Wootown USA

Helping A Friend In A Mortgage Crisis

2009-05-28T05:06:00.000-07:00

Did you know that 1 out of 10 homeowners are facing foreclosure? This may be your next door neighbor, your co-worker, your bowling buddy, the person you sit next to in church every week, it may even be you.

Even sadder, 7 out of 10 will go through the process alone. That is, they will have given up and will let whatever happens happens.

They don’t know that their credit score will drop almost 350.
They don’t know that a foreclosure will stay on their credit for 10 years, and I have heard recently indefinitely.
As renters, a larger deposit may be required.
Any future home or car loans will only be obtained by larger interest rate, which means larger payments for a smaller home.
They don’t realize that a foreclosure could jeopardize their employment - present and future.
They think that once they have been foreclosed on that they can move on without any other repercussions only to have a deficiency judgment(s) show up sometimes years later.

This is disheartening because there are so many other (less damaging) options available other than letting the home go through foreclosure.

Signs to look out for:

* Discord in the home; more arguing
* Piles of unopened mail.
* Someone has lost their job or hours have decreased.
* There was a temporary or on-going illness which has lead to loss of income because they can't work or they have to stay home and take care of the person with the illness.
* An overwhelming amount of medical bills.
* When you are at their home, the phone rings constantly and they do not acknowledge it.
* They start spending money more liberally all of a sudden (no longer making mortgage payments).
* They may flat out tell you "the bank is taking my house".
* Out of the blue moved, just left the home.
* Depression, hopeless outlook on life.

There are other signs of a homeowner in distress but these are the most common.

Things you can do to help:

* Be there; listen to what they are saying and most importantly what they are not saying.
* People who are going through this are embarrassed and feel ashamed; being sensitive to that and encouraging them can help them get through another day.
* Let them know that they are not alone. This economic crisis has touched more people than the great depression. There are no income or status limits. No one is exempt.
* Let them know they can recover from this with the right help.
* If something seems too good to be true it usually is. Don't be afraid to check or have them check into companies or individuals who claim to have the “get out of jail free” card. They tend to leave people in worse situations.
* Don’t judge, like I said earlier they are already beating themselves up, whether they got themselves in the situation by not being wise or life just happened to them. They are drowning; throw them a rope and not an anvil.
* Don’t encourage finger pointing; “that bank did this...and if the bank would have…” You will put them in a mindset that the bank is the enemy. The bank can be the very one who could release them from this situation if handled correctly.
* Time is of the essence, once they miss their first mortgage payment (or think they will) the clock towards foreclosure starts ticking. They must take action now!
* Direct them to an expert. An accountant and tax adviser is also good to have on hand during these times. Someone who has skills in helping homeowners in distressed situations. There are Realtor's who have successfully navigated homeowners out of these situations. These Realtor's are trained and know how to strategically market and sell a home and know how to negotiate an outcome that everyone can live with.

4-Quad home in a prime location. Great for Investor or First Timers

2008-11-10T18:49:00.000-08:00

Natalia Hals Keller Williams Premier Realty 612.801.9886

2223 Old County Rd 34th Place, Burnsville, MN

Priced to sell. This 3 bedroom home is located in prime location. Newer windows, siding, carpet, and pergo flooring.

3BR/1.5BA Townhouse

offered at $119,900

Year Built	1980
Sq Footage	1,300
Bedrooms	3
Bathrooms	1 full, 1 partial
Floors	Unspecified
Parking	2 Car garage
Lot Size	.11 acres
HOA/Maint	$0 per month

DESCRIPTION

Welcome home! This quad home is located in a prime location. Features 3 beds, 2 baths, approx. 1,300 square feet of open living space. With newer windows, siding and flooring. Enjoy the private and spacious backyard, rare with these homes. Master bedroom features walk-in closet. Walk to local parks. Priced to sell. Pre-negotiated short sale; BPO done.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Walk-in closet
Family room	Living room	Office/Den
Dining room	Refrigerator	Stove/Oven
Basement	Washer	Dryer
Laundry area - inside	Balcony, Deck, or Patio	Yard

OTHER SPECIAL FEATURES

Prime Location

Private backyard

Walk-in Master Closet

Walk to local parks

No Association Fees

Monthly Payment: $900

30 year fixed rate of 6.36% with 10% down

ADDITIONAL PHOTOS

Seller contact info:

Natalia Hals

Keller Williams Premier Realty

612.801.9886

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 22, 2008, 6:13am PDT

Purchasing Bank Owned Homes

2008-11-10T18:47:00.000-08:00

I have come across a lot of people with misconceptions about purchasing Bank-owned homes. Whether it is advice from the guy at the water cooler or the late night infomercial selling books and software to locating and buying foreclosed homes, it's made for some great buyer questions.

