Those in need of selling their home as a short sale often times don’t realize there are tax penalties involved when they sell short. However, those penalties are still waived under federal law as long as the property closes before 2013.
Inventory is much lower than the past few years making the buyers compete for the properties they want to buy. There are plenty of houses for sale in MN you just need to be ready to move when you find that special place.
- Get pre-approved.
- Know what you are looking for in terms of price, location , and style.
- Hire the right real estate agent to represent you.
- Get an inspection on the property you want to buy.
- Don’t buy anything until the property closes once you have found a place, lenders will often times check you credit just before closing and can deny you a mortgage if you went and bought that shiny new car.
- Enjoy your new home!
Nate Berg is a licensed Broker/REALTOR who specializes in helping sellers sell their home quick and enjoys helping those in need of a short sale. Nate also loves helping buyers find that special place. To talk with Nate and see how finding your next Minnesota home can be fun contact him below.
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Are you ready to buy and want that great deal of a lifetime? Foreclosures can be a great buy and so can short sales. Our inventory in MN for foreclosures and short sales has decreased lately and has actually began to make prices go up. The buyers market of the past few years is gone in the lower priced homes but can still be found in the upper level homes, for now anyway.
I have been a distressed property professional since I began my real estate career in 2003. In fact, my very first deal was a short sale back in 2003 long before people and most agents knew what a short sale even was. I have never looked back and have perfected my niche of the real estate community helping hundreds of people get the help they need and deserve. Make sure when you need help selling a home as a short sale you give me a call. I can come and give you a hassle free consultation and lay out your options. Beware of the agents who claim they are experts and present their flashy CDPE badges. Those badges mean nothing except they paid for a few hour class and claim they are experts but many have done few if any actual short sale transactions on the sellers side. Choosing the right short sale agent will help you in the long run and after all time is not on your side.
Foreclosures in MN can be easier to buy simply because they do not have the long wait times that homes have when in need of a short sale but many foreclosure homes are wiggling on their prices less and less making short sales a little more attractive.
If you are looking to buy a short sale or foreclosure in MN then be sure to check out my list which has updated listings every 15 minutes.
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So you need more space or perhaps you are tired of the same old look. There are many decisions to make when you either move or remodel. I’ll go over some of the pros and cons in this post and hopefully help you make a good informed decision. I can always be reached for a more in depth conversation if you need me.
There are many reasons you should remodel your current home. Do you really like your neighborhood? Are the schools awesome? Close to work? If any of these are a plus for you remodeling may be a good fit. When you choose to remodel remember to get a few bids form licensed, bonded and insured contractors in the area. Always check their references and verify their information. If you can go and see their work in person.
From a brokers point of view spend the most time and money in the kitchen and bathrooms. Down the road if you ever decide to move those areas are the ones buyers will look at the most for upgrades and attractiveness.
Pick neutral colors and green materials. Green is in right now and you’ll be surprised how durable and beautiful green can be such as bamboo flooring. It’s very durable, it’s beautiful and better for the environment. It takes 10 years for bamboo to grow versus decades for a tree.
Some of the downsides to remodeling can be the intrusion of workers in your personal space and the mess they can create. But on the positive side you will more than likely be able to increase finished sq ft for less money than buying something else and then having to add your personal touches.
Perhaps you need to find something bigger and the option to remodel just isn’t there. Obviously you need to move into something different. Right now interest rates are low and in fact may be lower than a loan to remodel making moving a good option to remodeling.
If you decide to move try to focus on one area to make the process less overwhelming. Decide what feature you desire and the style of home so your Realtor can find the best fit.
Get per-approved from a local loan officer and hire an agent to work on your behalf. One common misconception is that using the agent who holds the listing to the home you like will save you money. That is simply not true. When you sell a house the listing agent settles on a commission rate from the start and that commission is either all his or hers if they sell the home or it gets split with another agent if you have your own. It’s kind of like having to go to court and using the same lawyer the other party is using. The waters can get murky.
Right now the deals with buying may be more cost-effective than those for remodeling.
Bottom line is do what is best for you.
So you want to make some quick and easy money? All those programs on TV make it look so easy and wow they make thousands within weeks. Investing in Minnesota real estate can make you some good money but it can also make you go broke.
All those TV shows are only showing the small reality of making money in real estate. The truth is you have to be prepared to loose money too. You need to have a qualified team working with you to make it happen and happen on time. Buying a house is easy it’s the work afterwords that makes it tough.
- First and foremost you need to have a Realtor who works for you and only you. Don’t think if you call the agent who is listing the home you will get a better deal, wrong! Commission prices are built into a listing and don’t change if only one agent sells the home. That one agent just gets twice the commission and has less responsibilities to you.
- Do an inspection! Don’t ever buy a home without having a qualified inspection done to it. You never know what problems you might miss. Spend the few hundred dollars and make your transaction a little more stress free.
- Check for city sponsored rehab loans or special financing. Some cities want to help clean up their housing inventory and will give you money for nothing or next to nothing.
- Find the right contractors. Don’t just hire your best friend to do the job. It needs to be done right and with permits or you won’t be able to sell it on the backside without a problem. Never pay a contractor for anything more than supplies before they finish the job.
- Do a good rehab. Buyers aren’t dumb and if all they see is a paint job and new carpet they will know they are being screwed. Do quality work and actually fix the home without cutting corners. I can’t tell you how many times I have heard a buyer tell me in a rehabbed home, “if the didn’t do that right what else did they not do?”
- Be prepared to hold the house for 6 months. Some banks when buying a foreclosure will not allow the property to be resold for 60 days from when you buy it. Some lenders for buyers won’t allow it either. You also need to be prepared to hold the property for a few months before it closes to the new buyer.
- List it at the right price. I know you want to make money, after all you bought the home and fixed it up to make that money but be smart. Don’t be the highest priced listing in the neighborhood because it won’t sell. I advise to my investors to list it for 3% lower than the closest competition and let the beauty of the rehab sell it quick. In fact, many times it will lead to multiple offers and a higher profit margin for you anyway. Think about it, would you rather list a home for a few grand less to start or over price it and spend thousands in interest while it sits?
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This post really has nothing to do with selling or buying homes, well sort of. This post is more about how much I love this state. [Read more…]