

They’re primarily sold to people who want a vacation home but do not want to deal with the hassles typically associated with second home ownership such as maintaining the property or finding renters in the off season.

6. What is the demographic of the typical condo hotel buyer?

The spectrum of condo hotel buyers is pretty broad. There are families that want a second home in a vacation destination. There are baby boomers who are at or nearing retirement and want somewhere they can “winter.” There are also plenty of investors who purchase a condo hotel unit with little intention of ever using it; they’re in it for the potential appreciation of the real estate.

7. Can you live in a condo hotel?

Condo hotels are not typically offered as primary residences. In fact, many of them limit the unit owner’s usage of the condo hotel unit (typically 30-60 days per year) because the unit is expected and needed in the hotel’s nightly rental program where it can be offered to guests and generate revenue.

8. Who gets the money when your condo hotel is rented out?

The hotel management company splits the rental revenue with the individual condo hotel owner. While the exact percentages vary from property to property, the typical rental split is in the 50%-50% range.

9. Who finds hotel guests and then cleans and maintains the condo hotel units?

The hotel management company markets the property and books hotel guests. It also maintains the unit and ensures the smooth operation of all of the hotel’s services and amenities.

10. What are the advantages / disadvantages of purchasing a condotel over purchasing typical rental properties?

Advantages include:

· Hassle-free ownership; no landlord issues

· Rental revenue to offset some or maybe all ownership expenses

· A fantastic vacation home available for use whenever you want

· A real estate investment at a time when other investments may seem less attractive

· Strong likelihood of appreciation

· Pride of ownership –”I own a piece of a Trump”

Disadvantages include:

· Annual cash flow could be equal to or less than annual ownership costs

· Pets are usually not welcome.

· An owner’s condo hotel unit may be rented when the owner wants to it, so advance reservations are required to guarantee availability.

· The condo hotel unit is subject to the same dips in the market that affect all hotels in the competitive market set: hurricanes, terrorist threats, warm winters up north, price of gas, etc., all of which can affect a unit’s occupancy rate and the amount of revenue it generates.

11. Are condo hotel units difficult to finance?

Not at all, but they do take 20% down typically, whereas condos can be purchased with less cash down. It’s also important to make sure you use a mortgage broker who has had success in getting condo hotel financing deals done. Many banks still do not do them, but more and more are getting involved as condo hotels become more widely available.

12. How long have condo hotels been around and where are they located?

Condo hotels have been around for several decades, but the huge surge of four-star and five-star condo hotels that have been making their way across the country, started around year 2000 in the Miami area. The Miami-Fort Lauderdale area still has the most condo hotels, but areas like Orlando and Las Vegas are developing condo hotel properties at an even faster rate and will likely surpass South Florida soon. Other up-and-coming areas are places like the Bahamas, Panama, Dominican Republic, Mexico, Canada and Dubai.

13. How much do condo hotel units cost?

That’s like asking how much a car costs. There are different quality condo hotels. Some require greater amounts of money than others, obviously.

There are inexpensive condo hotels out there for as little as $100,000. These are typically found in properties that have converted their use from an existing hotel. They are hotel room-sized, lack kitchen facilities, luxury franchises, and other first-class amenities.

Then there are the four-star or greater properties that may start in the $300,000 to $400,000 range, but can go all the way up to $800,000 just for a studio unit. One- and two-bedroom units cost substantially more than a studio. Of course, the studios do come fully furnished and finished, and will be significantly larger in size than a typical hotel room, and may attract guests because of its name like St. Regis, Ritz or W.

14. What are typical maintenance costs?

On average about $1.00 to $1.50 per sq. ft., but the range can exceed $2.00 sq. ft. in the most luxurious properties.

15. Do you buy condo hotel units after they have been built, or can you purchase condo hotels in pre-construction?

Unless you are in a hurry to get started vacationing or you need to complete a 1031 exchange, it’s best to buy condo hotels in pre-construction as early as possible. That’s when prices are lowest and unit selection is greatest. You will likely wait two years or longer before closing on and taking possession of your condo hotel unit, but you will have locked in the price and will get the benefit of maximum appreciation.

16. Is there anything else investors should want to know about condotels?

There is more to buying this type of real estate than the old phrase, “location, location, location.” While most condo hotels are located in desirable resort and business area locations, what is most important is a good franchise with a strong reservation system.

Also, do not be fooled by an aggressive rental split. One way or the other, the developer of the property will have to staff, maintain and operate the hotel and its services like the restaurants, bars, spas and pools from his share of the proceeds. If he’s giving you a very favorable share of the rental, he’s also more likely to be charging you a higher monthly maintenance fee. Of course, this goes both ways. If the maintenance split that is offered is closer to 50-50, then your maintenance should be more reasonable too.

17. Any suggestions to investors in choosing which condo hotel to buy?

Get good advice. That means you don’t want to rely only on the pitch provided by an onsite salesperson at a condo hotel. You want to talk with a broker who specializes in condo hotels and who knows and understands the entire condo hotel market, not just the facts pertaining to a single property. He or she will listen to your wants and needs and then offer recommendations as to which properties best match your requirements. You’ll have an opportunity to comparison shop and consider the pros and cons of each available property.

