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 into the residential... [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. Powered By WP Footer 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! Powered By WP Footer 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. Powered By WP Footer 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. Powered By WP Footer 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! Powered By WP Footer 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 they expect something... [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 by everyone... [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! Powered By WP Footer 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. I have attached a... [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 agent, I am able... [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. Powered By WP Footer 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. Powered By WP Footer 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. This would be due... [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 you put down 50%... [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. Powered By WP Footer 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 and this tends... [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! Powered By WP Footer 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. Powered By WP Footer 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 Powered By WP Footer 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. On the one hand,... [Read more]

No Gain or Loss Needs to Be Recognized in Securities Loan Transaction for Short Sales

The Tax Court recently reiterated its position with respect to non-recognition of the loan of securities by one to another person, such as a broker or investor engaging in a short sale. The Tax Court rules that such a loan does not constitute a “sale” for which capital gains would otherwise be realized. The Court set forth the terms of the loan agreement that must be agreed to by the... [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, Performance 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 Powered By WP Footer 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. Powered By WP Footer 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. Yes, it is more... [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 Powered By WP... [Read more]

Search Twin Cities Foreclosures

Use this link to find foreclosed homes in the Twin Cities: http://www.reo.mn/search-foreclosures/ Powered By WP Footer 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! Powered By WP Footer 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. Powered By WP Footer Read More →

How Banks Negotiate & Sell Their REO’s – Part #2

The tips and techniques of doing business with REO’s is continued.. Powered By WP Footer Read More →

How Banks Negotiate & Sell Their REO’s -Part #1

Most banks sell in a similar manner. This will help give you an idea of what to expect Powered By WP Footer Read More →

Why Buy An REO?

Let me tell you from experience-the values are extreme. If you avoid this market, you are leaving big time money on the table. Powered By WP Footer Read More →

What The Heck Is An REO

Let me explain what one is: Powered By WP Footer 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 Powered By WP Footer 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 Powered By WP Footer 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. Powered By WP Footer 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 as MIP-the... [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 Cities Metro-consider... [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 to your home... [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 will make the... [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 and discuss how I... [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. Powered By WP Footer 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 well as a smaller... [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 program, the rules... [Read more]

What Is Your Home Worth Today?

I found a cool resource at http://www.FHFA.gov. If you go there, in the middle of the page you will find something called the Home Price Calculator. You input your home purchase information in terms of State, quarter in which you purchased and the quarter in which you’d like to get the valuation. Next, you hit calculate, and it will show you a chart. While it isn’t specific to YOUR... [Read more]

Did you know-Current & Future Housing Data

Watch this video-then call me to help you buy or sell a new home or investment property. Powered By WP Footer Read More →

8 Tips For Finding Your New Home

A solid game plan can help you narrow your homebuying search to find the best home for you. House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process. 1. Know thyself Understand the type of home that suits your personality.... [Read more]

4 Tips to Determine How Much Mortgage You Can Afford

By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Here are six surefire ways you can get your finances in order before you buy a home. Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget. Instead of just taking... [Read more]

Minnesota Foreclosure comparison report

A very interesting year over year foreclosure report was just released. It takes the MN foreclosure crisis and breaks down the data into micro data. It is definitely worth looking at if you want to identify trends and opportunities. http://www.hocmn.org/Stock/Editor/file/REPORTS/2010_YrEnd_ForeclosureCount/2010_Annual_ForeclosuresInMN.pdf Powered By WP Footer Read More →

Two Special Twin Cities Home Buying Programs

One program is called FPP-Foreclosure Partnership Program, and the other is NSP2 Homebuyer Assistance Program.  Both programs offer incentive money for a purchase.  I can use these financing programs with one of our mortgage investors.  Consider checking them out to see if they’d work for you. HennipenCounty-Non-forclosedHomes-overview HennipenCounty-Nsp2-overview Powered By WP Footer Read More →

You CAN do an FHA short sale

HUD recently issued guidance on this issue. IF you have an FHA loan, call me and we can work through the discussion of whether or not you may qualify for a short sale. See the HUD letter below. Powered By WP Footer Read More →

HAFA Update-More Beneficial

Apparently the OLD HAFA wasn’t as successful as hoped. Yet, the program had some great attributes. They’ve just tweaked it, and are about to roll out a new improved version. See the sheet between for a comparison. The ability to pay the second lien holder a larger amount to make a settlement is what I feel will allow more HAFA short sales to close. Powered By WP Footer Read More →

