Zillow Advice RSS: Question-Discussion-Guide,Buying a Foreclosure,MN http://www.zillow.com/advice/MN/home-buying-buying-a-foreclosure/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate At what point is a short sale offer supposed to change to "pending" status? http://www.zillow.com/advice-thread/At-what-point-is-a-short-sale-offer-supposed-to-change-to-pending-status/536966/ I have a great deal of interest in a property but when my agent contacted the seller's agent she replied saying that there was an offer accepted already and it was "basically a done deal", yet a week has gone by and the status of the listing has yet to change to pending. Also when my agent pulled the sheriff sale note the lender name stated on it was "Other Institutional Lender", which Ive never heard of before. Something seems fishy with this, and I want to know if there is any way to find out if the contract has been accepted for sure by the bank and signed, or if there is still a way I could put in a higher offer.<br \><br \>2 replies Fri, 18 Apr 2014 00:47:00 GMT http://www.zillow.com/advice-thread/At-what-point-is-a-short-sale-offer-supposed-to-change-to-pending-status/536966/ 2014-04-18T00:47:00Z Limited Brokers License MN http://www.zillow.com/advice-thread/Limited-Brokers-License-MN/491073/ I'm a first time cash buyer looking to at working class/renting neighborhoods (i.e. North East Minneapolis &amp; the North end of St. Paul) with high foreclosure rates and REO houses that have been on the market for awhile.&nbsp; I've already identified several likely REO properties in the area and will soon be contacting&nbsp;some bank RE agents for showings.&nbsp; I've been thinking about paying the $300 dollars and getting a&nbsp; <strong><u>Minnesota's Limited Brokers License</u></strong>, but haven't been able to find much information about it besides what's on the gov't licensure page.&nbsp; If I'm acting as my own buyers agent will the banks listing agents be willing to split the commission with me?&nbsp; I understand they traditionally will split their commission with a buyers agent and I don't really understand why I wouldn't do this if I can save 2-3% on the purchase price.&nbsp; Will it make my bid really unattractive or get it ignored if I try and get put in as the buyers agent with a share of the commission?&nbsp; Between the over-saturated market, the length of time some of the properties have been listed, and being a cash buyer I'm hoping for some bargaining power.&nbsp; I'd love to hear from anyone with personal experience in Minnesota, but any thoughts would be appreciated.<br/><br \><br \>8 replies Mon, 06 May 2013 21:35:00 GMT http://www.zillow.com/advice-thread/Limited-Brokers-License-MN/491073/ 2013-05-06T21:35:00Z Why would HUD accept an offer $11,000 less than mine? http://www.zillow.com/advice-thread/Why-would-HUD-accept-an-offer-11-000-less-than-mine/533644/ <div style="text-align: right;">I had my realtor put in an offer for me on a HUD owned home, the asking price was $169,000. My offer was put in on the first day bidding opened and it was $156,200, and I asked for 3% towards closing. My offer didn't get accepted, but I'm looking at&nbsp;bid results now and the offer that was accepted was&nbsp;$145,509.00.