Lake of the Isles

Renter Resources For Emergency Services That Might Help With Rent

In today’s economic environment, tenants are feeling the pain of a recession as well-or even more-than the rest of the population. This might mean their job loss or lesser wages. It is hard to pay the rent without an income. Therefore, as a landlord, your consider learning about and sharing resources with your tenants that provide emergency services in the Twin Cities. I have put together a few ideas on services/programs that might be able to help with food, utilities and even the rent. Besides the greater possibility and likelihood of getting your rent, you are being a friend and showing that you care. What goes around comes around.

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Lake of the Isles

2012-will it be just another year or is it YOUR year of transition?

I recently gave a Toastmasters speech on this topic. Key to answering the question is whether or not you have written goals in mind regarding what you want or intend to accomplish. Unless there are specific goals that require you to plan and live with a purpose and focus, life will just happen. Either way is fine as long as you know what to expect. Many people are frustrated when they expect something different. Mastering time and focusing on goals may more create a more fulfilling life. Soon, I will begin my annual project of goal setting. I intend to plan my year with measurable goals. I find I’m much happier when I’m focused on where I’m going. As such, I just came across this PDF called The Tower. I thought it was interesting and wanted to share it here. It is a short e-book about a man who is achieving his goals and living the dream. He’s living life on his terms and creating a legacy. He became more focused after he analyzed a video game he was playing. It is a pretty interesting book. Maybe one of your goals involves real estate-buying a new home or investment property. If this is a goal of yours, I can help. Give me a call and let me help you figure out how we can make real estate goals become your reality in 2012.

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Lake of the Isles

Short Sales Vs Foreclosures Vs Traditional sales

We need to understand that while the current economy is really a “Tale Of Two Cities” in that some people have no idea we are in a recession whereas others are in deep pain, the real estate market as a whole is being impacted by distressed properties. Based on the current backlog of homes, it may be this way for some time. That being said, why are short sales being embraced by everyone as the most economical way to move markets forward? When you look at a comparison of the loss incurred by the lender, you will see that losses are generally worse with a foreclosure. Larger losses via lower sales prices ultimately impacts everyone who is buying, selling or refinancing. I have a report and flyer I’d like to share. Both provide you with opinions and resources so you can draw your own conclusions. Solving the housing problem starts with understanding the problem as well as exploring viable solutions.

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Lake of the Isles

HUD Home Tips

Recently, a representative from Best Assets came to speak in Minnesota about how they are handling the disposition of HUD homes in conjunction with the asset managers, agents, and the website http://www.HUDHomeStore.com . The process of buying and selling a HUD home is very similar to that of “traditional transactions”, but there are some small differences and nuances. I have attached a sheet that covers some of items that you should be aware of.

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Lake of the Isles

Minnesota HUD Homes

Most properties that become lender owned are generally available through our online MLS. HUD homes are listed in our online MLS as well. That being said, HUD maintains a site at http://www.HUDhomeStore.com that lists all their properties for all states and provides you a lot more information about specific homes. I would encourage you to go there and see what is available. As an agent, I am able to show and help you purchase a HUD home. Just let me know what you’d like to view. I can set up a specific search for you within our Online MLS and see that listings that meet your parameters are emailed to you daily. Attached you will see that process that occurs once you’ve purchased a HUD home. It will provide you with a flow chart so you know what happens. Did you know that HUD allows you to put $100 down on a full price purchase offer of a HUD home utilizing FHA financing? These terms and conditions are subject to change at any time. Keep up to date at http://www.HUDhomestore.com

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Lake of the Isles

Expanded HARP Mortgage Refinance Option-Available Soon!

Today, the government expanded the HARP program and qualifications. Attached is the news release. Qualifying for a new loan to lower your rate may now be a possibility even if you are upside down-ie underwater on your loan. Terms/conditions always apply-see the release and call me if you think you fit the parameters. We can take it from there.

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Lake of the Isles

National & Minnesota Foreclosure Trends

The market is still slow, but this is the opportunity for those who want to roll back the clock and purchase at price levels combined with interest rates that we haven’t seen in years. See the newsletter for more information. Also, I have MUCH more information to share. Simply give me a call or send me an email to get started. Let me show you how I can help.