Banks are not your traditional seller- Unlike your traditional sellers who have many motivations for selling and who may have heart ties to the home that make for interesting and methodical negotiations, a bank mostly cares about their bottom line. The numbers. When it is all said and done, how much are they walking away with?

You can low ball if you like-If my buyer wants to make a very low offer even after I have presented all of the facts, CMA's etc about the home then I present it. But I do advice them that it may be rejected. A lot of buyers assume that banks are desperate and that they will take what they can get, so they offer extremely low ball offers that tend to be reject. I have seen bank-owned homes sit for months, I and know for a fact that there were several offers on the home. They have a time line and a bottom line that only they and the Listing Agent know about.

The offers aren't presented to a person first-The basic information is entered into a program (sales price, buyers financing, earnest money amount, closing date, contingencies, etc.) that REO Agents use and the program determines if the offer is worth sending over to the decision makers. You can probably understand why most use this method. They have a portfolio full of properties to sell and many offers being submitted. It's their way of streamlining and weeding out the weak offers from the strong (most likely to close and bring a better bottom line). Also, it may take anywhere from 2 days to 10 business days to get a final agreement.

Personal Property- They are trying to sell a home, not personal property. For every bank-owned property that I have dealt with they don't even want to see personal property in the Purchase Agreement. They do not know the condition of the stove or dishwasher, etc. and if for some reason they promised it to you in the offer and someone broke into the home and stole all of the appliances they would be responsible for replacing the items. I have seen banks say do not ask for property but if it is still there after closing you can have it.

All are SOLD AS-IS- It is what it is, no warranties. ALWAYS HAVE A HOME INSPECTION DONE!! You have to understand that the bank has probably never set foot into the home. All they have (usually) are pictures and the listing agents detailed reports. That means after closing you can't come back to them because the pipes burst as soon as frost hit, or there was mold behind the walls. In fact, in most of the required contracts from banks warn you that they are not responsible for anything after closing. If you want the house you have to sign the doc. (Read these carefully and have a lawyer look them over if you are unsure of what it means).

I am not trying to discourage you from pursuing bank-owned homes, it has been the majority of my business this year. We have had successful closings with banks, the majority of them have been a pleasure to work with. If you are in a market where the majority of choices are bank-owned then go after them. There are some great deals to be had. Just go in with your eyes open, realistic expectations and use a Realtor that you trust and who will take the time to point out all the blind spots.

Have you run across any stories dealing with bank owned properties? I would love to hear them, good or bad.

Home Ownership and the Single Person

2008-11-10T18:44:00.000-08:00

"I should wait to buy a home until I am married." A common misconception when it comes to homeownership. Usually the real concerns are, "Can I afford a home with one income?" and/or "What if my future spouse doesn't like the home I choose?"

If marriage is not in your future, then the issue may be financially. If you can afford to pay rent, you usually can afford to pay for a home. Don't count yourself out before you have even started. The first step is to decide that homeownership is for you. Second, find a great Realtor who can walk you through the process. You shouldn't have to worry about going at it alone when you have someone working on your side that you trust, someone who will put your needs and concerns before their commission check.

If and when your special someone comes along and you need to sell your home at least you will have built some equity up in the home that you can transfer over to your next purchase together. Or maybe they will have a home that you will move into. Then, your options are to: sell your home, pay off some bills, invest it, rent out your home as an investment property. There are so many options. Don't put your life on hold because of the "what if's". There is nothing more attractive than a person living life to the fullest as opposed to someone waiting on the sidelines for life to happen.

Did you know that 38% of first-time home buyers are single? (National Association of Realtors). No matter what category you may find yourself in there is never a bad time to buy a home as long as your purchase is a wise one. Start building equity now, and get in the game. I have learned from experience that you can't control everything in life, and it's that truth that can leave one feeling afraid and unsure about the future, which results in a stagnant life. When we control the things we can we feel a sense of taking ownership for our lives. And that is always a smart move!

Woodbury Real Estate Trends

2008-11-10T18:19:00.000-08:00

Woodbury Real Estate - Trulia

Need information on a specific neighborhood in a specific city in a specific state? You've come to the right place!

2008-11-10T18:12:00.000-08:00

You can find great local Woodbury, Minnesota real estate information on Localism.com Natalia Hals is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

History of Woodbury, Minnesota

2008-11-10T17:49:00.000-08:00

Woodbury was originally named Red Rock, but was renamed Woodbury after it was realized that another Red Rock existed in Minnesota.[1] When first settled in 1844, the land was mostly timber but was converted to farmland. The township government was organized in 1858, and the first town hall built in 1876.
The first suburban housing development began in 1955, and the city has seen an increasing level of metropolitan expansion as the farmland has given way to developments and shopping malls.

http://en.wikipedia.org/wiki/Woodbury,_Minnesota

Welcome To Woo Town USA

2008-09-22T12:30:00.000-07:00

This is a blog targeting young proffessionals living in Woodbury, MN and the surrounding areas.
Enjoy!