Chuck Carstensen

When it gets too cold out, most people don't want to move. When the holidays are near by people are too busy to look at houses. Year after year I find that it slows down this time of year because less people are looking for homes.

However, if you are in a position to buy a home now, use this time to find the right home! This is the BEST time to buy a home in Minnesota and here is why:

1. Less people are looking because its too cold for them to move. ( More homes for you!)

2. The holiday's are coming and the stress of moving and fitting in time for the holiday's is too much (less competition on offers for you!)

3. Interest rates are still very very low!

4. The tax credit extension means there is an extra incentive to buy. And since less people are looking now, you are less likely to run into multiple offers like you would in the Spring.

5. Going off the above point the prices are going to be lower now then they will be in the Spring.

I would strongly suggest buying a home in the next 2-3 months instead of waiting until March or April if you have everything in line now.

Chuck Carstensen

RE/MAX Associates Plus Inc.

612-290-3809

At this point in the year it seems the best way to get an offer accepted is by finding a short sale that is priced well enough and making a solid offer that a seller will sign off on so the BANK can review it for acceptance.

My end of the year is looking like its going to depend on buyers getting their short sales approved. I have one closing tomorrow with a buyer who is purchasing a short sale and at least 7 other offers that are waiting bank approval.

The BANK OWNED homes have been selling so fast and so much over the asking price that the short sales have been the way to go for most buyers. The pressure is on for some of these to close by November 30th for the first time buyer tax credit, but then again I am feeling an extension coming on anyway.

To get a short sale offer accepted you want to write a clean offer NOT asking for repairs, and normally offering the asking price (assuming that is fair market price) with no more then 3% seller paid closing costs. It also helps to have an approval from a trusted mortgage person.

Some short sale homes are getting multiple offers so you may have to go slightly above asking price in some instances. Also, you will have to be patient because it might take 60-90 days for the bank to approve your offer and then another 30 days to close.

Chuck Carstensen - RE/MAX Associates Plus Inc - 612-290-3809

The $8000 tax credit has been successful getting more buyers into the market. Its been so successful in the lower price range that most homes are getting multiple offers and bid up. So should it get extended?

A loan officer I work with suggested to me yesterday that it might get extended to those who are under contract by November 30th. I LOVE this idea for a couple reasons:

1) There are a few late arrivers to the incentive that have just now decided to buy a house. Its not likely though to actually secure a home right now and close by November 30th. So their motivation may be a bid waste of time for ALL involved unless they extend the credit a bit.

2) A potentially more explosive situation: What about those who go around contract now or are currently under contract and expecting to close by Nov. 30. But thanks to various scenarios that are out of their control like title issues, short sales taking too long, underwriting changes to their loan. All the sudden get their closing bumped back a few days into December. Imagine the frustration, the lawsuits, the stress this will cause?!?!

Just based on those two points I think the tax credit should be for fully executed purchase agreements by November 30 or even October 30th if they want to limited a bit to those who were proactive enough to potentially close by November 30th.

Chuck Carstensen - RE/MAX ASSOCIATES PLUS Inc.

Serving: Isanti, Sherburne, Wright, Washington, Hennepin, Chisago, Anoka, Mille Lacs, and Kanabec Counties in Minnesota. 612-290-3809

You can buy a HUD home in Minnesota for as low as $100 down! The FHA loan options even allows you to use the FHA 203k loan to get the "fix ups" needed financed in the home. Or you can simply escrow smaller repairs as part of the FHA 203e loan.

I am noticing Minnesota HUD listings starting to hit the market in heavier amounts now. There are good options for HUD home purchases for both first time buyers and investors in Sherburne, Washington, Hennepin, Anoka, Isanti, Wright, Ramsey and Mille Lacs county.

Remember you must use a HUD Registered agent for a purchase of a Minnesota HUD home. There is still time for the $8000 tax credit but you would need to get a bid accepted in the next few days for that!

If you want a list of Minnesota HUD homes in your area just email me at chuck@thediscoveryteam.com or call 612-290-3809.

Chuck Carstensen - RE/MAX Associates Plus Ins.

I am working with several buyers who are looking for a house trying to get into one before the $8000 tax credit expires. Right now in Sherburne, Isanti, Anoka and Wright counties there simply is not much out there. I have not been seeing many new listings. The ones that do come on the market are getting multiple offers and selling fast. A few of the homes that are lasting are because they are in terrible condition and really need a cash or rehab loan buyer.

So what do you do if your a buyer?

1. Be patient but persistent- You can't get too worked about what is NOT available. You just need to keep looking and trying and be ready when one comes up.

2. Plan NOT to get the tax credit (sort of) - I always like to hope for the best and preach that you must stay in an uplifted state of mind and that your thoughts become things. However, at this point your going to need to find a house with in a couple of weeks and have everything go near perfect to close in time.

3. Factor in the flood of closings in November - If you get an offer accepted soon chance are that there may be an underwriting flood that could slow final approvals done, so get all your documentation to your loan officer NOW!

4. Buyer in December and January - if your frustrated with the amount of competition out there when you make an offer then buy a home when less people are buying and in Minnesota that is in the COLD winter months!

Chuck Carstensen - Re/max Associates Plus inc - 612-290-3809 - chuck@thediscoveryteam.com