Profile picture for MaryAlice Beevore

MaryAlice Beevore

Agent

19 Recent Sales (last 12 months)

MBA, CRS, e-Pro, Old Home Certified, Real Estate Broker (12 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Relocation,
Staging

Advice

  • (18 Contributions,
  • 1 Best Answers,
  • 3 Helpful)

Contributions are sorted newest to oldest.

How do I figure out who the HOA is in my neighborhood?

Answer

Many HOAs include the name of the property development (i.e. sub division). HOAs have to register with the Secretary of State. Try looking up the name of the sub division or property development on the MN Secretary of State website and see if anything comes up.

  (0)
Short Sale Advice

Answer

The agent you spoke with is correct. If the bank has a value of $145,000, that is the purchase price they will accept. The seller could go through the process of contesting the value if they truly believe that there are recent sales of comparable listings to support a lower purchase price. Contesting the banks appraised value does NOT mean that the bank will agree to accept a lower price. It just means that they will review additional comparable sales that may not have been included in their market analysis.If you really want the property, then you are best off offering the $145,000. You could try asking for the bank to agree to pay some of your closing costs from the sale proceeds. However, be ready to have the bank counter any closing cost assistance. You should be ready to pay your own closing costs without seller assistance. You should ask the agent for a list of current listings and recent sales (within the last six months) in the neighborhood to see how the $145,000 asking price compares. 

  (0)
Buying rental property- apartment vs Single family

Answer

While a condo is easier in terms of lawn care, snow removal, etc. there is one major draw back. Condos are typically subject to the rules of an association. If the association decides that rentals are not longer allowed or will be restricted, you as an investor would be unable to rent the unit.Single family homes are more work to maintain and repair, however, you will not need to worry about rental restrictions (other than the ordinances imposed by the city it is located in).

  (0)
Strategic Foreclosure in Minneapolis, MN. Options?

Answer

The co-signor complicates both a short sale or foreclosure. I would suggest that you talk to a competent attorney who is familiar with these issues. I would recommend that you speak with J Probst Law in Burnsville. Contact information may be found here www.jprobstlaw.com

  (0)
The Mortgage Debt Relief Act Expires in 2012

The Mortgage Debt Relief Act allows property owners to avoid paying income taxes on the 1099 they receive for the forgiven mortgage debt associated with a foreclosure or short sale. This act expires in 2012 and once again home owners will be on the hook for income taxes associated with forgiven mortgage debt. How will this affect the real estate market?

  (0)
If my home appraised for $245K in 2009, what estimated % it has declined?

Answer

Real estate values are dependent upon the prices your neighbors have been receiving for their properties. In the Twin Cities values (and the level of decline) varies widely by neighborhood. Zillow tries to estimate values based upon sales data from public records such as tax records. This data does tend to be a little out of date. If you need a comparative market analysis, you may ask a real estate broker for one. If you need to know the value for a legal proceeding such as a divorce, hire an appraiser.

  (0)