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information for mankato home buyers: It's Almost Midnight, Folks! - 10/10/09 04:35 AM
No, I don't mean the end of the world or the start of nuclear hostilities. I mean the end of the First Time Homebuyer Tax Credit, which is set to expire December 1 of this year.
To have a realistic chance of closing in time, you need to get your home under contract (have a purchase agreement signed by both parties and in hand, that is) in the next week or so. Banks and the appraisers working for them are going to be so busy from now on, closing times will be hard to come by. If you aren't working with a … (2 comments)
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information for mankato home buyers: Who wants $8,000? Who wants it sooner than later?? - 05/05/09 06:16 PM
There is, indeed, an $8,000 tax credit waiting for all first-time homebuyers who buy their home between January 1st and December 1st of this year. So if you have never owned a home (or have not owned one in the last three years) you may qualify for this tax credit when tax time rolls around next year.
Just what is a credit? As opposed to a deduction (which is a reduction in the amount of income which is taxed), a credit is an actual reduction in the amount of tax you pay. If you owe less in taxes than the credit … (0 comments)
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information for mankato home buyers: 218 Record St. Mankato - Price Drop! - 04/29/09 11:48 AM
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information for mankato home buyers: In the spring a young man's fancy lightly turns to thoughts of ... home buying! - 04/15/09 10:58 AM
Spring is of course the time when more people begin looking for homes than any other, at least in Minnesota. Especially if you're a young man thinking of low interest rates, many affordable homes available, and $8,000 in pocket money when tax time comes next year! Oh, to be young again, and free!
You do have to be a first-time home buyer to qualify for that eight grand, but still. Happily the government defined s first-time home buyer as a person who has not previously owned a home or a person who has not owned a home in the previous three … (0 comments)
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information for mankato home buyers: A word to the wise (Buyer): - 04/09/09 04:10 PM
Realtors are professionals, and many of them have been around doing deals for many, many years. They probably have an idea of which lenders, inspectors, appraisers, and closers in the area are solid and which you might want to think twice about using.
Take the time to get the advice of your Realtor when deciding about these things. At least get your Realtor's opinion while your getting the opinions of your friends, neighbors, relatives and everyone else.
You may be glad you did.
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information for mankato home buyers: "Ladies and Gentlemen, the Rolling Stones." REOs, Mick, and you - 03/31/09 02:47 PM
"When the Lord gets ready, you gotta move!" You might remember these lyrics from a song by Mississippi Fred McDowell. Or you might remember the way the Mick Jagger and company sang them. As memorable as that song is, if you're an Buyer looking at REOs, you might want to remember them as a reminder about what to do when good bank properties come onto the market.
I just had a call from an investor to whom I've been automatically sending listings for new bank properties. He got this new REO listing notification yesterday, and called me just now to go see it. Well, … (1 comments)
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information for mankato home buyers: Contract for Deed - a summary of points - 03/31/09 07:43 AM
If you've been following my series on Contracts for Deed, you've seen quite a bit of information come your way. Here's a quick summary:
•· A contract for deed is another way of buying a house, but with the seller providing the financing for the buyer instead of a bank or other lender.
•· Because the seller is doing the financing, and because he probably doesn't want to be in that position, you will probably have to pay for the privilege of buying his house.
•· That means a higher price than you might otherwise pay, and a higher interest rate … (2 comments)
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information for mankato home buyers: Two important things to know about Mankato - 03/30/09 12:49 PM
First, a bit of history: after following a high school flame to Minnesota, I ended up living in the Twin Cities for many years before going east to find a wife and a guru before returning to the frigid north. I had the chance to move to Mankato to open the first Barnes & Noble store there as Manager, and I took it.
Two important things I discovered about Mankato:
there is almost no traffic, and you can see the stars. After living in big cities full of cars and light pollution for a long time, I found these discoveries to be … (0 comments)
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information for mankato home buyers: Contract for Deed (part four) >> Down payment - 03/27/09 02:26 PM
It's been a while since we talked about I contracts for deed, and now the time has come to talk about the down payment you might need if you buy on a contract.
The things you need to keep in mind when buying a home on a contract for deed are the seller's costs and other interests. If the seller has his home listed with a Realtor, then he will owe his agent their commission. (Buying a home on a Contract for Deed is the same as buying it with any other financing.) That's a big one. So if you're buying a $150,000 house … (0 comments)
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information for mankato home buyers: Contract for Deed (part three) >> More on amortization, plus interest rates - 03/25/09 02:51 AM
Time to cover another important number, but first a regression to yesterday's topic.
As I said in part two of this series on contracts for deed, as the Seller of some fine Mankato real estate, I wouldn't go for anything but a standard 30 year amortization schedule with a two or three year balloon unless there were special circumstances. But that doesn't mean you, as the Buyer, shouldn't make the attempt to negotiate the terms. There are no rules that state that a contract for deed needs to be written this way or that way. The thing about contracts is that … (0 comments)
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information for mankato home buyers: Contract for Deed (part two) >> Amortization and Balloons - 03/25/09 02:44 AM
Before we get to the actual balloon payment, I want to talk about amortization schedules. In my contract with you, I'm going to insist on a regular amortization the way a bank would. None of that "Every $800 payment will be $200 towards the house and $600 interest"* stuff for me. That works out for you as the Buyer much better than a regular amortization schedule would, so I'm not going for it. Besides, regular amortization schedules are standard for contracts for deeds. With every payment you make the amount of principal paid will go up while the amount of interest … (0 comments)
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information for mankato home buyers: Contract for Deed (part one) >> The Basics - 03/25/09 02:40 AM
In Minnesota, contracts for deed are called contracts for deed, obviously, but elsewhere they might be called land contracts or installment sale contracts.