Rebuilding Credit To Get A Mortgage

Often, especially in this market due to the recession, we find potential home buyers who have had a life event or “bump in the road” that affects their ability to obtain a new loan. If you want to buy a home, you will have to have a certain number of reporting trade lines and for certain length of time. MOST mortgage programs require 3-5 trade lines and a minimum of two years of reporting.... [Read more]

Projected Loss Severity Of A Foreclosure-both 2010 & 2011

Short sales are probably going to be the loss mitigation method of choice.  When you look at the loss severity of a foreclosure, you can see why some other method might be preferable.  Look at the Fitch ratings report here and see for yourself.  This may be useful information when negotiating with the banks and servicer. Powered By WP Footer Read More →

Buying Rental Property In The Twin Cities

Have you ever wanted to own rental property, but were unsure where to start?   I teach a class on the topic.  I’ve decided to make the outline into a PPT.  I cover the information in my class in much more depth and breadth, but this will give you a lot of useful information.  If you are interested in discussing purchasing a rental property as an investment, just give me a call and we can... [Read more]

Mortgage Insurance May Still Be Deductible For Some Buyers

Yipee-It looks like mortgage insurance will remain deductible for some home buyers. When we look buying a home, you need to consider all aspects. One main one is mortgage financing. There are ways around mortgage insurance by doing split loans-like and 80/10/10 for example or LPMI-which stands for lender paid mortgage insurance-which means the interest rate is higher. Rather than confuse the matter... [Read more]

Is There An Opportunity Right In Front Of YOU

I just watched an amazing video which I’ve posted below called the Money Tree. There are so many different interpretations. One that struck me was that people are oblivious to opportunity that is right in front of them. How many of us are looking for something that we already have or is within our reach? How many people are NOT buying real estate today when they could be looking at this... [Read more]

December Is The Time To Reflect

Are each of us doing all we can to make the world a better place? Many of us have our favorite charity and organizations we support. RE/MAX is a very large sponsor of Children’s Miracle Network. Many people don’t realize how much has been given. Each time I sell a home, I automatically donate a portion of my commission to this organization. Other RE/MAX agents like myself contribute... [Read more]

Short Sales Are Today’s Investor Opportunity

Short sales can be win win transactions for everyone. Take a look at the video and give me a call to get started. Powered By WP Footer Read More →

Getting Ready to Sell Your House

While most experts see little good news in 2011’s housing market, economic downturn is no reason to neglect maintenance on a home or lose sight of future plans to relocate. The critical issue is planning intelligently for what spending you do now to make sure it’s worth your money later. And even if your plan to sell your property is more than a year away, it’s not a bad idea to get your finances... [Read more]

HUD Has A YouTube Channel-Here Is There Vid On Buying A Home

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Google lets you create cool templated websites

Just an idea for anyone who wants to set up something quick and easy: https://www.google.com/accounts/ServiceLogin?continue=http%3A%2F%2Fsites.google.com%2F&followup=http%3A%2F%2Fsites.google.com%2F&service=jotspot&passive=true&ul=1 Powered By WP Footer Read More →

Can Home Ownership Contribute To Your Wealth?

Based on the implosion of equity in the past few years, one begins to wonder.  At the same time, if you look back from a historical perspective, home ownership and home equity have contributed to the net worth of many.  Recently, there was a study/survey done by the Federal Reserve.  NAR presents and interprets the results  http://www.realtor.org/research/economists_outlook/didyouknow/dyk111610dh ... [Read more]

Minnesota Foreclosure And Distressed Home Fact Sheets PLUS Twin Cities First Time Buyer Special Programs

I have mentioned it before, but I really am impressed with the Minnesota Home Ownership Center. I frequently get calls from people who need to find information about how best to deal with a distressed real estate situation. You must visit their website and bookmark it for future reference. Here are just some of the links you need to look at: Foreclosure & distressed property fact sheets http://hocmn.org/en/fp-factsheets.cfm Counseling... [Read more]

What Does The Foreclosure Moratorium Mean To A Distressed Homeowner?

