Four Homes Sold In Richfield 4/8 - 4/14/2013

Address		Price		Seller Paid		Bedroom		Bath		Sq. Ft.		Lender Mediated?
6305 Grand Ave S		$145,000		$0		3		1		1,056		Y
7341 Clinton Ave		$155,000		$5,425		3		1		1,628		N
6709 Thomas Ave S		$156,000		$0		4		2		1,936		N
7601 16th Ave S		$168,000		$5,000		6		4		2,587		N

 

Four Homes Sold In Richfield 2/18 - 2/24/2013

Address		Price		Seller Paid		Bedroom		Bath		Sq. Ft.		Lender Mediated?
7101 Bloomington Ave.		$149,900		$0		3		1		1,296		N
6629 Sheridan Ave. S.		$159,000		$4,770		2		1		1,190		N
7621 Pillsbury Ave. S.		$158,000		$0		3		2		1,747		N
6712 Clinton Ave.		$185,000		$5,550		3		2		1,723		Y

 

Three Homes Sold In Richfield 2/4 - 2/10/2013

Address		Price		Seller Paid		Bedroom		Bath		Sq. Ft.		Lender Mediated?
6901 Vincent Ave. S.		$70,000		$0		2		1		792		Y
7519 Nicollet Ave.		$110,000		$0		3		1		1,360		Y
7545 Aldrich Ave.		$184,900		$0		3		2		1,701		N

 

Seven Homes Sold In Richfield 1/7 - 1/13/2013

Address		Price		Seller Paid		Bedroom		Bath		Sq. Ft.		Lender Mediated?
6945 Vincent Ave.		$74,900		$768		2		1		1,248		Y
674014th Ave.		$136,000		$0		3		2		1,855		Y
7544 Nicollet Ave.		$154,900		$6,196		3		2		1,220		N
7020 Harriet Ave.		$158,000		$6,000		3		2		1,738		Y
6500 Emerson Ave.		$168,500		$6,000		3		1		1,338		N
6521 3rd Ave.		$177,000		$0		3		2		2,000		N
7632 Oakland Ave.		$188,000		$0		5		2		2,382		Y

 

Five Homes Sold In Richfield 12/31 - 1/6/2013

Address		Price		Seller Paid		Bedroom		Bath		Sq. Ft.		Lender Mediated?
7209 Vincent Ave.		$96,000		$0		3		1		1,128		Y
7514 Chicago Ave.		$119,500		$0		3		2		1,340		Y
7127 11th Ave.		$114,900		$0		4		2		1,820		Y
6704 Queen Ave.		$160,000		$4,800		3		2		1,980		Y
6738 Elliot Ave.		$181,500		$5,445		3		2		1,620		N

 

Ten Homes Sold In Richfield 12/24 - 12/30/2012

Address		Price		Seller Paid		Bedroom		Bath		Sq. Ft.		Lender Mediated?
6400 1st Ave.		$93,110		0		2		1		844		N
7419 Pillsbury Ave.		$120,000		3,555		2		1		1,141		Y
6833 Morgan Ave.		$103,000		0		2		1		1,149		Y
7428 17th Ave.		$129,900		0		3		2		1,950		Y
2312 W. 70 1/2 St.		$139,000		4,170		3		2		1,249		N
6909 Russell Ave.		$140,000		0		3		1		2,094		Y
6731 4th Ave.		$159,900		4,797		2		2		1,966		N
6514 Stevens Ave.		$195,000		0		4		3		2,062		N
6826 Logan Ave.		$209,000		5,000		3		3		2,801		N
7038 Irving Ave.		$315,000		9,450		4		3		2,625		Y

 

Seven Homes Sold In Richfield 12/10 - 12/16/2012

Address		Price		Sellder Paid		Bedroom		Bath		Sq. Ft.		Lender Mediated?
7400 Queen Ave.		$130,000		$3,900		3		1		934		N
6624 Upton Ave.		$139,000		$4,170		2		1		1,410		N
6214 14th Ave.		$157,500		$4,725		3		2		1,510		Y
7120 17th Ave.		$181,600		$6,656		4		2		1,864		N
7208 Garfield Ave.		$219,900		$4,948		3		2		1,751		N
6837 Knox Ave.		$236,000		$6,000		4		3		2,028		N
7328 Colfax Ave.		$220,000		$5,883		3		2		2,452		N

