Twin Cities Real Estate Market Makes the News

Twin Cities Real Estate Market Makes the News.

There’s been lots of press about the Twin Cities Real Estate Market and falling home prices.  Even the New York Times had something to say.  Check out these links:

• New York Times: Home Prices Continued Their Decline in March.
• Star Tribune: Twin Cities-area home price drop was nation’s largest.
• MinnPost: Case-Shiller drop reflects glut of distressed sales. MAAR CEO Mark Allen drops science.
• Finance and Commerce: The big Twin Cities foreclosure flood.
• Pioneer Press: Home prices dive — with an asterisk.

Things to keep in mind about these reports:

1) They’re talking about a month-over-month change, not a year-over-year. Real estate is highly seasonal and median sales prices go up and down from month to month with regularity. There’s too much statistical noise in that kind of monthly comparison to get bent out of shape over a 6.1 percent drop.

2) It’s not that shocking when you consider that almost half of the homes selling are foreclosures and short sales.

The big takeaway…yes, Twin Cities home prices are down, but this is due in large part to heavy sales of discounted lender-mediated properties.

12377 82nd Avenue N Maple Grove MN 55369 Bank Foreclosed Property

Bank Foreclosed Property12377 82nd Avenue N Maple Grove MN  55369 

I wanted to tell you about my new listing from the bank at the above address.  This townhome right in the heart of Maple Grove is a great deal…it sold in 2005 for $275,ooo and the tax value is $269,900.  Current asking price is $205,900!!

Here are a few pictures to give you an idea:    

    

12377 82nd Ave N Maple Grove

                                                                                        

What I think a buyer will really appreciate about this townhome is its location, right in the heart of downtown Maple Grove.  Walk to Lifetime, Main Street shops, the Community Center.  It has two large bedrooms, both with walk in closets, 3 baths including a master bath, two car garage, formal dining, living and family rooms, soaring vaults.

It does need appliances and a good cleaning, but I think it’s a great deal for a nice home.

For more information, contact me at lmartin@smartmovemn.com or call 763-494-5545, ext. 101.  Also check out our websites, www.smartmovemn.com and www.bankforeclosuremn.com.

Calling all “Credit Challenged” Minneapolis Home Buyers

Calling all “Credit Challenged” Minneapolis Home Buyers

Project: Reclaim

Project: Reclaim is a homeownership tool to equip and support households to successfully own quality revitalized homes. If you are considering a purchase but think you can’t becuase of credit issues, check this out….

The goal of Project: Reclaim is to facilitate successful homeownership that helps create a healthy and vibrant community. It is designated for households that have been declined a regular mortgage due to credit challenges. This program creates an opportunity for people to affordably own a home and participate in a credit enhancement program and debt reduction. Project: Reclaim minimizes the homebuyers exposure to financial risks and real estate speculation.

Highlights of Project: Reclaim
• 3% interest rate
• Monthly payment will be approximately equal to a 6.5% conventional mortgage
• Home values range between $100,000 and $150,000
• 2% Reserve account established for the homeowner to use for approved purposes
• Rehabilitated home with great attention to detail and stringent construction standards
• Buyer support through mandatory credit enhancement program
• Contract for Deed with an initial term up to 24 months

Determine your eligibility for Project: Reclaim
• You plan to purchase a home in Minneapolis
• Household income greater than $36,000 annually
• Household income is less than the following amounts based on

• 1 Person $43,050
• 2 People $49,200
• 3 People $55,350
• 4 People $61,500
• 5 People $66,400
• 6 People $71,350
• 7 People $76,250
• 8 People $81,200

• You do not qualify for a conventional mortgage
• You need a credit enhancement program to minimize debt and increase credit score within the terms of the contract period

If you’re interested in learning more about the possibility of purchasing a home under this program, give us a call at 763-494-5545 or email info@smartmovemn.com.

Source: Urban Homeworks

Brand New Foreclosure Listing in New Germany MN

Brand New Foreclosure Listing in New Germany MN

Listed At $143,900!

MLS# 3612074 – 3 Bedrooms – 2 Bathrooms – 3 Car Garage – FSF 2200 – Built 1994 – Carver County MN

In the heart of New Germany! Landscaping includes pond and sprinkler system. Nice property but needs some TLC and updating.

See photos and more info at: www.BankForeclosureMn.com or www.SmartMoveMn.com

Top 3 Mistakes Rehabbers Make…and How to Avoid Them

Top Mistakes Rehabbers Make…and How to Avoid Them

If you’re paying any attention to the real estate market in your area, you know there are some really good deals out there, especially on homes that have what I’ll call “deferred maintenance”.  You may be tempted to jump in with both feet and take on a rehab project, with the hope of a significant profit for your time and investment. 

Before you buy that “fixer-upper”, here’s some mistakes to avoid.

Mistake #1 – Buying a property in an area you’re unfamiliar with.

It’s important to pick a property close enough to your home that you are able to be on-site regularly to manage the work being completed. Strong leadership at the project is the key to meeting deadlines and coming in on budget.

The additional benefit of having a project close to home is the ability to better determine value, especially after repaired value, in an area familiar to you.

