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Structural Damage Can Be a Deal Breaker

Homes With Structural Damage – What Buyers Should Know

Most homebuyers do not set out to buy a home with any sort of structural repair issue. But when statistics showing more than 5.5 million existing home sales for the year 2016 were published, it becomes apparent that not every home sold could have been completely free of defects – while it isn’t the norm, some home buyers will run across seemingly great properties for sale only to find that there is a structural issue.

With this in mind, when should a homebuyer entertain the idea of buying a home with structural defects and what type of structural defect should be approached with extreme caution?

Major structural repair issues to be aware of

Most people will attest that there are no perfect homes. No matter how carefully the sellers have worked to prepare their home for the market, there will always be at least a few small issues that were missed or cannot be fixed. But there are also some major structural issues that buyers should investigate carefully before deciding to move forward with any offer.

These include:

  • Foundation problems, including cracks in foundation walls more than one-quarter inch wide and any foundation or settlement issues that show the home may have shifted or moved, such as doors and windows that do not open and close properly and sloping floors inside the home
  • Severe termite infestations or unrepaired termite damage that endangers floor joists, sill plates, and other wooden structural components
  • Extensive mold or water damage that will require major renovation, including the replacement of some of the structural elements of the home
  • Shoddy workmanship or unpermitted renovations that negatively affect the structure and support system of the home. Many sellers choose to renovate before listing but, unfortunately, some try to cut corners

Understanding the scope of the structural defect

When sellers disclose a known structural defect or the buyer’s home inspection process reveals a latent one, it is important to understand the scope of the defect. In most cases, this type of expert assessment should always be performed by either a certified structural engineer or a reputable, experienced building contractor familiar with similar home designs and construction techniques.

Using the structural assessment information to renegotiate

Once the buyers have received the findings of the structural assessment and discussed it with their real estate professional and their lender, they should consider using that information to:

a) decide whether or not to remain in the transaction

b) renegotiate the price and terms of the purchase agreement to offset the expected cost of the repairs

c) renegotiate the purchase agreement to allow the sellers to make the repairs to the satisfaction of the buyers at seller’s cost

If the home is otherwise in good condition and the structural defect is repairable, buyers may benefit by renegotiating price and terms and moving forward. If the sellers are unwilling or unable to reduce the price or offer some other assistance to offset a structural defect, buyers should seriously consider withdrawing their offer and moving forward with another home.

Always make an informed decision when considering a home with any type of structural defect

Information is the best defense when considering the purchase of any home with a potential structural defect. Buyers can start by carefully examining the home while viewing it with their real estate agent, studying the seller’s disclosure carefully, and requesting further information for any issue that may be related to the structural condition of the home.

It is important to remember, however, that some home loans, such as FHA and VA mortgages, are contingent on condition. Buyers who are considering accepting a home with a structural defect should discuss the pros and cons carefully with both their real estate agent and lender before making a final decision.

Buying A House? Demand These 3 Things From Your Agent In New Brighton

If you’re thinking about buying a house in New Brighton, and if you’re going to buy one with the help of an agent, make sure you get the service you need. Read this blog post for information about buying a house? Demand these 3 things from your agent in New Brighton…

If you’re planning to buy a house, you might want to think about getting help from an agent. An agent provides many different benefits and services and they should be focused on serving you and help you.

So, buying a house?

Demand these 3 things from your agent in New Brighton. (And if you don’t get them, find another agent who can help you).

#1. Ask for their track record

Find out how good your agent will be in representing you. See if they can provide you with testimonials and success stories, or some other kind of indicator of how well they represent you. Remember, they should be able to find you plenty of houses to look at and then negotiate well on your behalf.

#2. Ask to look at lots of houses, multiple times

An agent wants to get you into a house as soon as they can. Although they want you to be happy, of course, they also want to minimize how long they take to work with you. Demand that they spend all the time you need.