 

 

Six Homes Sold In Richfield 10/22 - 10/28/2012

Address		Price		Seller Paids		Bedroom		Bath		Sq. Ft.		Lender Mediated?
6924 Russell Ave.		$153,500		$4,560		3		1		1,185		Y
7611 Columbus Ave.		$182,000		$5,000		3		2		2,031		N
7527 Sheridan Ave.		$200,000		$4,000		3		2		1,607		N
6717 Sheridan Ave.		$217,000		$6,510		3		2		1,572		N
320 Apple Lane		$205,000		$3,075		4		3		2,560		N
6928 Humboldt Ave.		$270,000		$6,800		3		2		2,406		N

 

 

 

 

 

Seventeen Richfield Homes Sold 9/24-9/30/2012

Address                          Price          Seller Paids       Bedrooms      Baths      Sq. Ft.         Lender Mediated?

7245 10th Ave.             $98,000            $2,940                 2                  1               1,080           N

1820 W. 66th St.          $123,000           $6,700                 2                  1               1,150           Y

7101 2nd Ave.              $135,000           $4,050                 3                  1               1,054           N

6916 Vincent Ave.         $156,000           $4,680                 3                  2               1,536           Y

6705 Nicollet Ave.         $157,000           $4,701                 3                  2               1,711           N

7248 Bloomington Ave.   $152,500           $2,500                 3                  1               1,495           N

7414 18th Ave.             $164,800           $4,800                 3                  1               1,252           N

7101 Augsburg Ave.       $179,900           $4,000                 3                  2               1,900          N

7340 Dupont Ave.          $178,000           $3,000                 3                  2               1,213          N 

6538 Bloomington Ave.    $194,500           $3,717                4                  2               1,903          N

6632 Russell Ave.           $208,000           $6,240                3                  2               1,674          N

6244 Harriet Ave.              $220,400           $5,500                4                  2               1,856          N

6332 5th Ave                $218,500           $8,740                 4                 3                2,202          N

6920 11th Ave.             $224,000           $6,720                 6                  3               2,490          N

6844 3rd Ave.               $242,500           $7,275                 4                 3                2,125          N

6728 Sheridan Ave.        $260,000           $5,000                 3                 2                2,269          N

6809 Logan Ave.            $330,000           $4,950                 3                 3                3,173          N

 

Richfield sold homes 7/9 - 7/15/2012

Address                    Price     Seller Paids     Bedrooms    Baths      Sq. Ft.       Lender Mediated?

7333 3rd Ave.                 $92,500        $0                  2               1               832                  Y

7120 17th Ave.               $100,000      $0                   4               2               1809                Y

6800 Queen Ave.            $165,000      $3000             2               2                1032               N

7128 Bloomington Ave.    $161,500      $3000             2                1               1600               N

6845 Columbus Ave.       $175,000       $4000            3                1                 1668              N

7445 Columbus Ave.       $175,000       $3500            3                1                 1410             N

6915 Columbus Ave.        $178,500      $6000            3                2                  1422             N

309 Apple Lane               $173,150       $5195            3                2                  1315            N

7708 Upton Ave.              $193,500       $0                 4                2                  1856            N

6612 Knox Ave.               $221,000       $0                 2                2                   2000            N

       

 

The Monthly Skinny July 2012; A look at the local real estate market.

The Monthly Skinny; a video real estate blog

The Monthy Skinny; a video real estate blog prepared by the Minneapolis area Association of Realtors

Richfield Home Sales 5/21-5/27/2012

Address                         Price          Seller Paids     Bedrooms     Baths       Sq. Ft.       Lender Mediated?