<div style="text-align: right;"><br/></div></div><br \><br \>6 replies Tue, 25 Mar 2014 00:05:00 GMT http://www.zillow.com/advice-thread/Why-would-HUD-accept-an-offer-11-000-less-than-mine/533644/ 2014-03-25T00:05:00Z What if our Realtor can't find the house but we did on this websitge and another? http://www.zillow.com/advice-thread/What-if-our-Realtor-can%27t-find-the-house-but-we-did-on-this-websitge-and-another/207665/ 2 replies Sat, 07 Mar 2009 04:16:00 GMT http://www.zillow.com/advice-thread/What-if-our-Realtor-can%27t-find-the-house-but-we-did-on-this-websitge-and-another/207665/ 2009-03-07T04:16:00Z How do I find foreclosed houses in the country not in town? http://www.zillow.com/advice-thread/How-do-I-find-foreclosed-houses-in-the-country-not-in-town/531636/ 3 replies Mon, 10 Mar 2014 01:53:00 GMT http://www.zillow.com/advice-thread/How-do-I-find-foreclosed-houses-in-the-country-not-in-town/531636/ 2014-03-10T01:53:00Z Hubzu listing with FHA Financing....Is it possiable? http://www.zillow.com/advice-thread/Hubzu-listing-with-FHA-Financing-Is-it-possiable/531608/ So I just did a walkthrough on a Hubzu listed property with my agent. I like it and it looked to be in good order. <br/><br/>It's an auction listing and say as is and all that Jazz. Listing Cash and conventional as options but it also stated financing considered. <br/>&nbsp;<br/>Can I bid on this property if I am approved for an FHA 30yr fixed loan?<br/><br/>I was under the impression that FHA had to have it inspected by there inspector to sign off on it. Is this going to take this house out of the running for me?<br/><br/>And whats the real word on if I can contact the bank directly on this. Can I skip the BS and contact the Bank that owns it "Deautchland Bank mortgage" directly and even offer the asking price listed on MLS and pretty much guarantee the home will be mine VS. bidding on it on Hubzu?<br/><br/>I realize the Hubzu site states that all offers must be submitted through them but I could see them just saying that obviously. Is the bank under contract with them and must sell the property through their channels once the process is initiated?<br \><br \>5 replies Sun, 09 Mar 2014 20:05:00 GMT http://www.zillow.com/advice-thread/Hubzu-listing-with-FHA-Financing-Is-it-possiable/531608/ 2014-03-09T20:05:00Z Why does your listing show many homes selling for $500.00? http://www.zillow.com/advice-thread/Why-does-your-listing-show-many-homes-selling-for-500-00/527436/ These are homes worth $100,000-$200,000.<br \><br \>3 replies Thu, 06 Feb 2014 19:23:00 GMT http://www.zillow.com/advice-thread/Why-does-your-listing-show-many-homes-selling-for-500-00/527436/ 2014-02-06T19:23:00Z how do you buy a forclosure property http://www.zillow.com/advice-thread/how-do-you-buy-a-forclosure-property/496878/ 10 replies Thu, 13 Jun 2013 15:01:00 GMT http://www.zillow.com/advice-thread/how-do-you-buy-a-forclosure-property/496878/ 2013-06-13T15:01:00Z Are FHA 203k rehab mortgage loans too difficult to utilize for first time home buyer? http://www.zillow.com/advice-thread/Are-FHA-203k-rehab-mortgage-loans-too-difficult-to-utilize-for-first-time-home-buyer/517197/ We are first time home buyers looking in the east side metro area of the twin cities (i.e. Woodbury, Oakdale, Lake Elmo, Maplewood, etc.). &nbsp;Who are possible lenders that do 203k rehab loans and do them smoothly that we can look into. &nbsp;We are still looking for that house with great potential to turn into our home!<br \><br \>14 replies Tue, 29 Oct 2013 19:16:00 GMT http://www.zillow.com/advice-thread/Are-FHA-203k-rehab-mortgage-loans-too-difficult-to-utilize-for-first-time-home-buyer/517197/ 2013-10-29T19:16:00Z Buying a Pre-Forclosure with an underlying HECM http://www.zillow.com/advice-thread/Buying-a-Pre-Forclosure-with-an-underlying-HECM/517722/ I am tracking a house in my neighborhood that is in pre-forclosure. &nbsp;I know the current owner and learned that she bought it on a reverse mortgage. &nbsp;Can someone help me understand what the bank will do to unwind the reverse mortgage and put it up for sale (I am 99% certain that neither she nor anyone in her family will stop the pre-foreclosure process)? &nbsp;I know the "balance" or whatever on her reverse mortgage is still quite a bit higher than the current market value.