Today we closed on a house that was one of the most rewarding closing I can remember in awhile. The buyer is a single Mom with 2 dependent children. She has been trying to purchase a home for at least 18 months. She did find one in Red Wing about 8 months ago and because of the changing market and a poor loan originator she did not get the loan. This happened at the last moment when she had already given her notice and was to be out of her apartment by the 1st of the next month. A friend of hers
suggested she contact Margaret Swanson with Lake Area Mortgage. The buyer met with her and started the process to purchase. This included raising credit scores, establishing that she had enough self employment income and other things that needed to be established prior to her even looking for a house. The buyer then called me approximately 6 months ago and we started looking for homes under $110,000.
That was challenging to me also. We would look for homes because this buyer wanted a yard for her grandchildren. We checked in Red Wing and Hastings. I was working with Margaret to understand the programs she was going to use. This lady combined about three different programs and came up with a zero down loan. I couldn't believe it.
The first thing was a decent credit rating (which she helped with). Then Margaret
used a CASA program thru MHFA. She obtained a Grant thru AHP alloted thru
Lake Area Banks + she received a monthluy payment assistance thru CASA also.
Margaret Swanson of Lake Area Mortgage you are the HERO of the month.
The Buyer now owns her very own single family home with a yard and at a payment
she can afford. We found her a home for $105,000 (by the way it had all new plumbing,heating,cabinets and flooring) that would not nickle and dime her to death and one
that she is proud to own.
Today is the best day ever because we could help this buyer.
Congratulations Maggie. AND
Thank you Margaret.
If you are a struggling buyer or a buyer who will breeze through the loan process call
Mary and Kari and we'll hook you up with Margaret.
Have a great week!
Smiles
Friday, February 22, 2008
Friday, February 15, 2008
Negative News follows Asset Bubble?
Despite the downturn in housing we should think in positive terms:i.e.
1.Downturns in the economy provide people with many opportunities to make money.
2.For Buyers the timing could not be better. With many opportunities to
purchase homes that are either in foreclosure or finding a motivated Seller
who must liquidate to move to another job this is the time to buy.
3.Most of your top investors buy low and sell high. You can be one of them.
4.In a short period of 5-6 years most Sellers saw their home value increase
from 45-85%. The normal for a time period in all the past years has been
4-5%. I'd say that we homeowners should under normal circumstances have
seen our home values go up only 25%. So what's the big deal! Yes we have lost
some of our gain, but look what the stock market has done over the past months.
We have had huge gains in the stock market too. So if these two markets level
off a bit have we really lost any money? Not to mention that we needed a place to
live, we received a tax deduction and we don't have to pay capital gains tax
on our profit up to a certain amount. We are still making money on our homes.
Do we really have a c omplaint? Maybe if you bought in the past 3-4 years.
The rest of us should count our blessings.
So we won't make as much as we once would have. We can't go back 2-3-4 years and
sell our stocks either.
It's time to be realistic and remain positive. This market will not last.
When we look back over the long run we'll clearly see the positive.
1.Downturns in the economy provide people with many opportunities to make money.
2.For Buyers the timing could not be better. With many opportunities to
purchase homes that are either in foreclosure or finding a motivated Seller
who must liquidate to move to another job this is the time to buy.
3.Most of your top investors buy low and sell high. You can be one of them.
4.In a short period of 5-6 years most Sellers saw their home value increase
from 45-85%. The normal for a time period in all the past years has been
4-5%. I'd say that we homeowners should under normal circumstances have
seen our home values go up only 25%. So what's the big deal! Yes we have lost
some of our gain, but look what the stock market has done over the past months.
We have had huge gains in the stock market too. So if these two markets level
off a bit have we really lost any money? Not to mention that we needed a place to
live, we received a tax deduction and we don't have to pay capital gains tax
on our profit up to a certain amount. We are still making money on our homes.
Do we really have a c omplaint? Maybe if you bought in the past 3-4 years.
The rest of us should count our blessings.
So we won't make as much as we once would have. We can't go back 2-3-4 years and
sell our stocks either.
It's time to be realistic and remain positive. This market will not last.
When we look back over the long run we'll clearly see the positive.
Monday, February 11, 2008
A Valentines Preview!
On a personal note............
I am so excited about our ad in the Hastings Paper this week that I am posting a sneek peek. I just fell in love with this photo. It is just a tribute to how in love the greandkids are with Nana and Papa! I picture is worth a thousand words! See for yourself! HAPPY VALENTINES DAY!!!!
-Kari
Wednesday, February 6, 2008
It's All About Attitude
With all the media attention the housing market has been receiving it's no wonder
buyers are thinking that this is a rotten time to buy a house.
The truth is that drama sells advertising and newspapers and it gets attention all over.
I for one am sick to death of all the negative attention. Let's be realistic.
Some of what you are hearing and reading is true. However, the truth of the matter is that there are some really great buys in the market today. Interest rates are
hanging lower than they have been for a long time and Sellers are willing to
negotiate their asking prices. No matter what happens people will still have a need to buy or sell. The difference now is that you Buyers have the upper hand.
Don't be swayed by some reporter who says the market is terrible - check it out for yourself. It takes a while to search out the market, to get pre-approved and to
feel comfortable that the offer you may choose to make on any given house is a fair and equitable offer for you and your situation. You only learn to do this by
getting out there. When the right house comes up you'll KNOW because you did your homework. If you have a negative attitude you may never get into a house of your own.
Questions? Just write or call us anytime.
buyers are thinking that this is a rotten time to buy a house.
The truth is that drama sells advertising and newspapers and it gets attention all over.
I for one am sick to death of all the negative attention. Let's be realistic.
Some of what you are hearing and reading is true. However, the truth of the matter is that there are some really great buys in the market today. Interest rates are
hanging lower than they have been for a long time and Sellers are willing to
negotiate their asking prices. No matter what happens people will still have a need to buy or sell. The difference now is that you Buyers have the upper hand.
Don't be swayed by some reporter who says the market is terrible - check it out for yourself. It takes a while to search out the market, to get pre-approved and to
feel comfortable that the offer you may choose to make on any given house is a fair and equitable offer for you and your situation. You only learn to do this by
getting out there. When the right house comes up you'll KNOW because you did your homework. If you have a negative attitude you may never get into a house of your own.
Questions? Just write or call us anytime.
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