7659 Xerxes Ave.         $75,200          $0                 3              1            912                Y

6609 girard Ave.          $92,950           $2,788           3              1            976                Y

6210 Sheridan Ave.      $116,725         $0                 3              2            1650               Y

7204 16th Ave.           $160,000         $4,800            3              1            1538              N

7329 3rd Ave.             $160,000         $0                  3              2            1402              N

7320 1st Ave.             $180,000         $5,500            3              2            1702              N

129 E 68th St.             $184,500        $5,535            4              3             2596             N

7444 Oakland Ave.       $190,000         $0                  3              2            1736              N

7009 Upton Ave.          $200,000         $0                  3             2             2008              N              

First Time Homebuyers - Perpare to pay more for your house

By Steve Schneeberger

For the past several years, Richfield buyers have had the upper hand when it came to striking a great deal on a house.  There were plenty of distressed homes from which to choose. Buyers had ample time to choose their house and write an offer. Banks were accepting low offers without negotiating.  

Times have changed.

The door is quickly closing on those people hoping to buy a Richfield home for less than $150,000.  I've been on both sides of the equation this year; helping buyers try to find a low priced house and assisting sellers short sell their houses.  In the case of short sellers, my most recent listing received 23 showings in the first three days, resulting in four offers.  The winning bidder paid $17,000 over list price.  Just down the street, the same thing happened with an estate home listed by another agent; home price $149,900.  Winning bid $165,000.  Many agents know me as the Richfield specialist and several frequently ask me if I have any sub $150,000 listings coming on the market soon.  Agents are working every angle to position their buyers in a spot where they can quickly snatch up a house.

From the buyer's perspective, I've had a tough time explaining to buyers that, if they want the house, they need to be prepared to write at least a full price offer within the first week of the property listing.  Most banks right now have an open bidding process whereby buyers have a certain number of days to submit their offer, usually between 7- 12.  At the end of the bidding period, the bank selects one offer.  Prior to this spring, a bank would be lucky to get one (less than full price) offer and have to work with it.  This year it's a bidding war.

I recommend buyers raise their purchase price limit to $175,000 or greater if they can afford and qualify for it.  There are still many good, non-distressed homes available in that price range.  That said, buyers still need to act quickly.  I've personally had four Richfield listings sell in less than one week since March.  

Times are changing.  Buyers, sellers and realtors are adjusting to a faster paced, more competitive marketplace.  If you have any questions about Richfield real estate, please contact me at 612-581-7313 or email SteveSchneeberger@EdinaRealty.com

Pillsbury Commons - One Realtor's Perspective II

In last weeks issue of the Sun Current, buried way in the back of the Pillsbury Commons article was a statement that I found concerning.  "like many other apartment dwellings, some of the units would be eligible for Section 8 vouchers.  The federal assistance could only be used for three bedroom units of which there are to be 19."

I have six years of personal experience managing Section 8 rental property and I'd like to share my perspective on the pros and cons of Section 8 housing and the quality of its renters.  Note - I no longer accept Section 8 tenants in my properties.

Pros

The landlord doesn't need to chase down their rent payment every month because the check comes from the government.

Cons

The following is a list of issues I have personally encountered with my Section 8 property

• Frequent disturbance calls from neighbors.  I got complaints of my renters congregating on the front porch, playing loud music, drinking, yelling, swearing and picking fights with people walking down the sidewalk.
• Excessive garbage and waste.  I was continually picking up beer cans, plastic bottles, unwanted mail and newspapers from the yard of the property.
• Citations from the city for improper disposal of garbage.  The renters would leave large pieces of furniture, electronics, broken household items in the back alley costing me hundreds of dollars in extra trash removal fees.
• Drug raids.  The police were called to the property many times for suspected drug dealing.  On one instance, they broke down the door and did other damage to the property attempting to apprehend the suspects.
• Prostitution.  A special crime unit was sent to the property to investigate claims of child prostitution. 
• People living at the property who weren't on the lease.  Every time I came to check on my property there were people at the house who didn't live there - boyfriends, friends, kids, babies, relatives from other states.  It was obvious the people were living in the dwelling, not just visiting.
• Fraud. In almost every instance, the Section 8 renter would ask me to fill out the form in a particular way that would ensure their Section 8 rent.  I was asked to lie about them in order that they could obtain security deposit money from local churches or charities.  I found the behavior disgraceful.  They are professionals at working the government system.

