Home Buyer Information | Minneapolis Realtor

Buying a home should be fun – that’s how I feel.  Having been in the business for going on 15 years now – I still enjoy every aspect of helping my customers and clients.  As you look for your dream home – keep the following things in mind.

Most important !!!  Find a real estate agent who you connect with.  Quite frankly, if we don’t get along and can have ease of communication, then the only person who wants to work with the other less is me !!  Home buying is not only a financial commitment, it is an emotional one.  Your realtor should be highly skilled and also fit with your personality.

Remember – there is no right time to buy, just as there is no perfect time to sell.  If you find a home now, don’t try to second guess interest rates or the housing market by waiting longer.  You risk losing out on the home of your dreams.  The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.

Don’t ask for too many opinions.  It is natural to want resassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision.  Focus on the want and need of your immediate famly – the people who will be living in the home.

Accept that no house is ever perfect.  If it is in the right location, the yard may be a bit smaller than you had hoped, the kitchenmay be perfect but the roof needs repair.  Make a list of your top priortiites and focus on things that are most inportant to you.  Let the minor ones go.

Don’t try to be a killer negotiator.  Negotiation is definitely a part of the real estate process. but trying to win by getting an extra low price or by refusing to budge on your offer may cost you the home you love.  Negotiation is give and take.

Remember your home does not exist in a vacuum.  Don’t get so caught up in the physical aspects of the house itself – rooms size, kitchen, etc. – that you forget about important isues as noise level, location to amenities, and other aspects that also have a big impact on your quality fo life.

Plan ahead.  Dont wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance and consider a schedule for moving.  Presenting an offer contingent on a lot of unresolved isues will make your bid much less attractive to sellers.

Accept that a little buyers remorse is inevitable and will probably pass.  Buying a home especially for the first time is a big financial commitment, it is also an emotional commitment.  But is also yields big benefits.  Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.

Good luck – and please feel free to contact me with any home buying questions.  Have a great day !!

Many Minnesota mortgage borrowers will soon have access to $280 million as part of a multimillion dollar deal reached among the states, federal government and the nations largest morgage lenders over foreclosure abuses.

Lenders included are:  Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and Ally.  They will jointly pay about $20 billion to reimburse Americans for improperly managed foreclosure proceedings.  Minnesotas portion will be approximately $113 million in monetary and refinancing relief.  Up to $167 million in principal reductions and other relief.

Of course, we are all aware of the bubble bursting in the housing market – and these predatory practices have now been “called to the carpet”.  Many homeowners were defrauded by banks who processed foreclosures and failed to verify documents, or whose employees signed papers they hadn’t read or used fake signatures to speed the foreclosures.  Ordinary homeowners stuggling to make ends meet in the bad economy had faced corporate red tape and blatant disregard when asking these big national banks for assistance – this settlement gives some money back to those that have been hurt the most by this economy.

For more specifics – please feel free to contact me.  We are always here to help.

According to those analysts who track foreclosures – 2011 could be a record year for home foreclosures.  They expect foreclosure filings in the US to climb by as much as 20 percent this year. 

Regardless of where you live, there are bound to be foreclosed homes available in your area.  These homes can be good deals for buyers who have the patience to deal with some of the banks slower wheels.

Buying a foreclosed home is not for everyone.  But, for those who are willing to brave the potential uncertainty of buying a foreclosed home there are many opportunities to have it pay off for them.

There are steps to buying a foreclosed home.  First, there is the           Pre-foreclosure stage - when the homeowner has fallen behind on their payments.   This is commonly known as a “short sale”.  Where the bank allows the homeowner to sell for less than what is owed on the mortgage. 

If this option does not work – the bank follows through on the process to foreclose the home.  The homeowner has moved out and is no longer in the picture.  These are referred to as “bank owned” homes.  From a buying standpoint, most experts agree that this is the safest stage of the process. 

No matter where you find a home – or whether it is a traditional sale or bank owned home – I can help you with either.

From our founding fathers first words:  “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness”.  The last phrase is a variation of the British triad:  life, liberty and property.  In this country – happiness incorporates private property ownership.

The one thing we all take pride in is our home and property.  From adorning our homes on the outside from gates, pools, roof-lines, to outdoor lighting.  To on the inside, with wood floors, granite counters, glorious family rooms, bedrooms and bathrooms – we all like to show off the rewards of our efforts. 