One way to get their help here is to ask to see lots of houses, and, ask to see some houses multiple times. The reason is simple: An agent might want to show you five houses… but what if you find your dream home after looking at the fifteenth house?

Or, what if you look at ten houses and realize that you want to go back and look at the first house again? A good agent will comply with your wishes.

#3. Ask to drive around the neighborhood

Agents can often be focused on houses and they forget all the other reasons you want to buy a house. For example, you might want to know that there are good schools and parks nearby for your children; so, ask your agent to show you a house and then drive around the neighborhood to view what the neighborhood is like. Both pieces of information are essential for you to make an informed decision.

Summary

Agents are not all the same. Some will do more for you and some will do less. But if you want an agent to serve you make sure you know ahead of time what you want and ask the agent if they’ll do it. Buying a house? Demand these 3 things from your agent in New Brighton… and you’ll love finding the house of your dreams!

If you want to buy a house in New Brighton we can help you with that. Click here now and fill out the form or call our office at 612-840-6507.

4 Reasons Why Homeownership is a Good Investment in Fridley

Maybe in the past, you’ve thought about owning a house but you’re not sure if it’s right for you. Well, aside from owning your own home instead of renting, one consideration is that it’s a sound financial investment. Here are 4 reasons why homeownership is a good investment in Fridley.

There are many kinds of investments out there – from stocks to bonds, from funds to art – but one of the best investments out there is real estate.

It’s a stable, solidly performing investment. If you are curious about whether it’s right for you, here are 4 reasons why homeownership is a good investment in Fridley…

Reason #1. It’s a Real Asset

Some investments, like stocks, are just “paper” assets. That is, they represent an investment but they don’t have any real value themselves. If the company collapses, you’re left with nothing but a worthless piece of paper. However, with real estate, you have a real asset (something you can touch and see) and it has real value.

Reason #2. Upward Trend

One of the things that make real estate a great investment is that the price tends to go up. Sure, the price might fluctuate depending on the economy or what else is going on in the neighborhood, but in general, real estate prices tend to rise over time.

Reason #3. You Can Increase Value

A very powerful reason why real estate is a good investment is that you have control over the value of the property. If you buy a house for a certain price and them improvements, you’ll increase the value of the house.

A new paint job or an upgraded bathroom can raise the resale value of your home. (This is preferable to a stock, which you can’t really improve with a paint job!)

 

Reason #4. Stability

If you’re currently renting a place to live and not sure if a property will give you a good return, then consider this: one often-overlooked return is the stability you get from living in one house that you own.

And that stability translates into a better credit score. And that credit score is a valuable outcome that can improve your ability to borrow, and even your ability to find a job (since some employers will check your credit score before hiring you.)

So just my moving into a home and staying there for a while, you’ll get some stability and be able to increase your credit score.

Summary

If you’re currently renting and debating about whether you should buy a property, then think about the return you could get on that property. Real estate is often a solid investment and here are 4 reasons why home ownership is a good investment in Fridley.

Ready to invest in your next home in Fridley? We want to help. To talk to us about buying your next house, click here now and fill out the form or call our office at 612-840-6507.

4 Reasons To Sell Your Home In The Spring In Shoreview

If you’re thinking about selling your home and trying to decide if you should sell now or later, then you’ll want to read this blog post because it reveals 4 reasons to sell your home in the spring in Shoreview – you might be surprised!

“Should I sell now?”

“Should I sell later?”

“What is the best season to sell my house in?”

If you own a property and are thinking about selling then you might seriously want to consider selling in the spring. While houses are bought and sold all year round, here are…

4 reasons to sell your home in the spring in Shoreview.

Reason #1 More Buyers

The first reason is that this is often a time when buyers are looking to buy. You see, during the winter people spend a lot of time in their homes; and in January, they make plans for the future.

Those two things work together too often create a motivation to start looking for houses as soon as winter is over. So, by listing your house for sale at the very end of winter or beginning of spring, you’re catching the buyers who are very motivated.

