Explore Maple Grove, MN

By Richard McDeid
(Our Home Real Estate)
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What are problems buying foreclosures? Buying directly at a legal foreclosure sale is risky and dangerous. It is strictly caveat emptor ("Let the buyer beware"). The process has many disadvantages. There is no financing; you need cash and lots of it. The title needs to be checked before the purc...

By Richard McDeid
(Our Home Real Estate)
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Where can you find foreclosed HUD homes? The U.S. Department of Housing and Urban Development acquires properties from lenders who foreclose on mortgages insured by HUD. These properties are available for sale to both homeowner-occupants and investors. You can only buy HUD-owned properties throu...

By Richard McDeid
(Our Home Real Estate)
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Where can you find foreclosures? In most states, a foreclosure notice must be published in the legal notices section of a local newspaper where the property is located or in the nearest city. Also, foreclosure notices are usually posted on the property itself and somewhere in the city where the ...

By Richard McDeid
(Our Home Real Estate)
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Can I get a HUD home for as little as $100 down? If you are strapped for cash and looking for a bargain, you may be able to buy a foreclosure property acquired by the U.S. Department of Housing and Urban Development for as little as $100 down. With HUD foreclosures, down payments vary depending ...

By Richard McDeid
(Our Home Real Estate)
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What types of foreclosure are there? Judicial foreclosure action is a proceeding in which a mortgagee, a trustee or another lienholder on property requests a court- supervised sale of the property to cover the unpaid balance of a delinquent debt.  Nonjudicial foreclosure is the process of sellin...

By Richard McDeid
(Our Home Real Estate)
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Buying Your Home - Foreclosures Are foreclosures an option? A foreclosure property is a home that has been repossessed by the lender because the owners failed to pay the mortgage. Thousands of homes end up in foreclosure every year. Economic conditions affect the number of foreclosures, too. Man...

By Richard McDeid
(Our Home Real Estate)
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Buying Your Home - Common Q&A About Selling Your Home Who gets the furnishings when a home is sold? It depends. Fixtures, any kind of personal property that is permanently attached to a house (such as drapery rods, built-in bookcases, tacked-down carpeting or a furnace) automatically stay with t...

By Richard McDeid
(Our Home Real Estate)
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Buying Your Home - Whom to Contact (Where & What to Buy) Where do I get information on co-ops? For information on co-operative housing, contact the National Association of Housing Cooperatives, 1401 New York Avenue Northwest, Washington, D.C., 20005-2160; (202) 737-0797. Where do I get informati...

By Richard McDeid
(Our Home Real Estate)
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Buying Your Home - Interest Rates Tell me more about ARMs? Adjustable-rate mortgages "are tied to an index which is a measure of the lender's cost of borrowing money. As the index rises, so will the interest rate on the adjustable loan," according to Dian Hymer, author of "Buying and Selling a H...

By Richard McDeid
(Our Home Real Estate)
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How do you determine the value of a troubled property? Buyers considering a foreclosure property should obtain as much information as possible from the lender, including the range of bids expected. It also is important to examine the property. If you are unable to get into a foreclosure property,...

By Richard McDeid
(Our Home Real Estate)
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What is the standard debt-to-income ratio? A standard ratio used by lenders limits the mortgage payment to 28 percent of the borrower's gross income and the mortgage payment, combined with all other debts, to 36 percent of the total. The fact that some loan applicants are accustomed to spending ...

By Richard McDeid
(Our Home Real Estate)
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What is Fannie Mae's low-down program? Fannie Mae is expanding the availability of low-down-payment loans in an effort to help more people nationwide qualify for a mortgage. Two new programs will help potential buyers overcome two of the most common obstacles to home ownership, low savings and a...

By Richard McDeid
(Our Home Real Estate)
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Where do I get information on housing market stats? A real estate agent is a good source for finding out the status of the local housing market. So is your statewide association of Realtors, most of which are continuously compiling such statistics from local real estate boards. For overall housi...

By Richard McDeid
(Our Home Real Estate)
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When is the best time to buy? Here are some frequently cited reasons for buying a house: * You need a tax break. The mortgage interest deduction can make home ownership very appealing. * You are not counting on price appreciation in the short term. * You can afford the monthly payments. * You pla...

By Richard McDeid
(Our Home Real Estate)
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What can I afford? Know what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have. In general, lenders don't want borrowers to spend more than 28 percent of their gross income per month on a mortgage payment or more than 36 percent on de...

By Richard McDeid
(Our Home Real Estate)
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Buying Your Home How much does my real estate agent need to know? Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation. Agents working for buyers have thr...

By Richard McDeid
(Our Home Real Estate)
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#18 Avoid bidding wars In some cases, the seller’s Realtor® may use scare tactics to rush the sale or increase the price. Falling for this trap could cost you money. If there is another buyer, or some other reason this pressure is being applied, whoever wins also loses because they tend to overp...

By Richard McDeid
(Our Home Real Estate)
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#15 Keep it impersonal Conversely, information could be used to your detriment. Information about your mortgage, size of down payment, move-in deadline, or circumstances for buying could be used to the seller’s benefit in negotiations. While you want your Realtor® to know these details, maintain...

By Richard McDeid
(Our Home Real Estate)
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#13 Ask for a written CMA A Comparative Market Analysis (CMA) is an analysis of comparable homes in a given neighborhood. It shows you the sale prices of comparable homes in the neighborhood, along with asking prices of other homes in the area currently on the market. A Realtor® can request this...

By Richard McDeid
(Our Home Real Estate)
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#10 Consider your future needs A move can be a major undertaking.  Take a good look at your current lifestyle and consider the future. Will you need extra space for a home office, a child, or perhaps a child moving back home? Perhaps it may be easier and less expensive if you purchase a home tha...

Maple Grove, MN Real Estate Professionals