If Pillsbury Commons gets built with the proposed parameters, 19 of the 70 units could qualify for Section 8, that's 27% of the units.  If a quarter of the units are occupied by Section 8 renters, it won't be long before the whole development will be filled with low quality renters. 

A side note.  My opinions are not necessarily the opinions of the publisher of this website and are not aimed at any particular demographic of the population.  My Section 8 experience involves a variety of cultures and family situations.

Richfield Homes Sold 2/13 - 2/20/2012

Address                      Price            Seller Pd Closing       Bedrooms     Baths      Sq. Ft      Lender Mediated?

7221 Elliot Ave.           $108,000          $0                       5                2          2100             Y

6223 4th Ave.             $150,101          $4,503                 2                1          1721             Y

7300 Aldrich Ave.         $162,000          $5,000                 3                2          1596             N

6817 Grand Ave.          $174,000          $6,960                 4                2           1888            N   

Richfield Home sales 2/6 - 2/13/2012

Address                      Price              Seller Pd Closing       Bedrooms     Baths    Sq. Ft.    Lender mediated?

6934 Irving Ave            $125,900              $5,000                        2                   2          1253            N

6845 12th Ave.            $168,475              $6,500                        4                   2           1697           N

6733 Humboldt Ave.    $169,000              $5,915                        3                   2            1611           N

    

Featured home of the week. 6920 Logan Ave. 4 bedroom, 3 bath, $259,900

Only one house sold the week of 1/30 - 2/5/2012

Address                    Price                Sq. Ft.   Bedrooms   Baths   Lender owned?

7320 1st Ave.          $97,000          1500          3            2              Y

 

Featured home on the week - 2951 Washburn Circle, Richfield

Four tips to ensure a smooth home buying experience 

For some buyers, buying a home is a stressful process. For others, it's a fun and exciting process of choosing their dream home. In this article, I'll give you 4 simple and easy tips to buying real estate in Richfield to help you make the process smoother and more enjoyable.

Tip#1 - Create a "Dream" List. Create a list of everything you want in a house. What do you want the garden to look like? What kind of kitchen counter tops do you want? What kind of neighborhood? What kind of feel do you want?  Have your ideal home in mind when you go out home searching. Know which criteria youíre absolutely set on, and which you're willing to compromise. Also be willing to be surprised by houses that you like, which you werenít expecting.

Tip #2 - Understand the Whole Process.  There are 10 steps to buying a home.  It's important that you understand the whole process from beginning to end. This will help take pressure off your shoulders, so you can enjoy the process more.

Tip #3 - Know Your Mortgage Options. There are tons of different mortgage options available. Do your research beforehand so you know exactly which options are available to you. It's good to meet with a mortgage advisor to get preapproved before you start home shopping.  That way, you know what you can afford.

Tip #4 - Get to Know Your Neighborhood.  One of the important yet often overlooked areas of buying a home is the neighborhood. Itís important to know what kind of neighbors you have, whether or not thereís schools, playgrounds, shopping malls, groceries and the like in the area.  It's also important to know the crime rate in the area as well as whether or not thereís a neighborhood watch.


These 4 tips should make your home buying experience both smoother and more enjoyable.  If you have any questions or would like to discuss home buying, feel free to give me a call at 612-581-7313 or email me at SteveSchneeberger@EdinaRealty.com

Three Homes sold the week of 1/16 - 1/22/2012

Address                   Price        Seller Pd closing        Bedroom        Bath        Sq. Ft          Lender Mediated?

6625 Girard Ave.     $52,000        $0                           1               1          1186                  Y

7520 Clinton Ave.    $150,000      $3,800                     3               2          1535                  N

7222 James Ave.     $215,000      $5,500                     4               3          2150                  N

  

Three Richfield homes sold the week of 1/9 - 1/15/2012

Address                    Price        Seller Pd closing      Bedroom    Bath          Sq. Ft            Lender Mediated?

