Twitter Weekly Updates for 2010-07-04

Linda Johnson — Sun, 04 Jul 2010 09:17:00 +0000

NEWS FLASH House OKs extension of tax credit closing deadline. #

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Twitter Weekly Updates for 2010-05-09

Linda Johnson — Sun, 09 May 2010 09:17:00 +0000

RT @AgencyLogic Coldwell Banker Extends Credit – Announces Buyer Bonus Event http://bit.ly/aYShdM #

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Can’t Qualify for a Bank Mortgage? Self-Employed? How About a Contract for Deed?

Linda Johnson — Thu, 15 Apr 2010 17:38:41 +0000

Numerous people have always dreamed of owning their own home, but for reasons such as not being able to qualify for a mortgage, problem credit, divorce, no credit history, poor credit history, and other reasons they feel as though they will never be able to experience the dream of owning a home. Because of recent credit tightening, some home buyers are less likely to qualify for mortgages. What can you do? One option could be to buy a home using a contract for deed.

A contract for deed is a transaction where the seller finances the sale of the property. The owner/seller of the property and a buyer enter into a contract in which the owner agrees to give the buyer a deed after the buyer pays the owner a certain amount of money. Usually the contract will stipulate that the buyer make payments over time with interest on the unpaid balance. When the buyer pays the total amount due under the terms of the contract, the owner gives a deed to the property to the buyer.

One of the advantages to the buyer is that they area able to save some money they would like to use for other things. This is because the closing costs and the down payment are usually less than required by a lender. For you first-time homebuyers out there, yes, you would be entitled to the first time home buyer tax credit as long as you can produce the HUD-1 statement as proof of the closing.

As with any contract involving a real estate transaction, you should seek competent advice as there are pros and cons to both the buyer and the seller when using a contract for deed purchase agreement. A contract for deed can be a very useful tool and has more flexibility than the mortgage regulations allow. It can be a great way to realize your dream of home ownership.

I currently have a few homes available for sale on a contract for deed. Feel free to check them out:

Eden Prairie: 9378 Libby Lane

St. Louis Park: 460 Ford Rd #403 & 460 Ford Rd #405

Woodbury: 6853 Lydia Lane

If you have questions about purchasing a home using contract for deed financing, give me a call or contact me.

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Is Mortgage Loan Modification Closer for Homeowners?

Linda Johnson — Mon, 29 Mar 2010 14:47:00 +0000

Technorati Tags: loan modification,foreclosure help,government program

The White House announced an expansion of the Home Affordable Modification Program (HAMP) on Friday. The details are still limited, but the expansion of this program is designed to help homeowners who are in need of foreclosure help, and possibly be allowed to stay in their homes. This will be done by offering servicers an incentive to forbear a portion of the principal balance of the principal balance over 115% of the current value of the property (LTV).

These changes will offer temporary mortgage relief to some unemployed homeowners. The qualified, unemployed homeowner/borrower who meets the criteria will have the opportunity to have their mortgage payments reduced to an affordable amount for 3 months-or maybe even 6 months in some circumstances –while they are looking for a job. If they do not find a job in the time frame, they will be evaluated for a permanent HAMP modification or they might be eligible for the alternative to foreclosure program.

The servicers/lenders will receive increased benefits under this expanded program to decrease the amount of foreclosure property in neighborhoods. As with any program, especially a government program, there are guidelines, and understanding them can be a daunting task.

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FHA Makes Extensive Policy Changes to Address Default Risk

Linda Johnson — Fri, 22 Jan 2010 05:41:23 +0000

The Federal Housing Administration (FHA) has determined that it will be raising home buyer’s up front costs for mortgage insurance, increasing the down payment requirements for borrowers with lower credit scores, and decreasing the acceptable amount of seller concessions. These new guidelines will begin taking effect in the spring and summer.

With the end of the first-time home buyer tax credit just over 6 weeks away, and the soon to be enforced guidelines, now is definitely the best time to buy a home.

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Nearly-New Construction Minneapolis Condo #3821520

Linda Johnson — Sat, 14 Nov 2009 07:36:08 +0000

Looking for new construction condominium in Minneapolis? This freshly decorated condo has a gourmet kitchen with upgrades galore! Use the potential first-time homebuyer tax credit and move in soon! 2803 38th Street East , Minneapolis is located a short walk from the light rail stop making it a very convenient location if you are working down town or at the Mall of America or the airport. This end unit has two a large kitchen with many upgrades including glass front cabinets and tons of counter space. Tall ceilings, updated decor, and in-unit laundry all add to make this a great place to start as a home owner or as a retiree. The garage and the elevator are on the street level and it is located in a security building. This is not a bank-owned home, but the seller is offering a quick close so there is plenty of opportunity to move in before the end of the tax credit.

