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mortgages: No equity keeps both buyers and sellers stuck. - 04/25/07 05:37 PM
Within a 12 hour period I had two separate clients stopped in their tracks due to the changes in the market over the last 14 months. They can't get what they want because there is no equity in the house to make it happen.
First, there's Sarah. She finds a condominium in Minneapolis she'd like to buy. We write up an offer that isn't full price, but is a very fair offer that takes into consideration what has sold and the other competition on the market. I present the offer, and am told the seller won't take anything but full price. I ask a … (5 comments)

mortgages: It's going get tougher to get a home loan in Minnesota - 01/11/07 09:03 AM
And it's not entirely a bad thing.  While the real estate market has had a boom over the last five years, mortgage lenders have been looking for ways to GIVE away money.  "Exotic" loans have become the buzz word in the mortgage industry.  These are the interest only kinds of ARMS that lower the monthly payments of the borrower.  These loans have made it possible for more people to quality for homes.  I'm not a mortgage officer, but here is what I have seen happen.  I have been meeting people who have been in there homes for 2-4 years, were unlucky enough to work … (17 comments)

 

Lisa Dunn www.TwinCitySeller.com

Minneapolis, MN

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Edina Realty

Office Phone: (651) 690-8439

Cell Phone: (612) 599-3484

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Lisa Dunn is a Realtor in the Minneapolis St. Paul area who offers some thoughts for your review.


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