Reason #2 Good Weather For Buyers

While people buy homes all year ‘round, some people find winter too cold (and snowy, depending on where you live) and some people find summer too hot for home buying.

Plus, for you, it can be really messy in the winter as sellers track snow and mud through your home. That leaves the spring – a time when people are already motivated to buy, and the weather starts to work in their favor (and yours!)

Reason #3 Timing

The spring is the perfect time for buyers, especially when you consider what else is happening through the year. In the summer, there are vacations; in the fall, it’s back to school; in the winter, it’s busy with holiday traditions and family.

So the spring is a time where there are fewer commitments and a little more time to shop for a home and move.

Reason #4 Easier To Move

The final reason is that it’s easier to move… for the buyers and for you! If you list your house at the beginning of spring and it sells in the spring, then the possession date might be late spring – which is perfect for moving.

The weather is nice and the days are long, which means you move your stuff out and the buyer can move their stuff in with relative ease and comfort.

If you are thinking about selling your house at any time of year, make sure you know all of your options. And, if you want a faster, easier way to sell then get in touch with us here at The Antonov group.

Want a faster way to buy or sell your home? We’re ready to help you right now. Click here now to fill out the form or call our office at 612-840-6507.

5 Reasons You Need To Hire A Real Estate Professional in Blaine

If you’re thinking about buying or selling a property in Blaine then you might be wondering if you should hire a real estate professional to help you.

In this blog post, you’ll read 5 reasons you need to hire a real estate professional in Blaine – these are our recommendations about why a real estate professional can help you buy or sell your real estate!

It used to be that everyone hired a real estate professional when they needed to buy or sell. Times have changed and many people are now exploring other options. So now, the first step is to decide whether or not you even need to hire a professional to help you.

5 reasons you need to hire a real estate professional in Blaine

Reason #1

A real estate professional knows what to do. If you try to do it yourself, you may not realize all the steps or “ins and outs” required of you, which could mean your transaction takes longer, costs more, or gets stopped because of some obstacle you didn’t know about.

Reason #2

A real estate professional has “insider knowledge” of the market. They’ll know whether now is a good time to buy or sell, who is buying and who is selling, where the best places are to buy or sell, and what will increase your chances of buying or selling.

Reason #3

A real estate professional has access to tools which might help them to find a buyer or seller for you faster. The tools might include technology, systems, and a network of other professionals that they can rely on to help them provide you with the service you need

Reason #4

Many people think they can handle the process of buying or selling a house without the help of a professional but when it comes time to negotiate, they realize they really miss that help! A real estate professional can negotiate on your behalf to help you and the other party find a price that will work for you both.

 

 

Reason #5

Once the transaction is almost complete, you’ll need to complete the paperwork. Do you know what paperwork you’ll need? Do you know how to make sure that you don’t get ripped off by the other party?

A real estate professional’s job is to help you understand the paperwork and check to make sure that there are no surprises.

Summary

If you’re wondering whether or not you should hire a professional these are 5 reasons you need to hire a real estate professional in Blaine.

Looking for a recommendation of a great real estate professional? Or maybe you read this list and decided not to hire one anyway. That’s okay, we buy and sell real estate directly.

To get in touch, click here now and fill out the form or call our office at 612-840-6507.

Why Won’t My House Sell In Lino Lakes?

You’re trying to sell a Lino Lakes MN house that just won’t sell?

And yet – the news says the real estate market is heating up. The media is practically shouting again about multiple offers, high demand, and record-setting prices.

So where’s your contract?

These tips could be just what you need to help you sell your [Lino Lakes] home.

Why won’t my house sell in Lino Lakes? – 6 Tips To Cure It

1) Get good help.

Just like before, there are novice agents and investors rushing into the booming market trumpeting that they know what they’re doing.

But they don’t. They’re getting hit hard with the nuances of financing, deal structure, and evaluation. Seriously, chances are good that real estate is your biggest investment – don’t trust just anyone’s advice. If you want great results, partner with the pros.