<br \><br \>8 replies Sun, 03 Nov 2013 06:30:00 GMT http://www.zillow.com/advice-thread/Buying-a-Pre-Forclosure-with-an-underlying-HECM/517722/ 2013-11-03T06:30:00Z How can I find out who the bank is that owns this property http://www.zillow.com/advice-thread/How-can-I-find-out-who-the-bank-is-that-owns-this-property/477306/ I am interested in a&nbsp; property that says it is bank owned an may go up for sale.&nbsp; How do I find out who the bank is?<br \><br \>7 replies Tue, 05 Feb 2013 01:18:00 GMT http://www.zillow.com/advice-thread/How-can-I-find-out-who-the-bank-is-that-owns-this-property/477306/ 2013-02-05T01:18:00Z How do I go about working on a foreclosure for my mom? http://www.zillow.com/advice-thread/How-do-I-go-about-working-on-a-foreclosure-for-my-mom/490936/ 10 replies Sun, 05 May 2013 22:33:00 GMT http://www.zillow.com/advice-thread/How-do-I-go-about-working-on-a-foreclosure-for-my-mom/490936/ 2013-05-05T22:33:00Z Are Manufactured Homes A Poor Choice in Housing? http://www.zillow.com/advice-thread/Are-Manufactured-Homes-A-Poor-Choice-in-Housing/506268/ They are hard to finance, not impossible but w/o the ability to get a 15 or 30 yr. fixed loan; is buying a manufactured home a poor choice? ARM loans only forever! Selling in the future given today's limited financing choices really reduces the number of eligible buyers.<br/><br/>I'm looking at a double wide foreclosure in northern Minnesota and very concerned that it'll take a year or more to sell. Am I being overly concerned or is my nervousness justified?<br \><br \>18 replies Sun, 11 Aug 2013 07:42:00 GMT http://www.zillow.com/advice-thread/Are-Manufactured-Homes-A-Poor-Choice-in-Housing/506268/ 2013-08-11T07:42:00Z is the 129 tanager path home really $1125 or is that a misprint? http://www.zillow.com/advice-thread/is-the-129-tanager-path-home-really-1125-or-is-that-a-misprint/488488/ 2 replies Thu, 18 Apr 2013 04:04:00 GMT http://www.zillow.com/advice-thread/is-the-129-tanager-path-home-really-1125-or-is-that-a-misprint/488488/ 2013-04-18T04:04:00Z What does the red house with a heart in the middle mean http://www.zillow.com/advice-thread/What-does-the-red-house-with-a-heart-in-the-middle-mean/480413/ 1 reply Tue, 26 Feb 2013 21:33:00 GMT http://www.zillow.com/advice-thread/What-does-the-red-house-with-a-heart-in-the-middle-mean/480413/ 2013-02-26T21:33:00Z Auction - Cash or Rehab Loan Only - Options For the Normal Man? http://www.zillow.com/advice-thread/Auction-Cash-or-Rehab-Loan-Only-Options-For-the-Normal-Man/473911/ <p><br/>I went and looked at a house yesterday, it was perfect. I was interested in submitting a bid. Needed a lot of work but I am into that.</p><p>When I returned home, I viewed the listing, the house status is now "auction" and the terms are cash and rehab loan only. I did some research on 203k loans, etc. but what if I have enough cash to do it?</p><p>Assume that I put a bid at 350 so like 365 with the 5% auction fee. I currrently have a little around 160k in my savings for my purchase. At that price for the mortgage let's assume I put 80k down to bypass PMI, and then 80k left over since the house with those financial terms appears uninhabilitable (didn't seem like it to me, but I think its mold). Which also brings up the question how does one find the required repairs?</p><br \><br \>2 replies Thu, 10 Jan 2013 19:28:00 GMT http://www.zillow.com/advice-thread/Auction-Cash-or-Rehab-Loan-Only-Options-For-the-Normal-Man/473911/ 2013-01-10T19:28:00Z How do i start the home buying process? http://www.zillow.com/advice-thread/How-do-i-start-the-home-buying-process/472393/ 12 replies Sat, 29 Dec 2012 03:25:00 GMT http://www.zillow.com/advice-thread/How-do-i-start-the-home-buying-process/472393/ 2012-12-29T03:25:00Z Can I cancel a short sale purchase agreement prior to 3rd party approval http://www.zillow.com/advice-thread/Can-I-cancel-a-short-sale-purchase-agreement-prior-to-3rd-party-approval/359730/ I made an offer on a house on May 1st.