Everything Is Not As It Seems!!

Have you ever asked a question, gotten an answer and made all kinds of plans and decisions
based on that one answer.

I'm here to tell you that we've all been there.

In today's society it is so important to ask the right question in order to get the right answer.

An example would be this: What are the interest rates today?

I've learned that the lenders can no longer give you a straight forward answer.

They will usually need to have some questions of their own answered before quoting
a rate:
1.) What is your loan amount?
2.) Do you have sufficient funds to pay closing costs?
3.) What is your credit score?

Why so many questions to simply get an interest rate?

With so many changes in the lending business the banks need to be more aggressive in
seeking a qualified buyer. So many mortgages in the past have gone into foreclosure and many more homeowners are doing short sales. The bank is looking at all the risk factors with
you as a buyer. for instance if you have a high credit score i.e. 740 you are a lesser risk
and therefore you may receive credit toward a lesser interest rate.
If you do not have enough money to pay all the closing cost but can afford a higher payment
and have a good credit score you may choose to pay a little higher interest rate and pay less
money out of pocket for closing closing costs.

If you are confused all I can say is try to work with a credible mortgage lender and make sure your real estate knows something about mortgages.
If is far more important to surround yourself with knowledgeable people than to be an expert in all things.

Poised To Expansion

If anyone read the Minnepolis Tribune on Saturday you have read that Ron Peltier, the CEO of Home Services of America parent company of Edina Realty and other real estate companies in 20 States is in the acquiring mode. There are no clear signs yet that the real estate market is
strengthening, however according to Mr. Peltier the time is coming to acquire other companies across the nation. Edina Realty is our local company and had over 33 billion in sales in it's Edina
Realty Region in 2010. When someone like Warren Buffett is at the helm you can't help but to be optimistic about the outcome. You and I have no idea of the process that these large investors
go through before they make a decision. I for one am going to trust their process.
I truely believe that we are close to the bottom and will be there really soon.
Irregardless, once at the bottom all indications are that we will remain at this leveled off stage for quite some time.
The bottom line is that if you are thinking that the market will come back and you will recover your losses in a couple of years you may want to re-think this. With the job market, the national debt and trouble overseas it will be a long time before we see any real appreciation.

If Kari or I can help you in your present housing situation a phone call is all it takes.
Real Estate is our business and we have the experience to help you.
Call us at 651-353-9838 or 651-470-0709

Hastings Real Estate

January has been unusually busy as far as inquiries in buying houses. The buyers have lots of properties they can look at and the are!
In this market many buyers think they can look at a foreclosure property and still offer
10 to 20% less than asking. I'm here to tell you that if indeed the property is bank owned and it has just come on the market you will not be able to buy at that much of a reduced price.
The bank has had an appraisal and priced the property within the market range of that appraisal. Many of these homes need new roofs, wiring and/or other fix-up items. This has been taken into consideration already.
The only time you could buy at such a reduction is after the property has been on for quite some time, the bank has probably received offers that are considerably lower than asking and they are now ready to concede to the lower value. If a property appears to be a bargain to you when you look at it, make a reasonable offer and count your blessings.
You can spend many hours looking for a steal, wasting precious time (interest rates could go up or values could start to rise) and have nothing.
There is a difference between and deal on a property and stealing a property.
You choose, but I can guarantee you will not steal very many properties.
Prices have not been this low in many many years. We will soon be on the bottom and prices will
eventually go up. If you buy at the bottom you are a winner!