Twin Cities Real Estate Market

Ever wonder what’s happening? Here are the statistics for our metro area. Homes are selling, prices are moving up, and there is a lack of inventory. If you are considering selling, now is the time to do it. If you looking to purchase, rates are again at a 50 yr low. Don’t wait-Look at doing something now. Pin It  Read More →

Just a thought-What loan term is right for YOU?

Whether you’re refinancing your current home or buying a new one, something worth considering is a 15 year loan rather than a 30 year term. The payments will be a little higher but you’ll get a lower interest rate and you’ll build equity much faster. Let’s look at an example of a $200,000 mortgage with the choice of a 30 year term with a 3.75% rate compared... [Read more]

It’s Worth Checking Out-Your Tax Assessed Valuation-Is It Accurate?

“Anyone may arrange his affairs so that his taxes shall be as low as possible…for nobody owes any public duty to pay more than the law demands.” Judge Learned Hand This opinion refers to federal income tax but the logic and spirit can easily be applied to any tax including property tax. Most property tax is based on a valuation called an assessment placed on the... [Read more]

Tax-Free Income-An Idea That Might Work For You

Some residents of Augusta, Georgia have purchased tickets to the Master’s for years but have never attended the famous golf tournament. It’s because they include the tickets as a bonus to the people who rent their home during the event. Each year, owners rent their home for a big premium during the Masters and make tax-free income. Homeowners benefit from a little known... [Read more]

Save Money…Be Comfortable

Automatic thermostats can lower your monthly utility costs while conveniently regulating your comfort by adjusting temperatures on your heating and cooling systems. These can be particularly effective in homes with zoned systems where you live in one area during the day but sleep in a different zone. There are programmable thermostats available at home improvement stores that can make... [Read more]

How does RE/MAX compare against it’s peers?

It is no surprise to me-RE/MAX is the leader. See for yourself why RE/MAX is the company of professionals. If you want to see how we can help YOU-give me a call at 952-929-2577 Pin It  Read More →

Have You Backed Up Your Home?

Personal computers have been around long enough that everyone has experienced or knows someone who has lost their data due to a hard drive crash, accident or burglary. If they had a backup, the loss was inconvenient but not critical. Do you have a backup for your personal belongings? Not that you need duplicates of all the items but do you have a journal listing of all the items with... [Read more]

MID Limited per Residence

A recent U.S. Tax Court ruling clarified the IRS position that the $1.1 million limit for mortgage interest deduction applies per residence and not per taxpayer as some high-priced homeowners were hoping. A married homeowner filing jointly can have fullly deductible interest on a mortgage of up to $1,000,000 of acquisition debt and up to an additional $100,000 of home equity debt.... [Read more]

Before You Call the Repairman-Things you can try

Have you ever had a service company to your home to repair something and find out that it really wasn’t “broken”? It probably conjured up ambivalent feelings of joy that it wasn’t something serious and frustration that you had to pay a service call for something so simple. Before you call the repairman next time, keep these things in mind to see if it is something... [Read more]

Foreclosed Home Fix Up Loan

Did you know that many of the cities in the Twin Cities metro area are offering rehab loans and/or grants if you buy a foreclosed home and fix it up? Bloomington just released their program details in the attached brochure. I have a client that is going to use some neighborhood money in Minneapolis for rehab as well. I can generate a coupon from Lowes for up to 1K (10% off of purchase... [Read more]

Choose Your Deduction – Just In Time For TAX TIME!

One third of all U.S. households, 75% of households with more than $75,000 income and most homeowners itemize their deduction on their federal income tax returns. It makes sense because the interest paid on their mortgage and their property taxes probably exceeds the allowable standard deduction. However, with interest rates as low as they have been in the last two years and the price... [Read more]

Don’t Miss the Recall-you might want to bookmark this site

Occasionally, you hear about an important recall on a product you have and you take care of it immediately. However, if you were to miss such a notice, it could put you or your family in jeopardy. You can subscribe to the U.S. government’s service to notify the public when recalls are made on vehicles, tires and child restraints through the National Highway Traffic Safety Administration... [Read more]

Embrace Your Day

Watch this little dude do his thing. If we all approach our day with as much confidence and excitement, we can’t help but have a better day. Pin It  Read More →

Foreclosure trends in the Twin Cities

Check out my newsletter with foreclosure information about Minneapolis/St Paul and surrounding areas. Pin It  Read More →

Positive Signs In The Real Estate Market

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What Happens When Mortgage Debt is Cancelled?