7529 Bryant Ave.        $115,000        $2,300             3              2           1940                  Y

7608 10th Ave.           $169,500        $5,929             2              2           1550                  N

6900 Harriet Ave.        $173,000        $0                   3              2           1808                  N

Avoid these four pitfalls when selling yoru home 

A sale will often depend upon the way a house looks. Buying a home is often an emotional decision. Aesthetics have a powerful ability to affect emotions. This article covers a few of the biggest errors in terms of appearance that sellers in the Richfield.  Use this so you can avoid making these mistakes and get a higher price when you sell your house.

Mistake #1 - Poor Lighting.  Lighting is crucial when showing your house to a buyer. A house that has a lot of natural light and is bright seems welcoming. A dark house seems dark and gloomy. Make sure the windows are open and the curtains are pulled back. Adding some extra lighting to a house will help if it has poor natural light.


Mistake #2 - Lack of Attention to Scent Although it's pleasant to subtly lend fragrance to the home, at all costs avoid strong overpowering smells. The subtle taste of how your house smells has a big impact on the buyer.  No buyer will want to have to deal with any type of bad smells that exist in your house when they tour it. Before showing the house,it could go a long way to use some soft air fresheners.

It is also important to remember to pay attention to your home's exterior as well as its interior. The outside, including the paint-job as well as the lawn, has a big role in the homebuyer's decision to make the purchase. The exterior gives the buyer a first impression of the house.

Mistake #3 - Strange Colors.  Perhaps you have a teenager who's painted his walls orange. Pink may be your forte and it may look good with the paintings you own. However, for the buyer the colors may or may not suit them. Why take the risk? Before showing your house, make sure all the walls are painted a neutral color.


Mistake #4 - Not Making Obvious Repairs If you are having issues with major utilities be sure to have those problems resolved first. In the event that kitchen cupboards or counters are marred or outdated, replacing them is likely to be needed.  Tiles must be scraped of all grime. Often times it could even pay to replace old windows.  Spray WD-40 on any squeaking hinges.

There is a lot of free information available to you about buying, selling or investing in Richfield real estate. You can always contact me if you have any questions regarding real estate or mortgage questions and I would be happy to answer all of them. Call me on my cell at 612-581-7313 or feel free to send me an email at steveschneeberger@edinarealty.com

Richfield Home sales 12/5 - 12/11/2011

Address                     Price         Seller Pd Closing     Bedrooms     Baths     Sq. Ft     Lender Mediated?

6310 Bloomington Ave  $64,000           $0                            3                1            1116          Y

6745 2nd Ave               $125,000         $5,000                      2                2            1347          N

6527 1st Ave                $128,900         $6,445                      3               2             1862          N

7004 Chicago Ave        $197,500          $8,700                      4               2              2512         N

 

Three Richfield Homes Sold the Frist Week of December 11/28 - 12/4/2011

Address                        Price         Seller Pd closing      Bedrooms    Baths     Sq. Ft.        Lender Mediated?

6744 Humboldt Ave         $133,000        $6,000                     3                  1           1551                N

6515 1st Ave                  $180,000        $6,000                     3                  2            1702               N

6936 Oliver Ave              $197,500        $5,000                     4                  2             1821               N

 

Brisk home sales the last week of November

Address                         Price       Seller Pd Closing         Bedrooms    Baths  Sq. Ft.     Lender Mediated?