2) Don’t make too many improvements.

Too often we see over-improved properties – those where the owners have gone too far. Even with the best of intentions, exceptional craftsmanship and true artistic talent, it’s incredibly challenging to exceed what the market is paying. Plus, most buyers want to add their own custom touches. Get rid of all the clutter and think “neutral”.

3) Do make necessary improvements.

Unfixed stuff scares buyers. Show that you’ve been a responsible property owner and get all the little details fixed.

Don’t leave gaps in the trim or plates off of the switches. Get it inspected by a professional home inspector, and show off the healthy home report. This goes a long way towards establishing confidence that they’re making a good purchase.

4) Style and design matters.

Curb appeal is as important as the inside – so don’t neglect one part of the property to improve the other. Give buyers a cohesive impression of great style. Paint the walls, update the landscaping, and most of all – keep it immaculately clean. Consider hiring a professional designer to help tastefully stage the property.

5) Pricing matters a lot.

If you’re getting a lot of showings but not a lot of offers, you might not be too far off in price. If your best efforts to advertise your property aren’t making the phone ring, you’re probably overpriced.

6) Every property will sell – sometime.

There’s no magic formula – but there’s no substitute for experience.

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If you need to sell a house near Lino Lakes, we can help you. We buy Lino Lakes MN houses.

We buy properties like yours from people who need to sell fast.

Give us a call anytime 612-840-6507 or fill out the form here today!

I Inherited a House, What To Do? – Should I rent or sell in New Brighton?

First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.

You’re thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell it?  How should I sell it?

Tons of options open for you, but…

… we can help.

We’re seasoned investors in New Brighton real estate, and we’re looking to buy several houses each month in the New Brighton MN area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process.

I Inherited A House, What To Do Next?

Here’s a few important considerations to help you make the right decision:

1) Make sure the mortgage is paid.

This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.

2) The investment is only as good as the manager.

If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now.  Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.

3) Property ownership costs money.

It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.

Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.

4) Selling a property for top dollar costs money.

If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy New Brighton houses for cash, as-is.

5) If the market will continue to grow faster than your other options, hang on to the investment.

We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.

6) Uncle Sam wants a piece of the action.

Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.

7) Consider all your options.

In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our MN investment experience can help you win.

8) Compare a few scenarios.

We’ll help you determine prices for any property near MN – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).

Just call us today at 612-840-6507 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!

Foreclosure notice of default in MN– what is it?

If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.

Basically, a foreclosure notice of default is a document that has to be filed by a lender to start the process of foreclosure.

The foreclosure notice of default must be sent to anyone who has an interest in the property (any other loans, lenders, or even contractors who are owed money for work done to a property will get a copy).

The foreclosure notice of default must also be published in a newspaper and physically posted in a prominent place on the property itself.

Although this can be really embarrassing to someone going through foreclosure, it’s actually a very important protection for consumers.

Back before US law required a notice of default, people were sometimes foreclosed on without any warning.

In fact, it’s happened even in the past few years – at least one bank has accidentally foreclosed on the wrong property and kicked people out of their house without due process or warning. It’s even happened around Fridley.

The notice of default is a very important step within the foreclosure process that gives people with an interest in the property to step forward and claim their rights – before it’s too late.

If you’ve received a notice of default, don’t wait. Time is definitely of the essence, and you should take action.

Here are a few key steps you should take:

1) Stay calm and don’t panic.

This may sound obvious, but it’s probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property. These situations don’t happen overnight, and they take a while to solve. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Panic leads to bad decisions, so stay cool.

2) Educate yourself.

Learn everything you can about the foreclosure process in your state so that you know what’s happening and what’s coming up next.

3) Gather your resources.

There’s also many non-profit and government resources available out there. You’ll want good legal and tax advice along the way. Definitely don’t try to do it all yourself. This stuff is super complicated with lots of rules.

4) Learn your options.