The Mortgage Forgiveness Relief Act of 2007 was passed by Congress to avoid additional financial hardship that some homeowners might experience due to a foreclosure or short sale. The law affects mortgage relief that occurs from January 1, 2007 to December 31, 2012. Normally, IRS considers partial or total debt forgiven by a lender to be treated as ordinary income. This not only affects... [Read more]

Another Indication –The Market IS picking UP!

The Housing Affordability Index was developed over thirty years ago to help consumers determine when it is a good time to buy a home. It’s considered advantageous to the buyer when the index is over 100 because a median income family can qualify for a median price home. Recent figures released by the National Association of REALTORS’ economic department show that the 2011... [Read more]

Mortgage Modification Explained

In Minnesota-I recommend you visit http://www.Hocmn.org , http://www.MakingHomeAffordable.gov , and speaking directly to your lender for help. This video is an overview.   Read More →

What is a short sale?

I can help you pursue selling your home as a short sale if you qualify.   Read More →

What is a foreclosure?

In Minnesota-I recommend you visit http://www.Hocmn.org for specific flow charts and helpful fact sheets. This video is an overview.   Read More →

What is an Arm’s length transaction?

This will apply to you if you sell your home as a short sale. You must attest to this when you sell your home and sign the paperwork.   Read More →

FHA Fees Going Up April 1st-HURRY Don’t Wait!

FHA has raised the annual Mortgage Insurance Premium to 1.25% beginning April 1st. MIP is required on all FHA loans and used to fund losses by lenders for borrowers who default on their mortgages. As of June 1st, FHA loans in excess of the standard maximum of $625,500, in high-cost areas, will have a premium of 1.5% of the loan amount. In addition to the increase in the annual MIP,... [Read more]

An Amazing Youtube Video

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Have you seen this interview-is now a good time to buy a home or investment property?

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FHA is INCREASING the upfront mortgage insurance premium in April

I just got the news flash. It is going from 1% to 1.75%. Also, the allowed seller contribution to a buyer’s closing costs MAY decrease to 3% from 6%. The closing cost contribution change is still up for discussion. FHA loans have kept this market moving along. Now, with these changes, it is yet another obstacle getting in the way of a housing recovery. Why don’t they... [Read more]

Fix It Anyway-Take my Advice

“If it isn’t broke, don’t fix it” is certainly popular advice, but if you’ve ever had a serious plumbing leak, you certainly wished you had taken care of the problem earlier. Washing machines, like all appliances, are supposed to work and when they don’t, it’s time to have them fixed or replaced. However, there is a critical connection from... [Read more]

See the local Housing data from Minnesota Association Of Realtors-February

This is from the report called “The Skinny” Check it out. You can get more data from http://www.MplsRealtor.com   Read More →

Client Letter-unsolicited Thank You letter

I recently opened my mail and received this client testimonial letter. We were very touched that they took the time to write an unsolicited letter. We try and make every client transaction as smooth as possible. Happy clients lead to referrals which lead to longevity in the business. That’s why we’re still here after 26 years in real estate and 17 years in mortgage.... [Read more]

Twin Cities Rental Property-Consider becoming a landlord

Rental homes can be the IDEAL investment in today’s market. IDEAL serves as an acronym to identify the advantages of rental properties: Income from the monthly rent contributes to paying the expenses and a return on the investment Depreciation is a non-cash deduction that contributes a tax shelter Equity grows monthly as the mortgage amortizes due to some of each payment being... [Read more]

Have you ever wondered “Why Minnesota?”