Whether you live in a small cottage or a great mansion – we are all very proud of what we own.  That’s what makes “home” for us and our families.

Everyone needs shelter.  In an accomplished society such as ours, government support of that goal should not be questioned.  However, home ownership is not for everyone.  We should not encourage people to buy homes they cannot afford. 

Homeownership is better for people when they think of it over the long term – more as a home versus simply an investment.  Homeownership promotes communities.  People who own homes are more invested in their neighborhoods.  Crime is lower, c hildren do better in school.  Home ownership creates jobs – housing accounts for over 19% of the gross domestic product (what we are producing and shipping abroad).  Homeowners also support government – they pay more that 80% of all federal income tax. 

There is no question – home ownership is a core value of our country.  For centuries, people have fought for the right to own land.  Even today, people still come to America to fulfill that dream. 

Although many thoughts regarding home ownership have been a very challenging subject in just the recent months – things change.  Spring is on it’s way and the economy has been stabilized to a certain degree. 

I encourage you to explore how things have changed for you in particular.  Talk to your local lender, explore homes in the area.  See what may be in store for you as you look to fulfill your American dream of home ownership.

For more information and assistance in all of your real estate needs – contact Dorothy Marschel at 763-289-8960 or via email at Dorothy@DerrickMonroe.com   We also have an in-house lender – Ron Monroe, who can help you with qualifying and other financial needs.

From a housing perspective – a lot has happened over the last few years.  We have seen a housing crash, an economic recession, and a complete shuffling of the mortgage industry.  What does it all mean to you, as a home buyer?  It means that if you want ot buy a home in 2011 – you need to be better prepared than ever before.  You need a good credit score, a down payment, and steady employment.  You also need to be realistic more than ever.

First of all, many ask, “how do I even get approved for a loan?”.   When buying a house it is necessary to speak with a reputable loan officer before you start the “house hunting” process.  You need to be informed of your current financial information – and the amount of money you are able to borrow. 

Getting a mortgage depends on many things:

The type of loan that best meets your needs, your credit score(the higher the score, the more doors open for you).  The mortgage you choose will depend on your long term goals. 

Questions you should ask yourself:  “How much money do we have to put down?”  “How long do we plan to stay in this house?”

FHA loans with smaller down payments and more gracious lending rules are insured by the government.  The lender is insured against losses so they are more likely to qualify people who might not qualify otherwise. 

Once you have met with a lender and have discussed your options, then it is time to sit down with your buyers agent to find the home that best suits the needs of your family. 

We at The Derrick Monroe Group are a full time, full service office assisting you in everything from start to finish – mortgage, real estate, inspection,  and title closing. 

Feel free to contact us at any time to discuss the home buying and selling process.  Dorothy Marschel, Buyers Agent – 763-286-8960 or via email at Dorothy@DerrickMonroe.com

Please join us at three local open houses. 

Saturday 2/12 from 11:00am until 12:30pm.

9284 Ohland Avenue NE – Otsego.  Great modified 2 story on just over an acre.  Plenty of elbow room inside and out.  4 bedrooms (3 on one level), 3 bathrooms, extra detached double garage for the toys.  Convenient to shopping, dining, movies, and more. 

Directions: Hwy 101 north of Rogers to West on CR 39, North on Ohland to home on right.  Watch for signs.

For more information contact Dorothy Marschel at 763-286-8960 or check out our real estate website at http://www.DerrickMonroe.com  for more properties and information.

Sunday 2/13 from 12:00pm until 1:00pm

3051 Robertson Court – Rockford

This home is impeccable.  Angled stairway, kitchen with granite counter, 3 bedrooms on main level.  Walkout lower level, boulder front gas fireplace, culdesac and irrigation.  Garden shed for the extra “stuff”.

Directions:  Hwy 55 to Rockford, North on Main Street (CR 20), Left on Elm (CR33), Left on Ravenrock to right on Robertson Court.  Watch for signs.

For more information contact Dorothy Marschel at 763-286-8960 or check out our real estate website at http://www.DerrickMonroe.com

Sunday 2/13 1:30pm until 2:30pm

Get ready for summer with the gorgeous lake home.  Triple wooded lot, updated walkout rambler.  3 main floor bedrooms, huge windows take in all of the views.  Crystal clear Lake Martha.  Extra 40 x 30 garage/shop for the water toys.