A good broker can be the difference between your buying a condo hotel that will be problematic and not live up to your expectations or one that will provide you with years of great vacations, good annual revenue and a substantial profit when you sell.

18. Does it cost more to use a real estate broker to purchase a condo hotel than buying a unit on one’s own?

No. With new condo hotel properties, the prices are always set by the developer and are exactly the same whether you buy directly from an onsite salesperson at the property or using a broker.

The broker’s commission is always paid by the developer and is already built into the price regardless of whether an outside broker participates in the sale or not. Since a broker’s representation is free to buyers, it does make sense to enlist their aid and get the benefit of their advice before making a purchase.

19. How can prospective buyers find a good condo hotel broker?

Ask friends for broker recommendations or search online for “condo hotel broker.” Visit condo hotel broker websites and see if the information they provide seems comprehensive and unbiased. If their website seems to focus on selling homes or office space, and the condo hotel information appears to be an afterthought, steer clear. Your best bet is to work with a condo hotel broker who specializes.

20. How can buyers learn about new condo hotel properties coming on the market?

Condo hotel brokers can be good information sources as they often learn about properties prior to their release to the general public. Another option is for them to subscribe to a condo hotel newsletter such as the one we publish called Condo Hotel Property Alert. We offer it for free on our website http://www.CondoHotelCenter.com and it features a different condo hotel property coming on the market each edition.

Joel Greene is president of Condo Hotel Center which specializes in the sale of condo hotels around the U.S. and the world. His detailed website contains condo hotel property listings, photos and detailed information. Visit http://www.CondoHotelCenter.com and http://www.CondoHotelsDubai.com. Be sure to sign up for his Condo Hotel Property Alert newsletter to be notified when new condo hotels come on the market.

Article Source: http://EzineArticles.com/?expert=Joel_Greene
http://EzineArticles.com/?Thinking-of-Buying-a-Condo-Hotel?–Here-Are-20-Things-You-Need-to-Know!&id=262086

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Check Out Energy Rebates

EnergyStar.gov — Check Out Energy Rebates This is a government site that offers lots of energy saving tips as well as explains what energy saving grants or credits might be available.

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Foreclosure Trends Newsletter

Here is the latest issue of my foreclosure trends newsletter.  As you can see, the trend is not our friend, in the sense that the housing market has not recovered.  Until jobs come back and people are employed and feel safe in their employment, they will tend to avoid making a committment.

ForeclosureTrends.pdf

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Twin Cities Foreclosure Trends-From our MLS & Realty Trac

Besides the board of realtor sites:  http://theThing.mplsrealtor.com and market data posted elsewhere at http://www.MplsRealtor.com I have a subscription to Realty Trac.  My subscription gives me additional data about foreclosures and trends within certain zip codes.  This is in addition to my daily subscription to Finance & Commerce (a business newspaper that prints all the foreclosure information as well as very timely articles regarding the business community).  If you are looking for someone who has experience and access to information about distressed sales, we need to be working together.  Whether buyer or seller-I can help you understand the market we are in and the options and opportunities available to you.  Give me call today.

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Real Estate Information

These are a couple of my newsletters that have a ton of valuable information. Go check them out.

Foreclosure Market Trends Newsletter
http://www.realtytrac.com/MarketTrends/NewsLetter.aspx?guid=131bd355-1b69-4bd1-99cd-2f0c9a936810

Real Estate Cyber Space Tips
http://www.REcyber.com/cybertips/r11627

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Minneapolis Real Estate Makes Affordable and Quality Living

Minneapolis Real Estate Makes Affordable and Quality LivinBy Carrie Nelson

When you think about Twin Cities real estate, the cities of Minneapolis and St. Paul give you a wide variety of housing types and locations. They also have some of the best schools in the nation, plenty of health care. Rivers and lakes offer a variety of fun things to do all year. The area has won awards for the best places for young people to live, the best area for couples and one of the healthiest states in the country. Because of location, they have a job market that is not dependent on one single resource.

Thousands of people buy Minneapolis real estate every year for these reasons. Whether you are looking for an area that offers you many different small towns and suburbs or just looking for a big city area that has small town charm, it is a perfect area that values family life. It is a fun place to ice fish, hunt or snowmobile because the outdoor fun areas include lakes and rivers, along with forests. It has the Minnesota Twins for baseball and the Minnesota Vikings for national football and those that like watching sports or taking kids for a fun day.

The seven county areas of St Paul and Minneapolis, have over two million people that have different interests, but they all enjoy the quality family life, great hospitals and school choices. Forbes voted Minneapolis at the top of the most affordable places to live with a good life and with plenty of things to do. Over half of the area’s homes that were sold could be afforded by the average people that work in the area. It ranked high in quality of life, arts and recreation choices.

When it comes to large companies, Target, 3M, Best Buy, General Mills, Cargill and United Health support the things to do in the area. Minneapolis is popular because many of the people work for these large companies and their families like the theaters, music halls and museums they support. When it comes to family values and the great things to do that are fun, the area is unlike other large big cities.

