Stieg Strand

First, I know what you are thinking. Is this guy crazy? Well, think of it this way. Has there ever been bursts of real estate sales due to forces that didn't have any base in logic? Of course there has been.

I have had clients buy homes because they really like the neighbors, or they won a bowling tournament, or they just got a good review with their boss at work but no raise, or had a flat tire on their way home from work, and want to move closer to freeway's with more roomy shoulders! & Even a client that they like the dishwasher! (It was a Bosch!) Let's face it, buying a home is a big deal, and costs a lot of money, even in today's market. So, "feeling good" about the Vikings finally having a QB that SHOULD do a steady job COULD boost home sales?

So anyway - What DO YOU THINK? If you are not from MN, feel free to comment anyway, as I am sure you have heard the news...

Stieg Strand, Broker/Agent

www.stiegstrand.com

Simply put "homeowner stress" in today's marketplace can take on a few forms:

1. Slow payments (paying your mortgage, but rolling 30, 60, 90 days late or even later)
2. No payments - For whatever reason - divorce, medical bills, job loss, interest rate increase you are having a difficult time making your mortgage payments at all.
3. You are making timely payments and even have great credit, but you need/want to move to a bigger house, and you don't think it is a wise move as you don't have enough equity to make the down payment on a "new" home, since you have little or no equity in your current home.

Notice, I didn't include the category - "Paying your mortgage on time, and you just don't like the fact you owe more than you paid for your house 3-5 years ago." I didn't include that, as until you hit the top three you most likely would not be reading this blog!

Here is the point - You have options, and more than you might think.

If you are having trouble paying your mortgage and you simply need to lower your mortgage payments you can get help from either your mortgage company itself, or an outside quasi-governmental organization called the Hope Now Alliance www.hopenow.com, and check it out - They even have Queen Latifah singing their praises on Youtube!

Now, if you are still keeping your payments in a timely fashion, and you are have the desire/need to buy a bigger home, but are thinking that it is either foolish or impossible, then I think you should contact me, and I can help. No strings, No obligation, No cost. The fact is, you have nothing to lose, and at least the knowledge that you are doing the "BEST THING" to gain.

Blessed to Serve,

Stieg Strand, Broker & Real Estate Writer

www.stiegstrand.com

If you are reading this, you are either in a tough situation, or you enjoy hearing about the pain of others.

Simply put "homeowner stress" in today's marketplace can take on a few forms:

1. Slow payments (paying your mortgage, but rolling 30, 60, 90 days late or even later)
2. No payments - For whatever reason - divorce, medical bills, job loss, interest rate increase you are having a difficult time making your mortgage payments at all.
3. You are making timely payments and even have great credit, but you need/want to move to a bigger house, and you don't think it is a wise move as you don't have enough equity to make the down payment on a "new" home, since you have little or no equity in your current home.

Notice, I didn't include the category - "Paying your mortgage on time, and you just don't like the fact you owe more than you paid for your house 3-5 years ago." I didn't include that, as until you hit the top three you most likely would not be reading this blog!

Here is the point - You have options, and more than you might think.

If you are having trouble paying your mortgage and you simply need to lower your mortgage payments you can get help from either your mortgage company itself, or an outside quasi-governmental organization called the Hope Now Alliance www.hopenow.com, and check it out - They even have Queen Latifah singing their praises on Youtube!

Now, if you are still keeping your payments in a timely fashion, and you are have the desire/need to buy a bigger home, but are thinking that it is either foolish or impossible, then I think you should contact me, and I can help. No strings, No obligation, No cost. The fact is, you have nothing to lose, and at least the knowledge that you are doing the "BEST THING" to gain.

Blessed to Serve,

Stieg Strand

www.stiegstrand.com

There are a lot of things to mention in this category, but when it gets down to it. In order of importance here are 7 things to do when you are even THINKING about purchasing a home for the first time.

1. Make sure you have paid all of your bills on time in the last 12 months or more, if not on time, no more than 1 or 2 - 30 day "lates" in a 12 month period. It is possible to have dinged credit and still get a mortgage, but if you are having issues just keeping up on your bills, that might be a good sign to wait until you have them under control.
2. Have at least 3 good "trade" lines of credit - They include car loans, credit cards (secured or unsecured) , Gas Cards, Department Store Cards, Cell Phones, and even in a pinch your utility bills
3. Save up at least a 3.5% down payment, as having that cash in reserve may not be mandatory to close, but it will be needed for about 85% of the mortgage programs around today, specifically FHA.
4. Do not have any large unexplained deposits in your checking or savings accounts, as it will look like a loan has taken place and most underwriters will want an explanation letter about each one.
5. Analyze a realistic payment zone for you before you meet with a lender. Reason - Most lenders will want to qualify you for the highest possible mortgage, and history has shown the industry that much of the time that the allure of the bigger home can intoxicate, even the most conservative buyers. & You don't want to be strapping yourself down with too much mortgage debt, which is really un-needed stress!
6. Talk to at least 2 local mortgage lenders, ask for referrals from trusted sources, and avoid using internet loan companies if possible.
7. Choose a competent real estate agent, not always a real close friend, or relative. It may be easier to look at them during a Holiday dinner, but they should be experienced in the business, not just available and in need of some money.

Annoying, but true "disclaimer": The above are my opinions and observations based on 14+ years in residential sales, 7 years of instructing over 20,000 MN real estate licensee's in continuing education classes throughout the state of Minnesota & authoring 7 different books/manuals on real estate matters. Including "Pitfalls and Windfalls of First Time Homebuyers" with Kaplan Professional Schools (Prosource Educational Services) &

In one way or another this is a question that millions of homeowners are asking themselves right now. Is it possible or even intelligent to consider moving to a larger home, even when we owe as much or even some amount more than our home is worth?

Most of the time homeowners in these situations do not truly analyze the short term and long term gain can be from buying the home they want to get to now, before they are potentially priced out of the market again.

Feel free to research it yourself at www.biggerroof.com

Till next time,

Stieg Strand

www.stiegstrand.com