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Lake of the Isles

VA-Veteran Loans Funding Fee & FHA Maximum Mortgage Changes

Starting October 1st, 2011, the maximum FHA loan limit for single family loans is being lowered from $365K in the Twin Cities to $318,550. See the attached form. This is not a good thing, but reflects the reality of declining value of much of the real estate. Unfortunately, underwriting of all loans continues to tighten. On a positive note, the VA funding fee is being lowered. This would be due to less losses and a lesser need to collect as much insurance premium to protect against defaults. So, the question I have pondered is: Why are VA loans-typically financed at 100% loan to value-not experiencing the same loss ratios as other mortgage programs. VA 100% financing has been around forever. It works-and well. The problem of our mortgage crisis is not the loan to value or a required minimum down payment or tighter underwriting as some would have you believe. Imagine all the new homeowners if we actually took what we’ve learned from decades of underwriting VA loans and applied it to a new “stimulus mortgage program”. Instead, we are becoming a nation of renters. Somebody in congress needs to talk to the people who have their boots on the street for real solutions to our mortgage and real estate problems.

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Lake of the Isles

Using A Reverse Mortgage To Purchase

With some of the major lenders leaving the reverse mortgage business-possibly just on a temporary basis-you might find it more difficult to find a lender offering the program. At the same time, it is worth your time to look. If you are 62 years old and have approximately 50% equity in a home, you can obtain a reverse mortgage. You can use this loan for a purchase as well. So, if you put down 50% of the value of the home, you can obtain a reverse mortgage. Remember, the reverse mortgage doesn’t have a monthly payment associated with it. While you are still responsible for the taxes and insurance, you pay off your loan when you sell the home. The attached PDF will give you some examples of how much is required to buy a home using a reverse mortgage at various age groups. This is a unique opportunity for seniors to consider, especially if they are on a fixed income.

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Lake of the Isles

An Economic Blog/Resource For You

I just found this blog at http://www.CalculatedRiskBlog.com It is a cool economic blog. Go there and read articles to see what is happening in the world. Then, go to the graphs gallery. Simply amazing. It is worth your time if you want a macro view of the world and environment in which we live today.

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Lake of the Isles

What’s happening in the Twin Cities Real Estate market?

Are you wondering what’s happening out there? Well I have my “boots on the street”. Here is where I see it and where I see it going in the short term. Overall, sales are slow, but not dead. We are now in the fall market. In as early as 30 days, we could have snow on the ground. Then, you have Thanksgiving and all of the other holidays. Combine all these events and this tends to be the slowest time of the year. This means it will likely get slower over the next 90 days for traditional home sales. I’ll keep you posted about the Spring market when we get there. That being said, I am keeping very busy-thankfully!. Many of my transactions today are involving investors. The deals are just too good to pass up. I would be happy to show you what I mean and give you actual examples involving investor transactions I’ve been involved with. If you believe that values will increase in the future, now represents the best buying opportunity I have seen in my 26 years. Is it all uphill from here? Absolutely not! In fact, depending on the community and property type, it might get worse before it gets better. Yet, if you are a long term investor, purchasing for the long term, this is a golden opportunity. Interest rates are at 50 year lows, the banks will soon have to do something with their inventory of properties. Banks are actually accelerating their foreclosure procedures. This means more homes will be available for sale or even possibly for rent. The government is thinking about solutions-so we’ll have to stay tuned. Will they become landlords? Will they raise the LTV loan limits for underwater mortgage refinance opportunities and expand eligibility beyond Fannie and Freddie loans? Will there be write downs of principal and equity sharing going forward for existing underwater homeowners? These are all ideas being talked about. Stay tuned for more!!

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Lake of the Isles

Amazing Video-Wouldn’t Believe It If I hadn’t Viewed The Video

Amazing message-mortal enemies can get along! What an example for the rest of us!

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Lake of the Isles

Great Cartoon from 1948

Human beings are human beings. Only the names change. When we refuse to understand history, psychology, and human nature we end up repeating mistakes that could be avoided. Re-learning lessons is getting mighty expensive. Definitely worth watching.