Directions:  Hwy 55 to Rockford, North on Main Street (CR20), Left on Elm (CR33), just north of town to Right on Halsey to home.  Watch for signs. 

For more information contact Dorothy Marschel at 763-286-8960 or check out our real estate website at http://www.DerrickMonroe.com

When people first start surfing the web, or driving around neighborhoods in search of a new home – they often think “this is easy, why can’t we do this on our own?”.

Truth of the matter is, “yes”, you can do this on your own.  There is no law that prevents you from searching for a home, scheduling appointments, and even negotiating on your own.  The real question should be “do we WANT to do this on our own?”.

Many new home buyers are under a misconception that if they hire a real estate agent that they will have to pay  a commision for their home search.  This is not the case – the commission for the sale of a home is paid by the seller, not the buyer.

Still if you wish to “go it alone” your choices without a real estate agent are only going to be in the small market of “For Sale by Owner” homes.

An interesting result from real estate analysts found that the selling prices of FSBO homes are equal to or higher than those offered by agents.  The problem here for buyers arises with being unfamiliar with the market and having a false sense of the properties worth, and feeling at the home owners mercy.  You would need to make the determination on your own and many do not want to make a “seat of the pants” decision when this is quite probably one of the major purchases of your lifetime.

The next mistake buyers make is becoming frustrated with the limited market of FSBO homes that they being randomly calling listing agents directly or going to open houses.  There is not one red cent to be saved by doing this.  The seller is still going to pay the same commission and you as the buyer have absolutely NO representation.  The listing agent is duty bound to the seller.

By hiring your own representation, your Buyers Agent, you have one agent working solely on your behalf and in your best interests only.  Also, you can rest easy knowing you have the freedom to discuss the homes you view, your negotiating wishes and strategies and personal information. Everything between you and your buyers agent are kept strictly confidential.

With that being said – don’t feel alone, Buyers Agents are here to help  YOU!

Remember, no matter where you find a home, I can help !

Just because the temps outside are way beyond freezing – it is still a hot time to buy a new home. 

Rates are still at all time lows, really, my loan officer is in the office next to me – so I know this first hand.

There are many flaming deals out there – and they all don’t involve dealing with banks. 

Contact us with any home buying or selling questions.  Or, if you would like an update on home sales – give me a call or email me.  I am here to help.

In spite of a downturn in the industry – the desire to own a home has not been diminished at all.  This is according to a survey conducted by Fannie Mae themselves !

Fannie surveyed Owners and Renters.  A whopping 51% say that the housing situation has not affected their overall willingness to buy a home.  About 27% of people say that they are more likely to buy a home since the current situation began.  This is because lower prices for homes coupled with low interest rates makes homeownership much more affordable than ever before. 

Another finding of the survey is 66% of respondents say they believe that housing is a safe investment – as safe as an IRA or a 401K plan.

Also, about 50% say they believe that owning is a good idea, even if they plan to stay in the home less than three years. 

Lastly, 86% of those surveyed say that the tax benefits are a great reason to buy a home. 

In the realty world – spring begins in January – and these are really good odds!!   It’s never to early to get a start on finding your next home.

A short time ago I delivered a flyer titled “Don’t Be Left Out – Take Advantage of this Window of Opportunity”. 

This was to inform home buyers of rates that had been at historical lows would soon be in the past and to act, or to at best, explore your options for home ownership.

Well, it looks like that time is slipping away. 

If you still want to take advantage of these rates – the window may indeed be closing. 

Over the last week, rates have started rising again due to a combination of good economic news and the Fed’s latest Treasurey Security purchasing plan (buying bad investments!).  Rates over the last week have actually risen by 0.25%.  That can make a significant difference on your monthly payment. 

While some may feel that the best option is to wait, others feel that you should strike while the iron is hot.  In this case, the iron is hot. 

I would encourage you to contact my in-house loan officer, Ron Monroe (651-398-7673) to explore what your current options are to owning your own home.  Who knows if we will ever see rates as low as this again.

Homes are still selling – even with the recent chill in the weather.  A person with the knowledge is empowered to make the best decision for themselves. 

Please feel free to contact me regarding your interest in buying a home.  We are a full service real estate company who has all of the tools at our fingertips to assist you in all aspects of the home buying experience.

Contact Dorothy Marschel at 763-286-8960 or via e-mail at Dorothy@DerrickMonroe.com

Thanks – and have a safe and happy Thanksgiving weekend !!