Mistake #2 – Failure to do the Proper Inspections

Get familiar with the “majors of rehab.” These are the items that can cost you big dollars on a deal, things that will make or break a deal, and things that can take you right out of the real estate game. The majors of rehab fall into these five categories:

1. Roof

2. Structure (foundation)

3. Electrical

4. Plumbing

5. HVAC (heating, ventilation, and air conditioner)

Work closely with a qualified home inspector to sort out what the deficiencies are in the home, determine if the necessary repairs and/or replacements fit within your profit goals.  Quailfied contractors are also a great resource to understand the full scopt of a project.  Find a contractor who is willing to work with you as you look at potential opportunities.  Treat this person well.  They are one of the keys to your success.

Mistake #3 – Failing to Negotiate for Maximum Profit

 At a minimum, consider these four things when negotiating your contracts:

 1. Price – Remember to ask “Is that the best you can do?” Never give sellers what they ask in the first negotiation.

2. Deposits – Always give the deposits to a third party or escrow company. Never give funds directly to the seller.

3. Closing – When is the closing? Set a firm date

4. Occupancy – Live by the rule called “cash for keys.” That means never, ever give sellers a single penny until they have left the house and you have taken over occupancy. 

With the proper planning and strategic relationships, rehabbing can be extremely rewarding and lucrative.

Smart Move Realty is a real estate brokerage located in Maple Grove Minnesota.We specialize in both residential and investment real estate. Our website, BankForeclosureMN.com is a cutting edge tool used by investors throughout the Twin Cities metro to locate, research, and make offers on bank owned properties in the Twin Cities. Whether you are looking for rental property, fix and flip solutions, or just a great deal on your next home, Smart Move Realty and BankForeclosureMN.com are your one stop source for Creating Wealth through Real Estate Investing. For more information, call us at 763-494-5545 or email us.

Foreclosure Property in Big Lake Minnesota!

Foreclosure Property in Big Lake Minnesota!

MLS# 3607091 – 4 Bedrooms – 3 Bathrooms – 3 Car Garage – FSF 2092 – Built 2002 – Sherburne County MN

Nice 2 story in desirable neighborhood. 4bedrooms on upper level, large spacious kitchen, family room with fireplace, oweners suite with sitting area, and 3 car garage! Bank response time NO MORE THAN 72hours!!!

For more information on this property and more foreclosures in the Twin Cities area please visit www.bankforeclosuremn.com

Great Deal! Coon Rapids Townhome Foreclosure

Great Deal! Coon Rapids Townhome Foreclosure

MLS# 3578173 – 2 Bedrooms – 2 Bathrooms – 1 Car Garage – FSF 1422 – Built 1997 – Anoka County MN

Close to shopping, schools, daycare. 2 bed/ 2 bath at end of cul de sac. Bank owned, just needs a good cleaning! For more information on this property and more foreclosures in the Twin Cities area please visit www.bankforeclosuremn.com

NEW Bank Foreclosure 1008 Meadow Street, Cologne Minnesota

NEW BANK FORECLOSURE 1008 MEADOW STREET, COLOGNE MINNESOTA

MLS# 3604338 – 3 Bedrooms – 2 Bathrooms – 2 Car Garage – FSF 1524 – Built 1996 – Carver County MN

This property just needs some TLC. Great family home in a nice neighborhood, 3 bedrooms on upper level with a good floorplan. Lower Level needs carpet. For more information on this property and more foreclosures in the Twin Cities area please visit www.bankforeclosuremn.com

Successful Browsing for Foreclosed Housing!

Successful Browsing for Foreclosed Housing!

Twin Cities Bank-Owned Properties

BankForeclosureMN.com is your free, comprehensive resource for all bank-owned properties in the Twin Cities area.
Learn about investing in foreclosures
Find Twin Cities foreclose investment opportunities
Market a bank-owned foreclosure portfolio
Understand Minnesota foreclosure laws 
Buy a home below market value
Whether you’re new to foreclosure investing or a seasoned pro, Smart Move Realty and BankForeclosureMN.com can help you make Smart Moves to grow wealth through real estate investing.

The powerful combination of BankForeclosureMN.com’s Investor Community and the Smart Move Realty
Smart Selling System provides lenders an effective way to quickly reduce their REO property inventory.

Crazy Deal! Bank Foreclosure 1057 Galtier Street Saint Paul, Minnesota

This is your opportunity to buy a house with your credit card (if you’ve got a big enough limit)!

This bank owned property is price at $37,900.

Here’s the details:

•   One and 1/2 story home built 1900

•   740 Finished Square Feet, 2 bedroom, 1 bath, 1 car garage, corner lot

•   2008 Taxes $983

The home has a large newer kitchen, main floor laundry, newer furnace, central air, and roof.  Nice sized yard with large deck.  With a little TLC, this would be a fantastic starter home or rental property.  The property is being sold as is.

Directions: Rice Street to Front Ave, west to Galtier, north to home.

Contact us today at 763-494-5545 for a showing.

Smart Move Realty is a real estate brokerage located in Maple Grove Minnesota.We specialize in both residential and investment real estate. Our website, BankForeclosureMN.com is a cutting edge tool used by investors throughout the Twin Cities metro to locate, research, and make offers on bank owned properties in the Twin Cities. Whether you are looking for rental property, fix and flip solutions, or just a great deal on your next home, Smart Move Realty and BankForeclosureMN.com are your one stop source for Creating Wealth through Real Estate Investing. For more information, call us at 763-494-5545 or email us.