6726 16th Ave                 $95,000            $0                          3                  3         1280                Y

6508 Emerson Ave          $77,000            $0                          3                  1          1414                Y

7311 14th Ave                 $137,000          $0                          3                  1          1506                N

6837 Washburn Ave         $142,590          $0                          3                 1           1690               Y

6639 Logan Ave               $143,000          $4,290                    2                 2           1844               N

7133 10th Ave                 $152,000          $1,000                    4                 2            2029               Y

7027 5th Ave                   $162,500          $0                          4                 2            2185               N

6900 Irving Ave                $179,900          $5,500                    4                 2            1946               N

6320 Aldrich Ave             $175,500          $5,000                    3                 2             1561              N

7709 Vincent Ave           $209,900           $2,500                    3                 2             2041              N

6608 Knox Ave               $230,000          $4,473                    3                  2             1918             N

2200 W 68th St              $215,000          $1,000                    4                  2             2161             N             

Four Factors that affect a home's price 

When you've found a home in the Twin cities you like, one you could see yourself living in for the foreseeable future, the next step is to make an offer on the home. You might be tempted to offer a price lower than the seller's asking price, simply because you've heard that you're supposed to negotiate the price. However, there's more to an offer price than lowballing the asking price. The price that you offer on the home will be influenced by several factors.

November Monthly Skinny

The Monthly Skinny is a video blog produced by the Minneapolis Area Association of Realtors.  It charts real estate activity in the 13 county metro area.  Click on the link below to watch the short YouTube video.

November Monthly Skinny

Five Richfield homes sold the week of 11/21 - 11/27/2011

Address                             Price    Seller Pd Closing $        Bedrooms    Baths        Sq. Ft.         Lender owned?

6809 Portland Ave.              $148,200             $0                            4              2             1850                   Y

7525 Nicollet Ave.               $139,000             $6,873                      3              1              2010                   N

7615 3rd Ave.                     $144,000             $0                             3              1              1482                  N

6314 13th Ave.                    $154,900            $4,647                       3              1              1764                  N

6708 Bloomington Ave.        $170,000             $5,100                       4             2               1504                 N 

Three tips for making your house more appealing to buyers 

How can you immediately make your house more appealing and more sellable to buyers? In this article, we’ll go over 3 steps to quickly make your house the most attractive house possible to get the highest offer. By the end of this article, you’ll have a great idea of how to increase the perceived value of your home, so you can get the fastest sale for the highest price.
Step #1 – The Landscaping
The landscaping is an often overlooked part of creating an appealing look for your house. The front yard is the first impression a buyer gets of your home.
Imagine what the buyer would think if your garden were poorly kept or in shambles? It’s likely the buyer would assume the house itself was equally uncared for.
On the other hand, imagine if your garden was in pristine condition. Again, the buyer would assume the house has been kept very well and is in tip top shape.
Step #2 – Make Moderate Repairs
Everything that needs to be repaired should be repaired. Heating, electricity and water should all be in working condition. Furthermore, it’s important to fix, replace or clean the following areas: Any grime on tiles. Appliances that don’t look new or clean. Windows or blinds that don’t look new or clean. Have your carpet steam cleaned.  Paint your walls or door frames if they look old.  If the counter tops or cabinets are old, consider replacing them before listing.  Although it’s common for sellers to under-repair their homes prior to listing, it’s also common to over repair. One of the best ways to know just what to do and what not to do is to …
Step #3 – Work with a Real Estate Agent
Working with a real estate agent will do two things to help make your house more sellable.
1)Your real estate agent will have a great idea of how to make your house more appealing to buyers. They’ll know exactly how to stage your house, exactly what repairs to make and how to present the house in a way that makes buyers instantly want that house.
2)Your real estate agent will know how to market your house. They’ll know how to get more interested buyers to your house and how to “sell” the house to them.
It’s important to have a real estate agent who’s both local and that you know you can trust. If you don’t already have a real estate agent in the Richfield area, feel free to give me a call at [612-581-7313 or send me an email at steveschneeberger@edinarealty.com to discuss how we can sell your house for the best possible price.

Cut Your Maintenance and Repair Costs on your Investment Properties 

When a property investor starts searching for properties in Richfield, an important factor to keep in mind is the maintenance and repair costs. Their goal should be to keep these as low as possible. In our discussion today, we will look at five elements that the property investor in Richfield needs to either look for in new properties or take care of with his or her own properties in Richfield.