So, your credit isn't the greatest, and you've heard a contract for deed might be a good idea, but you don't really know what they're about. To illustrate, let's pretend you will be buying my house on a contract for deed.
Instead of you having a loan with a bank, I will be your banker instead. Why would I do that? First, I want to sell this house that you want to buy. That's a good thing. The … (0 comments)
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information for mankato home buyers: Robins, spring, and people buying! - 03/25/09 02:11 AM
(I originally posted this entry on www.MankatoHomesOnline.com March 16, 2009)
The other day I decided that winter was over. (Just after we had the last cold front move out, that is.) Now we're seeing sixty degree days and a nice south wind to dry things out. It won't be long before the farmers can get out into their fields. Life is good.
Along with the temperature, it seems buyers' collective interest is heating up. We've had lots of people come to open houses, and I've had buyers call me to look at places they've been eyeing for a while online. One … (2 comments)
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information for mankato home buyers: Too many houses spoiling the broth? Not if you're a buyer! Market saturation in the Mankato marketplace - 03/25/09 02:03 AM
When it comes to the price attached to a home for sale, buyers and sellers are looking for opposite things. Sellers want to sell their home for as much money as possible. Buyers want to pay as little as possible for their new home. Who wins? It depends on the state of the market: how many homes are available, and how many buyers are looking? Market saturation is the term relating those two numbers.
An average market is considered to be one in which there are roughly three to six months worth of homes on the market. That means that if … (0 comments)
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information for mankato home buyers: How the $8,000 tax credit for first time homebuyer works; an example - 03/25/09 01:55 AM
Now that the stimulus package is in place, you can count on getting the $8,000 tax credit if you are a first time homeowner (definition: either you never owned a home or you haven't owned one for three years) when tax time rolls around next year. You will be eligible for a tax credit equal to 10% of the value of your home purchase, up to a maximum of $8,000. Unlike the 2008 housing bill this tax credit will not be repayable. So that means that you will get a direct reduction of the actual amount of tax you owe of your eligible … (0 comments)
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information for mankato home buyers: Tax Credit on the Way? - 02/07/09 02:35 AM
Keep your fingers crossed; there may be a pretty decent tax break coming for home buyers. In their version of the new stimulus package, the Senate has included a tax break worth 10% of the price of the home they buy (up to $15,000) for all home buyers who will live in their home for two years. Get that bill through committee and onto Obama's desk!
Jim Schellerwww.MankatoHomesOnline.com
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information for mankato home buyers: There are 100% loans out there! - 12/22/08 03:46 AM
I have good news to report: the US Department of Agriculture is guaranteeing no-money-down loans in smaller towns throughout the country with their Rural Housing Loan Program. Actually, it doesn't even need to be in a town, just outside of the areas the USDA considers a large enough city. That leaves out Mankato/North Mankato/Eagle Lake, but allows Madison Lake, Lake Crystal, and St. Peter.
Here's the link to find out whether you and your desired property qualify: http://tinyurl.com/6s73ko
The USDA is not originating loans, so you'll need to work with your lender, who should be able to help. If you don't have … (0 comments)
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information for mankato home buyers: Once Burned, Twice Shy? - 11/01/08 11:38 AM
I was listening to NPR this morning and a financial person of one kind or another was expressing his idea that lowering the interbank rate was a bad thing, as that would encourage the kind of bad loans that got us into this credit mess in the first place.
I know a few lenders, and they are now, at least here in Minnesota, MUCH more careful about qualifying buyers. Underwriting has undergone a sea-change, and lenders know enough to be careful.
Me? I'm glad rates may go even lower. There are plenty of buyers for whom a lower rate will be enough to … (0 comments)
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information for mankato home buyers: Mortgage Town - a New Site, and a Handy One! - 04/03/08 01:02 PM
If you're new to the world of home-buying, loans, and mortgages, there's a new site that's just for you: Mortgage Town. It has easy-to-understand descriptions of what happens during the loan process, how to protect yourself, what to watch for, and what to do after you close on your new home. In addition, there are lots of links to other resources.
The folks at the National Consumer's League put this together, and they've done a thorough job. Check it out: http://www.mortgagetown.org/
Thanks for your attention, and don't forget to visit my site: www.MankatoHomesOnline.com!
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information for mankato home buyers: Update on the Mankato Area market - 03/30/08 12:46 AM
Good People,
Rather than have this space empty, let me just say I'm getting ready to do some regular updating on the status of the Mankato area real estate marketplace. Saint Peter, too.
It will be monthly, and I'll provide lots of data for you. But since it's only two days from the beginning of a new month, I want to wait for April so I can give you figures through the end of March. Be patient.
What I can say is that lots of buyers are calling me, and that my business is picking up, big time. Thank you for that. From what I'm seeing … (2 comments)
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Jim Scheller - ABR, SRS, e-Pro, GRI
Mankato,
MN
More about me…
Bridge Realty - Mankato
Address: 122 South Riverfront Drive, Mankato, MN, 56001
Office Phone: (507) 344-5200
Cell Phone: (507) 317-0177
Email Me
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