&nbsp;We have not heard anything back from the bank. In the meantime, the property has deteriorated and I sent a cancellation to the agent. A week has passed and I have not received the seller's signature.<br/>Is this contract legally binding without 3rd party approval?<br \><br \>20 replies Tue, 27 Jul 2010 19:11:00 GMT http://www.zillow.com/advice-thread/Can-I-cancel-a-short-sale-purchase-agreement-prior-to-3rd-party-approval/359730/ 2010-07-27T19:11:00Z Does realtor needs to responsible for thing she told that is not true on the property? http://www.zillow.com/advice-thread/Does-realtor-needs-to-responsible-for-thing-she-told-that-is-not-true-on-the-property/435781/ I am a first time home buyer, before I make the decision to buy the bank-owned condo unit, my realtor told me that the assessment fee ($770) will be paid by bank and it is one time payment. Then I make a decision to buy this condo. <br/><br/>I asked the realtor second time to confirm the assessment fee will be paid by the bank on the day that I put $5000 deposit. My realtor told me, the assessment fee ($770) will be paid by the bank. <br/><br/>Now, before 2 days on closing, realtor just told me the assessment fee ($770) must be paid by buyer (me) and it is not one time payment, this assessment fee ($770 per year) will last for 15 years, which mean I need to pay $770 per year for 15 years. <br/><br/>I don't think the condo worth for the value with $770 assessment fee per year. I want to walk away, but I will lose $5000 deposit. I wonder what should I do? Does my realtor have to responsible for that? My realtor gave me a wrong information, and cause I make a wrong decision to buy this condo.<br/><br/>Note: It is not closed yet.<br \><br \>15 replies Mon, 19 Mar 2012 16:31:00 GMT http://www.zillow.com/advice-thread/Does-realtor-needs-to-responsible-for-thing-she-told-that-is-not-true-on-the-property/435781/ 2012-03-19T16:31:00Z Can a bank after closing come back and request to remove appliances? http://www.zillow.com/advice-thread/Can-a-bank-after-closing-come-back-and-request-to-remove-appliances/435457/ Can a bank after closing come back and request to remove appliances?&nbsp; Here's some background on the situation.&nbsp; I just bought a foreclosed home in Minnesota.&nbsp; The bank was renting the place back to the previous owners after the foreclosure and they left the home before closing after being offered a cash-for-keys from the bank.&nbsp; The previous tenants left the appliances in the home (some of which are in good to average condition).&nbsp; Now after closing, the bank's realtor just contacted stating they either want me to purchase the appliances or give them back to the renters.&nbsp; Apparently the renters feel that they still have a right to the appliances. <br/><br/>As with all foreclosures the home was sold as-is and I had even been told by the banks agent that the appliances wouldn't be removed since they hadn't been already.&nbsp; So my take is that they don't have any right to come back and take anything as it was sold as-is and they had conveyed it would be included.&nbsp; I never had any type of contact or contract with the former renters so legally I don't see how they can go after me.&nbsp; The banks agent claims their was a missunderstanding between them and the former owner (renter) but that would lead me to believe that's their problem, not mine.&nbsp; <br/><br/>Does anyone have any addtional insight into this issue?<br \><br \>7 replies Fri, 16 Mar 2012 18:43:00 GMT http://www.zillow.com/advice-thread/Can-a-bank-after-closing-come-back-and-request-to-remove-appliances/435457/ 2012-03-16T18:43:00Z