Element #1 – Find low-maintenance properties

One of the things that an investor should look for is properties in Richfield that are built with low maintenance materials and this will also include all of the fixtures. You also want to look at the outside of the property to make sure that the outside is fairly low maintenance. This is referring to the things like the landscaping and shrubbery.

Element #2 – Find low-maintenance residents

This may seem strange, but there are tenants that will be costly to have living in your property in Richfield as well as tenants that will go out of their way not to cost you anything. So again, you want to screen your tenants carefully.

Element #3 – Apply repair charges

There are a couple of ways that may help you to maintain your low-maintenance residents in Richfield. You can shift a small portion of any repair charges to the tenant. Basically they will pay the first $50 or $100 of any repairs. You must make sure that this is part of the lease and that it is something that the tenant is aware of. You can have a higher security deposit. Usually higher security deposits will attract a lower maintenance type of resident.

Element #4 – Have a handyman available

Hire a handyman that you can trust and that will be available to handle to take care of your maintenance and repairs. This is someone that is dependable and will do a good job of taking care of your properties in Richfield.

Element #5 – Think Prevent

You want to always be in a preventive maintenance mode. Have your handyman always looking for ways to cut expenses as well as always looking for possible maintenance issues before they arise. This alone may save you hundreds of dollars over the long run.

There is a lot of free information available to you about buying, selling or investing in Richfield real estate. For complete information about the Richfield real estate market including current homes for sale, property values and more please visit the 612-581-7313 or email me at steveschneeberger@edinarealty.com

Three Richfield Homes Sold 11/7 - 11/13/2011

Address                    Price          Seller Pd Closing $    Bedrooms     Baths       Sq. Ft.     Lender Mediated?

7309 Stevens Ave.      $101,500               $0                         2                 1               1154              Y

7201 Portland Ave.      $162,000             $5670                     3                2                1815             N

6908 3rd Ave.             $229,000             $0                           3                2                1924             N

Home Buying Timeline 

One of the most confusing things about a home buying is what you are supposed to do and when. It can be difficult to pinpoint an exact time-frame for home buying since it can vary depending on the Richfield  market. Generally, you can expect it to take about 3 to 4 months to find your dream home in Richfield.  This timeline is based on that time frame.

Three Months

Come up with a checklist of things tasks to be completed in the home buying process. This checklist should include all the steps you need to take from educating yourself about the real estate transaction to shopping for the home to the closing. The checklist will serve as your guide throughout the home buying process.

Get pre-approved for a mortgage. This will give you a price range to work with throughout the home buying process. Make sure that you are getting pre-approved and not pre-qualified.

Start shopping for a real estate agent to assist your home buying. Real estate agents can be invaluable when looking for your home, we will help in letting you know what the next step in the buying process is, and what you need to do so that you can be in your dream home as soon as possible. Feel free to visit me at my website to learn what you need to do to start finding you perfect home in Richfield.

Come up with a list of things you need and want from a home. Your real estate agent will be able to help you find homes that fall within your criteria. This is a very important step because with a solid idea of what you want in a home I will be able to show you only houses that you are truly interested in instead of having to wade through the thousands of homes in Richfield that don't quite fit your criteria.

Two Months

Evaluate the houses in Richfield that you are considering. Work with your real estate agent to come up with a method to scorecard or analyze the houses that you are strongly thinking about purchasing.

Decide which home you would like to purchase. Make an offer to the seller on the home. Once you make an offer it is wise to stop shopping around for homes. The worst thing that can happen is that you find a home you think you like better than the one you've made an offer on.

Once the seller has accepted your offer and you have signed the sales contract, have the home inspection completed.

Make arrangements for the closing.

Six Weeks

Purchase homeowners insurance and provide proof of the policy to your lender. This must be done prior to closing.

Make your moving arrangements. This can be an exiting experience especially since you are moving to Richfield don't forget to enjoy it.

If necessary, begin the process for school transfers or registration.

Four Weeks

Alert necessary parties of your change in address. You can also have your mail forwarded through the postal service by putting in a request at your local post office.

Make arrangements for utilities at your new home. If you will be working with the same providers you can simply put in a request to have your services transferred at a certain date.