Twin Cities real estate enjoys a strong resale value because families are still moving here and jobs are still available. When it comes to raising a young family and finding a good job to support them, Minneapolis offers the chance at an affordable home, a stable job, and a growing area that offers exciting things to do. The area has also earned awards for being one of the safest metro areas, which is important to family life.

When you are looking for the best places in the country to raise a young family, enjoy a stable job and buy a home that will hold its worth, the Minneapolis-St. Paul area is a popular choice. In fact, as of November, 2009, median price of a home was $220,000 for Minneapolis real estate. This number was up 2% from last year, compared to other areas where prices have dropped.

As you can see, when you compare those numbers to Florida, California or Nevada home values and you can see why many people choose Twin Cities real estate over other areas. The diverse area offers many advantages for families that are looking for a great area to raise a family, work and enjoy their life. You can see why Forbes chose Minneapolis as the most affordable place that offers a great life. It is the same reasons that you should call a real estate agent, get a great job and move here, too.

For more information about moving to Minneapolis, visit The Derrick Monroe Group, a team of full time real estate agents of Lakes Area Realty that have a detailed knowledge of the Minneapolis Real Estate market. With attention to details and a unique marketing approach for home sellers and a second to none program for home buyers, you are sure to find what you are looking for with them.

Article Source: http://EzineArticles.com/?expert=Carrie_Nelson
http://EzineArticles.com/?Minneapolis-Real-Estate-Makes-Affordable-and-Quality-Living&id=3350658

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Outstanding Video-An Inspiration To All-Be The Best You Can Be!

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Twin Cities Home buyer book

Thinking about buying a home but don’t know where to start? Why not start by reading the home buyer hand book that we have provided below. It is a great place to start to get the information you need. When you’re ready, we would love to help you find and finance a new home.

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Open Source Documents-Unbelievable Resources-Find YOUR topic of Interest

If you’ve never visited http://www.Archive.org, you are missing a wonderful site.  From this site, you will find many resources that are out of copyright and you can download and use them as you wish.  You will find all the classics and some fun things as well.  Just for fun, I have the download of a book called “Little Gardens” which is a book about setting up a garden on a city lot.  This is just one of the MANY fun things you’ll find.  You can download and watch old music, movies, and cartoons as well.  Plan to spend some time on the site should you decide to visit, as it is very cool.  Click here to download the book Little Gardens

T8VNHTJT98QG

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Extension And Expansion Of Home Buyer Credit-4/30/2010

A Big WOW!!  The credit has been expanded to include homeowners who have owned their home for the past 5 years. No longer do you need to be a first time buyer.  The dollar limit is $8000 for first time buyers and $6500 for move up buyers.  This GREAT news.  Combine this with 50 year lows in interest rates, and you’d be crazy not to consider making a move.  If you feel secure in your job, think hard about buying  home at this time.  We can help you make the right move. Visit this site-which is from the National Association Of Home Builders  http://www.federalhousingtaxcredit.com/faq2.php This site give you all the rules and regulations as they now apply.

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Why Foreclosure Is Often Preferred By The Loan Servicer Instead Of Offering A Loan Modification

Have you ever wondered why a foreclosure occurs when a better solution might have been a modification?  Would you like to read the facts and figures and see how mortgages are bundled, sold and serviced?  You will soon see it is isn’t pretty, we are in the midst of a crisis, and it is likely to get worse before it gets better.  That being said, you can probably guess why-it’s about the money.  It is a little more complex than that-the report is 60 pages-but is explains the incentive and disincentives that are at conflict within the mortgage market today.  Once you understand how all the pieces go together, you can see that something “different” needs to be done.  I am a strong free market believer, but in this case, the government needs to have a mandate and rule that is guided towards keeping people in their homes.  Left to current industry solutions, the mortgage mess will continue to play out and get worse.  If you click on the link below, you will find the free report from the National Consumer Law Center.

http://www.consumerlaw.org/issues/mortgage_servicing/content/Servicer-Report1009.pdf

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Home Buyer Tax Credit Information Update

It’s now official!! The tax credit has been extended and expanded. YOU NEED TO HURRY! You now have until the end of April 2010. The following summary of the credit is provided by the National Association Of Realtors. The following two documents cover the changes in the new law. Now get out there and buy a home!!

NAR FAQ: Homebuyer Tax Credit Changes
NAR Issue Brief: Homebuyer Tax Credit Changes

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Minnesota Real Estate Newsletter Gives Access To Great Computer & Life Tips

I maintain a number of real estate sites, blogs, and newsletters. One newsletter that provides a number of computer tips to help you function better with a computer is http://www.REcyber.com/cybertips/r11627 The site is full of cyber space tricks and great places to visit. We have link to this site on the list of MN Real Estate links, but I wanted to highlight this particular newsletter because it different from what most agents provide. From this newsletter, you can also access all the back issues-from 2001 and beyond. It is really quite a useful resource-spend some time there if you have a chance.

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