Deal of the week!

Anyone looking for a good deal to fix up??

I just went through this house a few days ago in Golden Valley and it is priced $72,000 below Hennepin County's tax value. It is also priced over $10,000 LESS than what the buyer paid for it in 2001.

I went to take a look and it isn't in that bad of shape.

I like the looks of it on the outside, kind of 1950s modern style and it looks better in person than in the picture.

It also has a detached THREE stall garage! I went inside and it wasn't all that bad. It needs new carpet for sure, and some updating to the kitchen.

Inside there are 2 bedrooms that they started to re-do and didn't finish. They need all new electrical and sheetrock.

The basement has paneling all over but could easily be brightened up with paint if you didn't want to take it down. Also needs all new carpet in the lower level.

The other homes in the neighborhood range from $250,000-325,000 and this one is priced way below that!

Also an attractive thing with this house is that the seller will finance it on a contract for deed! He said he only would need $10,000 down for a down payment and then you wouldn't have to get a loan.

If you want the address of it or want to set up a showing email Steve or I:

holli@homesbyholli.com

stevehoem@edinarealty.com

Predatory Lending

In the past, just about anyone could get a loan through either a full documentation (full doc) or a no documentation (no doc) process.

With the Minnesota anti-predatory lending laws that took effect August 1st, lenders must verify a borrowers ability to re-pay. Some of the key points are as follows:

• added steps to prevent lenders from refinancing borrowers where there is no need to refinance


• pre-payment penalties are strictly curtailed


• mortgage originators are licensed by the state and must maintain a level of assets or be bonded


• mortgage fraud is specifically a crime

These laws were put into place to help consumers. Some smaller mortgage companies closed their doors as a result of these laws but getting a mortgage is still relatively straight-forward and now, even safer!

Architecture

There are soooo many different styles and types of homes...

• Condos
• Townhomes
• One Story/Rambler/Ranch
• Two Story
• One-and-a-half story
• ya-d-ya-d-ya...

Townhomes

The first thing to consider is whether you want shared walls with your neighbors. There are advantages to living in a Common-Interest-Community (i.e., CIC, Townhome, Condo).

They often take care of the exterior, snow removal and lawn care and even water, sewer and trash. Meaning you get a fair amount of bang for a monthly dues payment buck.

Single Family Homes

How much space do you want?
A large one story will often cost as much or maybe more than a large two story since it will require a larger lot.
Are stairs a concern?
Do you want your bedrooms away from the living areas so you don't have to make your bed or keep an immaculate room?

It's a good idea to look at a few of each type to get a feel for your likes & dislikes.

Happy house-hunting!