We’re here to help you avoid foreclosure. We buy houses with cash. We can help you with short sales and even rent-back situations so you (potentially) may be able to keep living in your home. There are many more options than you think.

5) Communicate.

The banks involved don’t want your property. They want money, and what you say matters a lot. You can slow down or stop the foreclosure process if you take the appropriate action.

Want to know more?

Call us anytime 612-840-6507 or connect with us on our website
and we’ll lay out all of your options for your specific situation.

Help, I’m behind in my mortgage payments in Shoreview!

Behind on your mortgage?
Read this article for a few tips on what you can to do prevent and avoid foreclosure

When you fall behind in your mortgage payments on your Shoreview home, it can feel like you’re drowning in debt.

Even if you’re able to make your monthly payment, catching up on a past due balance can be an overwhelming challenge.

There’s a few options that can help you to avoid foreclosure in Shoreview and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Shoreview have been lost to foreclosure, but there are many ways to avoid it.

1. Bankruptcy:

This is usually the tool of last resort. If you’re being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once. It’s a lot of work, and it won’t help you avoid your mortgage. Different lenders will treat your circumstances in unique ways. You’d benefit from serious professional help – the best you can afford.

 

2. Reaffirm:

This can be a good card to play, but it may come with some unseen penalties. Basically, reaffirming the loan is an additional commitment to pay. In some states where it’s allowed, an affirmation can create additional liabilities if your property is auctioned.

3. Making Home Affordable (MFA):

If your mortgage qualifies, you might be able to participate in MHA. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders choose to participate in MFA.

With MFA, your payments and/or interest rates might be lowered – even the principal balance (if your home is worth less than you owe). If you’re unemployed, you might be able to get your payments temporarily suspended or reduced.

MFA is a government program, so be prepared to deal with lots of paperwork. It ain’t free money – you gotta work for it.

4. Negotiate with your bank:

Lots of lenders routinely offer some level of assistance. You have to work hard at it, but you might be able to get your interest rate reduced, or a temporary reduction in your payment.

Most of the time, lenders will want to steer you to refinance your loan – but by the time you’re a few payments behind, you probably don’t qualify for a reduction in interest rate.

You have to work really hard to negotiate with a bank. Usually it takes lots of calls and the patience of a saint to get through the bureaucracy. Never, ever act rude. Ask for help from everyone you speak with, but don’t sound desperate. Explain your situation, offer supporting documents, and reassure the bank that you want to live in your home for the long term.

If you’re in need of a temporary fix and want to stay in your home, most banks can be forgiving. Sometimes they’ll be willing to add a few months of payments back onto the primary balance of your loan. It’s all dollars and cents to them, so remind them that you need their help to give them a lot more money in the long run. If they have to sell your house at a foreclosure auction, they’ll take a huge loss.

That sounds obvious, but for some reason bankers seem to forget it when saying no to someone in need of help.

5. Borrow money from a private investor:

If you’re behind in your payments and need to sell fast, we can help.

In certain circumstances, we may even be able to help you stay in your home.

We work with homeowners in Shoreview to find solutions to foreclosure problems.

We’ll let you know how we can help.

Give us a call now at 612-840-6507 or
fill out the form on this website to get started.

The State of the Market for Buyers in Blaine MN

Is it still a buyer’s market today in Blaine?

As experts in the Blaine real estate market, we get asked this question a lot.

The answer isn’t as simple as yes or no.

First off, it really depends on the property type and location.

Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.

Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.

But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Blaine, but seem to be rebounding as the rental market increases.

Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the MN market in unique ways.

Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.

Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.

Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.

Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.

Sound confusing? It is. But We Can Help.

There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.

We’re investing in Blaine because we believe in the community and the people here.

If you need to sell a property near Blaine, we can help you.

We buy properties like yours from people who need to sell fast.

Give us a call anytime 612-840-6507 or fill out the form 
over here today if you’re looking to sell a Blaine house fast!

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