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Lake of the Isles

VA financing their foreclosed properties for Investors

This is pretty exciting.  It is a way that investors can buy VA foreclosed homes with VA loans.  I personally have not participated in this yet, but I wanted to make sure everyone knew that it was an option and might be available.  See the flyer for more info

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Lake of the Isles

Minneapolis Park and Recreation Board

You will be amazed at the activities available throughout the Minneapolis Park System.  Use the convenient search finder to locate your lake of choice and the events that follow.

http://www.minneapolisparks.org/default.asp?PageID=5&advSearch=parks

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Lake of the Isles

Lake Harriet, Lake Nokomis and Lake of the Isles

If you ask residents of Minneapolis what sets their city apart from other major metropolitan areas, you will quickly learn about the extensive lake system that runs through the southern part of the city. Though you can easily find the urban lifestyle and towering skyline in downtown Minneapolis, the lakes offer a terrific alternative for those who prefer the solace and beauty of living near water. Between Lake Harriet, Lake Nokomis, and the Lake of the Isles, Minneapolis offers a tremendous amount of outdoor recreational opportunities, and with plenty of available and affordable real estate nearby, the time has never been better to finally invest in your dream lakefront home.

The lakes are connected as part of the Grand Rounds Scenic Byway, an elaborate system of trails and bike paths that are widely popular for exercise and recreational walks. Lake Harriet connects with Lake Calhoun on its north end through the William Berry Parkway. Harriet is home to two beaches, which many take advantage of during the summer months, as well as its famous castle-shaped bandshell. From June to September each year, the bandshell hosts concerts nightly, offering an eclectic assortment of music from big band to bluegrass to rock and roll. The Minneapolis Pops Orchestra makes its summer home here, offering a blend of popular and traditional music each Saturday. Additionally, Lake Harriet contains a brand new picnic shelter, tennis courts and fishing docks, so there are plenty of outdoor activities to indulge in.

On the other side of Lake Calhoun is the Lake of the Isles. Restored by the Minneapolis Park and Recreation Board in the early 1900’s, the Isles has been transformed from a shallow lake and marsh area into one of the most majestic lakes the city has to offer. In addition to its summer offerings, this lake is one of the most winter-friendly, offering an ice skating and hockey rink. In warmer weather, its bike paths, soccer field and fishing docks are very popular.

For those especially interested in fishing, Lake Nokomis offers some of the richest waters for fishermen in the entire state, with many game fish found here. Along with Lake Harriet and Lake Calhoun, it is one of the three lakes used for sailing, and is one of the hosts for the popular Aquatennial, an annual celebration of Minneapolis’ aquatic tradition, featuring shows and competitions that draw large audiences. Nokomis is also a popular sporting lake, with fields available for football, baseball, softball, soccer and tennis.

Some of the most beautiful architecture in all of Minneapolis real estate can be found near the lakes. Many large single-family and multi-story homes and condominiums boast luxurious porches and balconies with a beautiful view of the water. If you are lucky enough to own a boat, there are plenty of homes with a large enough area to accommodate you with easy convenient access to many of the lakes’ boating docks. With the real estate market currently in favor of those seeking to buy, the time has never been better to locate the home of your dreams at a reasonable price. If you are more interested in renting, there are scores of apartments and duplexes for rent immediately near the lakes, as well as in the Uptown district, which is well within easy walking distance to the lakes and trails. I strongly encourage you to contact me to set up an appointment; I am confident that I can find a home that suits your own, as well as your family’s needs.

For your convenience, we are a fully cooperating member of the Twin Cities real estate community. The multiple listing service, or MLS, allows all member agents to view what is available in the market so you don’t feel compelled to go with an agent you are not comfortable with. So regardless of the company sign in the yard, please feel free to give me a call to arrange an appointment to view a home that you are interested in. Our website contains many helpful tools to get you started on your journey today, including mortgage rate calculators, mortgage rate quotes, and online mortgage applications. If you would like to browse for yourself, check out our Search Online Now! application. This will grant you access to all of the homes currently available through our multiple listing service.

If you are looking to relocate to Minnesota, I will be happy to help you out with our relocation package and guide. I, as well as many of my clients, are relocation specialists, and depending on your situation, there are various employee and corporate relocation packages available. Many of us own rental property ourselves as well and would be happy to assist you in finding a rental, or to arrange a tour with you to acclimate you with the area. Please check my website as well for our convenient relocation salary calculator and other relocation services.

I’m extremely familiar with the area and have lived in the Twin Cities my entire life. When making an important life decision, such as relocating and/or purchasing a home, it is important to have someone on your side to give you honesty and expertise. I strongly encourage you to contact me with any questions you have or to set up an appointment. I look forward to working with you.

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