Check out the PDF and share with your friends/family who might need this information. Powered By WP Footer Read More →

Minnesota First Time Home Buyer Tips

A buyer in Minnesota, and specifically the Twin Cities area-Minneapolis/St Paul, should consider visiting the board of Realtors site at http://www.MplsRealtor.com On the tab regarding market activity, they will be able to click through and find out aggregated information that is compiled into city specific reports. For example, Minneapolis real estate will be broken down into the various areas of... [Read more]

Top Seven Tips For Home Buyers

Recently I was asked to create a list of top tips. Here is my list. I have been selling homes for over 25 years. I hope these help you make better choices and improve your real estate making decisions. 1) Before you begin to search for a home, always get prequalified FIRST. Seek out an experienced mortgage broker to arrange your financing. Even if you think you want to use a large bank, at least see... [Read more]

The Difference Between Judicial And Non-Judicial Foreclosures

The MBA has a great publication on this topic: http://www.mortgagebankers.org/files/ResourceCenter/ForeclosureProcess/JudicialVersusNon-JudicialForeclosure.pdf The Minnesota Home Ownership center has info as well http://www.Hocmn.org Powered By WP Footer Read More →

Foreclosure resource page

While this is primarily for the industry, it is helpful for consumers as well. http://www.mortgagebankers.org/IndustryResources/ResourceCenters/ForeclosureProcess Powered By WP Footer Read More →

Possible Effects From The Foreclosure Halt

By Rob Minton & John Mazzara In case you’ve somehow missed it, many of the largest U.S. mortgage servicing companies have halted foreclosures. Ally Financial’s GMAC Mortgage, Bank of America, JP Morgan and PNC have stopped foreclosures in many states – BOA has, in fact, put a moratorium on foreclosures in all 50 states. Pressing the pause button on foreclosures came as the result... [Read more]

Monitor Foreclosure Fraud From Around The Country

Have you heard of the “think big work small” guys?  Unless you are in the mortgage or real estate industry, you may not know who they are.   In a nutshell, they are awesome.  They produce a 5 minute daily video synopsis of what’s happening in our industries.  Today’s video referenced a new site called http://www.4closurefraud.org I went there to take a look.  It is... [Read more]

Lenders Are Halting Foreclosures-Temporarily

Not all lenders, but a few of the largest-including Bank Of America- have recently suspended foreclosures in all 50 states. What will be the outcome and when will they move forward again with the process? It is all an unknown at this time. What we do know, is that they may not have processed the paperwork properly. Now, it appears they will be reviewing everything twice before they go forward.... [Read more]

Here’s What The Federal Reserve Has To Say

There is an interesting report from the Federal Reserve entitled REO and Vacant Properties http://www.bos.frb.org/commdev/REO-and-vacant-properties/REO-and-vacant-properties.pdf You can read/download the report at this link. Powered By WP Footer Read More →

Data.gov – A Cool Site With Lots Of Great Info

http://www.Data.gov I just found this site and wanted to share it.  It has a ton of info and reports.  If you have a project or just an “inquiring mind”, this is sure to be a hit.  Check it out and get the data you need. Powered By WP Footer Read More →

Homepath.com is Fannie’s Foreclosure Portal

Fannie Mae posts their foreclosured properties with a Realtor of their choice and also on http://www.HomePath.com.  What is cool about a Homepath property is that many times they will qualify for Homepath loans (requiring only 3% down) and no appraisal.  They also have a homepath Renovation loan.  There is a program called FirstLook, which allows certain selected developers and non profits to purchase... [Read more]

REO Listings and How You Can Find Them Yourself

By Anthony Aires REO listings are highly visible these days, though they were difficult entities to access a few years ago. Today, people have the knowledge to distinguish between foreclosures and REO bank owned properties. As a result, those interested in REO houses search for specific real estate owned listings at different places and not the foreclosure listings. Finding listing of REO properties... [Read more]

Why You Should Invest in REO Companies & REO Properties

By John C Hanlin What are REO Properties? “REO” is an acronym that stands for “Real Estate Owned” properties. A loose definition is: homes that have been foreclosed upon and subsequently become the property of the foreclosing bank or lender. REO properties are also known as bank owned residential property, bank REOs, house foreclosures, etc. “REO companies” are... [Read more]

Check Out Energy Rebates

EnergyStar.gov –  Check Out Energy Rebates This is a government site that offers lots of energy saving tips as well as explains what energy saving grants or credits might be available. Powered By WP Footer Read More →