Other than this year, with the fantastic mild winter, many people why we would want to call Minnesota our home. I personally wouldn’t live anywhere else. I enjoy the four seasons and all the activities that come with each. Next time some one asks-”why Minnesota?” send them the link to this site. http://www.positivelyminnesota.com/Business/Locating_in_Minnesota/Why_Minnesota/index.aspx   Read More →

Get a copy of the National Foreclosure Report-Corelogic

Corelogic is an awesome data compiler. Their December report is available here: http://www.corelogic.com/about-us/researchtrends/national-foreclosure-report.aspx?WT.mc_id=A038%20%E2%20Foreclosure%20Report_crlg_1e_frc_1_120214   Read More →

State Of MN Press Release Regarding The Billion Dollar Mortgage Settlement

WOW-big stuff in this release. We are also doing HARP 2.0 loans for eligible borrowers. Things will get BETTER in March. If have an “underwater conventional loan” call us to see what might be able to be done. http://www.ag.state.mn.us/Consumer/PressRelease/120209NatMtgSltmnt.asp   Read More →

See what RE/MAX thinks about the 2012 market

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What The World Needs Now-what a fantastic tune-how true it is today

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Keep Track of Improvements

People are staying longer in their homes according to the National Association of Realtors and the U.S. Census. Over time, even a modest appreciation could result in a significant gain and homeowners should have a strategy to minimize possible taxes. Maintenance on a principal residence is not deductible but improvements can add to the basis which can reduce the gain in the sale. Improvements... [Read more]

The “Right Size” Home

Work hard, buy a home, start a family and continue to upgrade your home until everyone has enough room. This has been the blueprint for lots of homeowners for the last fifty years but there is certainly a shift in thinking that could change all of that. Interestingly, Americans live in much larger homes than most people in other countries throughout the world. The U.S. Census reported... [Read more]

Forced Savings…Really?

Part of the American Dream is to own a home. A home is a place to call your own; a place to raise your family and share with your friends. A home is a place to feel safe and secure. A home is a good investment?In a recent report* by Beracha and Johnson, it is suggested that buying a home is the right thing to do but not necessarily for the reason that people expect. A home is, in many... [Read more]

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... [Read more]

2012 is going to be a year of change in the residential market

My phone has been ringing off the hook with buyers and sellers getting ready to “get ready”. I hope it continues! Let me tell you that the sentiment may have turned. If I can help you, and you’ve been on the fence, the time is now. One of my resources that I follow is Alex Charfen from the CDPE Institute. Watch what he has to say about some MAJOR money entering... [Read more]

Kung Hei Fat Choy

Happy Chinese New Year-Officially on January 23rd. Some of my family members are from China. We often will celebrate Chinese New Year with a tremendous meal and good company. This is the year of the Dragon. 2012 is going to be an exciting year-count on it! I hope it is your best.   Read More →

FHA UPDATE ON “Flipping”

90-Day Seasoning Waiver ExpandedThis update from FHA was released late last week as an industry email without a corresponding Mortgagee Letter and contains information about FHA’s policies regarding the waiver of the 90-day seasoning required for sellers. Here are the 6 things you need to know: 1. The extension is effective through December 31, 2012, unless otherwise extended... [Read more]

In the middle of the Winter we all need some “Summer Madness”

I could listen to this song over and over. It has nothing to do with real estate or mortgage-but what the heck-it’s a great tune. Sit back and enjoy!   Read More →

Something to think about starting the New Year

This video was sent to me today. I wanted to share it because I believe it is powerful. The meaning is up for your interpretation, as is(are) the message(s). Best wishes for a wonderful 2012.   Read More →

Certificates Of Rent Paid – 2011

Don’t forget to give your tenants their CRP’s by the end of January 2012. If you are a tenant, don’t forget to ask. These are useful to a tenant that qualifies for a tax deduction.   Read More →