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9380 Libby Lane Eden Prairie Town Home For Sale

Linda Johnson — Sat, 14 Nov 2009 07:30:01 +0000

9380 Libby Lane, Eden Prairie is completed new construction in Heritage Village! Stone and vinyl exterior, cement driveway. Sod and irrigation system to be installed. Spacious living areas on main level. Office could be used as second bedroom on main level. Bright and sunny kitchen has hardwood floor, stainless appliances, granite counters. Breakfast bar and informal dining area complete the hub of the home. Formal dining area has box ceiling and is open to the great room. Gas fireplace is flanked by cabinets and shelves and is accented by piano windows. Master bedroom has private bath with separate tub and shower, dual vanity sinks, and walk-in closet. Main level powder room is situated near the laundry and mud room.

Lower level contains huge amusement room that could be divided and used as theater room and game room. Spacious bedroom in lower level has large closet. Full bath and wet bar along with plenty of storage finish the lower level. This new construction town home is ready for a quick closing. The bank is the owner and is offering owner financing on a contract for deed to qualified buyers. It can’t be any simpler than that.

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Will the First-Time Homebuyer Tax Credit be Extended?

Linda Johnson — Wed, 28 Oct 2009 13:40:38 +0000

With November 30th speeding toward us, many home buyers are wondering and asking, “Is the tax credit going to be extended?” The tax credit has no doubt given a boost to the housing market this year, but will it continue?

Will it be changed to include more home buyers? There are many questions being asked, and many buyers who have not secured a signed purchase agreement on a home yet are

waiting anxiously to see if they will stay in the market or get out. The latest information is indicating that there may be a vote coming up as soon as the end of this week.

Many feel that if the credit is not extended, it will jeopardize any recovery in the housing market. The tax credit may not look the same as it does now and may be extended well into 2010. This ‘wait and see’ timing is a true challenge for those buyers who have not yet been able to line up all of the necessary items to buy a home by November 30th.

Technorati Tags: first time homebuyer tax credit,real estate,Minnesota real estate,home buying,mortgages

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Affordable Condos in Edina, Minnesota?

Linda Johnson — Mon, 12 Oct 2009 05:09:47 +0000

I was privileged to be introduced to some brand new condos in Edina recently. The Burgundy Place Condos have price ranges from the low two hundreds for a one-bedroom , one bath unit to nearly $500,000 for a 2 bedroom 2 bath unit. The sizes range from just over 800 finished square feet to nearly 1600 finished square feet. The units are completed, and have a variety of interior finishes, so there is bound to be something that suits you. If you would like white cabinets, it’s there, if you would like a darker finish that is available too. All of the floor plans contain well-appointed kitchens, luxurious baths, expansive windows, and either a private patio or balcony and a parking stall in the heated parking garage.

One of my favorite amenities offered is the patio and garden just out the door for the units on the second level. All of the units are staggered-not your big box building here- and the architectural components make the building interesting and pleasing. The units on the east end overlook Fred Richard’s golf course and have million dollar views at half the price. The units are ready for homeowners.

First time home buyers can still take advantage of the $8000 tax credit and the Come Home 2 Edina program. Now would be the perfect time to take advantage of all there is to offer at Burgundy Place Condos. No, I’m not the listing agent! I just think that from time to time we should share ideas that might not be well known. Check out www.BurgundyPlaceCondos.com and see what you are missing.

Any place that has the floor plans named after wines has got to have something going for it!

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First-time Homebuyer Tax Credit Time is Crunching!

Linda Johnson — Mon, 21 Sep 2009 14:08:32 +0000

Many of you as first-time home buyers are aware that the opportunity to use the $8,000 tax credit has a deadline of November 30, 2009 as it stands right now. While this date is some weeks away, there are some additional details to keep in mind. One of the largest is the fact that Thanksgiving is the Thursday (November 26th) before the deadline for the tax credit. Title companies will be closed that day and some other businesses will also be closed the Friday after-no, they won’t be out shopping! To help explain what we, as Realtors, are aware of, please watch the video included and hoepfully it will help you when selecting your closing date carefully.