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MaryAlice Beevore's Advice

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  • 18 Contributions
  • 1 Best Answers
  • 3 Helpful

MaryAlice Beevore wrote:

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.
July 21
(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. 
March 15
(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).
January 07
(0)

relocating...would like to rent a home or duplex, Should I look for a realtor or rental agency?

Answer
Rental agencies dominate the rental market in Minneapolis. You will have the best success working with a rental agency.  
November 28 2012
(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
July 25 2012
(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?
April 20 2011
(1)

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.
April 17 2011
(0)

How much value would adding an egress window produce?

Answer
Typically below ground square footage is worth about 1/3 of the above ground square footage. So the answer probably is...not much.
February 21 2011
(0)

Can I get what the Zillow Estimate was on a property back in the year 2009

Answer
No, but you can request a historical CMA from either a Realtor or appraiser.
February 21 2011
(0)

Is there a way to get financed for a multifamily investment property with little or no money down?

Answer
Hi,There are some local banks in the area that will support the program you are talking about. They will ask for 20% of the purchase price to be deposited into there bank. They will in turn give you a construction loan on the investment property, after all the repairs are done you would have to get a end loan. Than they would let you get your 20% back. Call Jeff Vorlicky at Prime Mortgage to qualify for the program.Jeff [Contact info removed by moderator]
February 08 2011
(0)
 
 
 
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