HUD Settlement Book-Helpful in figuring out the mortgage process

I thought I’d post a copy of a HUD booklet explaining the mortgage process. This booklet is helpful in explaining the process and some of the paperwork. Please check it out before you look into getting a mortgage. It will help you understand the terms and conditions of your loan.   Read More →

Happy Holidays from Minnesota-See the Flash Mob at Carlson School

This is simply awesome-watch and enjoy! May 2012 be your best year yet. I know it will be exciting!   Read More →

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... [Read more]

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... [Read more]

Thanks To Veterans-We’re All Free

11-11-11 Veteran’s Day-We owe you guys/gals a lot. Thanks for your service & dedication!   Read More →

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.... [Read more]

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... [Read more]

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.   Read More →

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.   Read More →

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.... [Read more]

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... [Read more]

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.   Read More →

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... [Read more]

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!   Read More →

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.   Read More →

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   Read More →

Foreclosed Homes Might Be Turned Into Rental Homes

Soon, the government will be announcing their plans for upwards of 250K homes that are owned by Fannie Mae, Freddie Mac, and HUD. It is possible that they are going to be turning them into a pool of rentals and sell them later as the market improves. How this will be managed or created is anyone’s guess. Watch the FHFA- Federal Housing Finance Agency for more information.... [Read more]

Real Estate Investment Opportunities within the Twin Cities

To better serve the needs of real estate investors in Minneapolis & St Paul as well as surrounding areas within the Twin Cities, I have recently earned the Certified Investor Agent Specialist™ (CIAS) Designation. With the CIAS, I have the training, tools and calculations to effectively serve the five investor types: First-Time Investor, Move-Up Investor, Portfolio Investor,... [Read more]

Twin Cities Fence Requirements

Recently a client purchased a home and was contemplating installing a fence. They found this link. While it is an advertisement for a fence company, they have PDF’s of each cities respective fence codes http://www.tcfence.com/city-codes   Read More →

Minnesota Foreclosure Activity-monthly report from Realty Trac

The report provided shows statistics and information both nationally and locally here in Minnesota. I have access to additional information and reports that will help add clarity to the news stories you are hearing. Things are tough, but not the same everywhere. Call me for my detailed opinion on where we might be headed.   Read More →

Short Sales, Foreclosures, Bankruptcies, Judgements All in one Transaction

I just had a short sale blow up because of undisclosed tax liens and judgements. The title couldn’t be cleared and we ended up with a mess. Everyone involved has to dismantle and start over again. I couldn’t help but be disappointed. But, in today’s real estate world this is common. It is all about attitude. When life throws you lemons, learn to make lemonade.... [Read more]

First Time Buyer Down Payment Assistance-Now In Minnetonka

See the guidelines about this new program for Minnetonka. These programs exist in other communities as well. I will help you find programs-just like this-in other communities within the Twin Cities. NOW is the time to take advantage of these programs. If lack of a down payment has held you back, now is the time to take a look at these special programs. WelcometoMtkaguidelines.doc   Read More →

Search Twin Cities Foreclosures

Use this link to find foreclosed homes in the Twin Cities: http://www.twincitiesmortgage.org/search-foreclosures/   Read More →

Things to consider before choosing a home loan

These are major components to think about   Read More →

The FIRST thing you do when buying a home-figure out the financing

Pre-Approval is a MUST. If you don’t, you won’t be taken seriously. Get the money part done first.   Read More →

Ideas For Improving Credit #7

This concludes are seven part series   Read More →

Ideas For Improving Credit #6

This is part six of a seven part series   Read More →

Ideas For Improving Credit #5

This is part five of a seven part series:   Read More →

Ideas For Improving Credit #4

This is part four of a seven part series:   Read More →

Ideas For Improving Credit #3

This is part three of a seven part series:   Read More →

Ideas for Improving Credit #2

This is part two of a seven part series:   Read More →

Ideas For Improving Credit #1

This is part one of a seven part series:   Read More →

How To Find Money To Buy A Home

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So You Think You Want To Fix & Flip Homes

Follow some of the tips in this video so you don’t get financially destroyed. It is harder than you think!   Read More →

Why Use A Realtor?

