Storm Lake, IA

If you live in Storm Lake, IA and you don't own your home you probably know the kind of shortage we have in rental properties. Our office Weaver Realtors receives between 20 and 25 calls, emails and texts a day from people in need of a rental property. The demand has pushed up the price on rentals and it is very difficult ot get anything for less that $500 a month, and most are between $550 and $650.

What kind of a home could you pay if you paid $550 a month for rent? Well with interest rates below 4.5% and a 30 year fixed mortgage with good credit you could be buying and building net worth on a $75,000 mortgage, figure taxes at $100 a month ($1,200 a year), and insurance at $66.67 ($800 a year) total payment with principle, interest, taxes and insurance is an estimated $546.68 a month.

Storm Lake IA does have a number of banks with loan products for people without perfect credit, and less than 20 % down payment. There are currently 58 homes on the market that fit the above example. Want to learn more, call me Georgia Weaver 712-291-011

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317 E Lakeshore Drive Storm Lake, IA is a massive structure, 3 stories that look out over a beautiful park and then onto the lake. It came into my life when an investor I work with told me they were talking to the owner and they wanted to buy the property. Their question to me, what is it worth, how much can I pay for it and afford to renovate it so it has a good positive cash flow? My response, let's get in to see it and then I'll have a much better idea of the repairs and purchase price to see how it will cash flow. We went in, and I was very pleasantly surprised, looked bad and did need a lot of basic stuff - like a roof asap, but everything was possible in my opinion. An untrained eye (I also buy and renovate property) would have been overwhelmed with the shear amount of stuff in the building, the cracked plaster, the old appliances, broken windows, hole in one bathroom floor, doors to nowhere and a leaking roof. I saw a cash cow! Had the investors I was working with decided to not purchase I would have most definitely bought this one.

Purchase price was agreed upon, closing date, paperwork done and we closed it in about 2 weeks. This first video is of the property as it was originally. Additional videos will show the progress of this project as we work through it apartment by apartment. Projected Time frame to completion from the General Contractor - George Frieses is 3.5 months and it is November in Iowa.

http://youtu.be/R38FPMQwry0 317 E Lakeshore Dr, Storm Lake IA Old Boarding house renovated into 7 Apartments

First of all I want to personally thank each and every one of you for your selfless service to ensure our American freedoms. The state of Iowa has a $5,000 GRANT that can be used towards your down payment or closing costs. If you have questions about this program call me 712-291-0118 and I can step you through it. You can also check it out online at www.IowaFinanceAuthority.gov

Eligibility

• Have served 90 days active duty since September 11, 2001. Active duty need not be consecutive; it may be cumulative. Inactive Duty Training, Annual Training and Active Duty for Training may not count toward active duty
• Is a federal status injured service person having served in active duty since September 11, 2001; or
• Is a surviving spouse of said eligible service person, all who have served honorably
  
  AND

• Receives prior approval before closing on a qualified home.
• Utilizes an IFA Participating or Facilitating Lender (if financing the purchase).
• Uses IFA’s mortgage programs, unless a lower cost, fixed rate, fully amortizing option is available if eligible. If not eligible for 30 year fixed rate financing, uses a permanent mortgage loan for financing the purchase, or cash purchase transaction.
• The home must be located in the state of Iowa.
• The home must be the borrower’s primary occupancy residence.

The home must be one of the following:

• Single-family residences (including “stick-built” homes, modular homes, or manufactured homes, provided the home is attached to a permanent foundation and is taxed as real estate)
• Condominiums
• Townhomes
• Duplexes, if one of the units will be the primary residence of the service member
• Completion of acquisition/renovation of qualifying home. Refinancing interim mortgage financing of not more than 24 months (at time of new mortgage closing) used for the purpose to construct the residence or renovation of an existing home that has not been occupied by the MHOA applicant, spouse or fiancé. Remember prior approval to completion and occupancy is required
  
  

Thank you again! Georgia A. Weaver
Broker of Weaver Realtors
607 Lake Ave.
Storm Lake, IA 50588
Email Georgia@Weaverrealtors.com

Storm Lake Iowa home sales market is clicking along, although it is slower than the same time last year.

Want these results send to your email quarterly? send me an email and I will send them directly to your inbox as soon as they are calculated!

For this quarter so far, Storm Lake and Alta had 33 properties sell. Last year 52 properties sold in the same time period, but the government incentive (up to $8,000) was in place.

Sales ranged from $19,000 ( a foreclosure) to $360,000. With an average sale price of $136,532. Last year this range was from $35,000 to $445,000 with an average of $111,306.

The time spent on the market ranged from 1 day (foreclosure, so this number is not accurate, property was previously listed), to 371 days on the market.

Over a third of the properties stayed on the market for 120 days or longer. Last year 42% of the 52 properties that sold, sold within the first 30 days on the market.

The Sale price as compared to list price was down overall. SP%/LP range in the 0-30 days on the market was 94.39% (exa $100,000 list price actually got an accepted offer of $94,390 - difference of $5,610). Last year this time frame had a SP%/LP of 96.9%.

This quarter one of the SP%/LP categories actually dropped below 90%, that was the 91-120 days on the market, the SP%/LP came in at 89.9%. This says pricing and preparing a property are CRITICAL if you want to sell.

Thinking you may wait to buy or sell? DON'T, this is a good time to buy and sell. We do have buyers looking, yes they are looking for good buys. The market is very competitive but our last 3 listings sold within 45 days of coming on the market. The difference with us is we work with sellers to get the property prepared for listing, list each property according to the results from a competitive market analysis and develop a written marketing plan that is specific to the property we are selling.

Information from the Storm Lake MLS date 6/17/11, Georgia A. Weaver - Broker Weaver Realtors.com, Licensed in Iowa

I listed a HUD foreclosure, got an accepted offer on the property, did a LOT of work. Developed a Buyer, who spent a GOOD amount of money on title opinion (we're an abstract state) and an abstract update. The title opinion showed a number of problems on the abstract, liens, judgements, etc.

Not the first time I have seen this stuff, the stuff is usually cleaned up and then closed. BUT, not this time. The property was sent back to the bank so they could clean up the problems. The HUD representative called me and told me the property was reconveyed and that when it was cleaned up THEY would contact the buyer back to see if he was still interested in purchasing it!

I am not happy at all with this situation, I was contracted to successfully sell this property, I did that. Now they will clean it up and sell it directly to the buyer???!!!! ANyone else experience this, what did you do?