Today, more than ever, you don’t want to buy or sell a home on your own. You need an expert. Let my 25 years of experience help you make the right decision.   Read More →

Twin Cities Real Estate-Investment Property In Minneapolis St Paul

This is a recent power point I’ve just put together. It gives you some ideas and information before you begin investing in real estate. Unlocking The Door To A World Of Real Estate Wealth View more presentations from John Mazzara   Read More →

Learn More About 203K Loans For Home Fix Up Upon A Purchase As Well As Home Improvement

These guys do a pretty good job of explaining the process. Check it out. WE do have outlets for the 203K loans at this time-both streamline and FULL 203K loans. Call us today-952-285-4319 NMLS #373115 Venture Development http://www.VentureLoanApp.com 203k Home Improvement Loans Part 2 of 2   Read More →

Funny Video That Explains The Banking System & Our Economy Of Today

You will find it funny, you will find it sad, but you will find it very similar to where we are today. It is called the American Dream. It explains a lot. Watch it once, then watch it again. History repeats itself because we are such poor students of history.   Read More →

Insured Conventional Loan Vs FHA-Which Is Better

There are many factors that go into a loan decision-credit scores, down payment, debt ratios, etc. One big question is whether you should consider buying a home with an insured conventional loan using 5% down or applying for an FHA loan with 3.5% down. The information below might make that decision easier. In fact, if FHA continues to raise the cost of their monthly mortgage insurance-known... [Read more]

How Does RE/MAX Compare? Let’s look at 2011

The numbers are now out! RE/MAX is a top producing company. In many markets, RE/MAX is the leader-often head and shoulders above the competition. I have been with RE/MAX for 16 years. Prior to that, I was with another large company for 10 years. Before you select an agent, interview a RE/MAX agent. I think you will agree that there is a difference. If you’re in the Twin... [Read more]

Twin Cities Market Report 2010

Have you ever wished you had all the metrics of the marketplace in once nice concise report? Well now you do. Our board of Realtors compiles an annual report showing comparative data. While each home is different, pricing trends are trends. The data since the end of 2010 going into 2011 has gotten worse. If you’d like me help you interpret the information as it might pertain... [Read more]

Underwater Homeowner Refinance Programs Extended For 1 More Year

FHFA Extends Refinance Program By One Year Washington, DC — Federal Housing Finance Agency Acting Director Edward J. DeMarco has announced an extension of the Home Affordable Refinance Program (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2012. The program was set to expire on June 30 of this year. In addition, Fannie Mae and Freddie Mac... [Read more]

WHY Pick RE/MAX?

There are lots of reasons why you might choose to select one agent or company vs another. Unless you have a best friend or relative who you “have” to use, I would like to show you how I am different. I believe I have an excellent value proposition as to why you would select me as your agent and RE/MAX as your company. I would welcome the opportunity to meet with you... [Read more]

Down Payment Assistance Synopsis

Where there is a will, there is a way. There are many many programs today that are city specific. So, the attached synopsis is a multi county foreclosure down payment assistance pool. Basically, there is money available for purchasers of distressed homes. If you want to buy a home and are flexible in which area you make your purchase, we can try to find you some programs.   Read More →

Gifts and Grants can be considered towards borrowers funds on certain 3% down conventional loans

Yes, you read that right. I just got an email today from a leading mortgage insurance company that is willing to underwrite this loan. You will need at 740 or better score. But, what an opportunity. In many ways, this is like FHA, but with a little higher credit threshold. The KEY difference, besides credit score, is the lack of an upfront MI (mortgage insurance) premium and as... [Read more]

Purchase 80/10/10 and 80/5/15 STILL exists

As of this post, the 80/10/10 and 80/5/15 can still be done. While underwriting has allowed it, it has been very difficult to find a second mortgage product that would write a 5 or 10% second mortgage. Well, after many phone calls, we have sourced two lenders who at this time are willing to offer the second mortgage. One is a bank and the other is a credit union. As with EVERY... [Read more]