Two Weeks

If you are having your items professionally moved, verify the arrangements with your mover.

Check with your lender to finalize the mortgage for the home buying process.

Pack your belongings unless you have arranged a full pack and move with the mover.

Closing Date

Bring your driver's license for identification purposes. Your down payment is due at this time. Also bring any home buying closing costs that you are responsible for paying.

Keep in mind that this is a general home buying timeline. You can adjust the time depending on how long it takes you to find a home you like.

 There is a lot of free information available to you about buying, selling or investing in richfield real estate. For complete information about the Richfield real estate market including current homes for sale, property values and more feel free to contact me at steveschneeberger@edinarealty.com or 612-581-7313

Richfield Home sold 10/31 - 11/6/2011

Address                         Price      Seller Pd closing $    Bedrooms   Baths       Sq. Ft.           Lender Mediated?

7407 Portland Ave.          $55,510       $0                               3               2            1532                  Y

6738 Bloomington Ave.    $110,000     $3,300                         3               1            1152                  Y

6911 14th Ave.                $125,000     $4,375                         3               1            1620                  Y

6827 17th Ave.                $124,000     $3,720                         3               1             1478                 Y

7441 Aldrich Ave.            $136,000      $500                           2               1             1209                 N

7615 16th Ave.                $134,000      $4,690                        3                2             2002                Y

7015 16th Ave.                $139,600      $0                               4                2            2640                Y

7144 13th Ave.                $170,000      $5,950                         3                2            1731                N

7138 Knox Ave.               $187,500      $5,000                        3                 2             1465               N

6318 Knox ave.               $212,000       $0                              4                 2             1608               N     

Tips for First Time Home Buyers

Buying a home for the first time can seem like an overwhelming task. Youíre making the biggest financial decision of your life, and there is so much to consider. It helps a lot to understand the process from beginning to end. In this article, Iíll walk you through the entire process of buying a house in Richfield so that your entire home buying experience will go more smoothly.

Step #1 - Getting Your Mortgage Pre-Approved

As we both know, lenders arenít nearly as lenient as they used to be. Itís important to find both a good lender and a good loan officer to handle your loan, preferably before you even go out to see properties.

The loan officer will usually want to know what your assets are, what your credit score is and your debt to income ratio.

Step #2 - Finding a Home You Like

The next step in the process is to find a home in Richfield that appeals to you. Make sure you see a good number of houses before you make your decision, so that you know what the options are.

Step #3 - The Offer and Negotiation Process

Crafting a good offer is vitally important. Itís important to work with a real estate agent who understands how to choose contingencies, clauses, the right amount to offer and good negotiation strategies.

Once youíve made your offer, the seller will usually make a counter offer. Itís rare that the seller will accept your offer up front. Once you both come to an agreement on the price and terms, the contract becomes binding.

Step #4 - Completing the Home Purchase

Once the contract has been agreed on, then you must complete the home inspection and the seller will make any necessary repairs.

Then your loan will be finalized with your loan officer. Finally, closing or escrow is where all the documents are signed, the deed and title are signed over, the seller is paid and the keys are handed over.

In brief, that is what the home buying process looks like in Richfield. There is a lot of free information available to you about buying real estate in Richfield. For complete information about the Richfield real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Richfield real estate, at www.richfieldhousevalues.com Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 612-581-7313 or email me at steveschneeberger@edinarealty.com

Helpful Mortgage Terminology 

Buying a home in Richfield is a major achievement in most everyone’s life. Pride of ownership, tax breaks and equity are just a few of the many benefits you’ll enjoy with your new home.

Your home purchase may also be one of the largest you will ever make. During the emotional excitement of buying your Richfield home, you may encounter terms with which you are unfamiliar.

For some, it can be bit embarrassing to ask what they consider too many questions. Others may make a note of their questions but simply forget to revisit those points.

To ensure that you have complete confidence during your home loan process, invest a moment to read this report and become familiar with the concepts and terms you’ll encounter when applying for a mortgage in Richfield.

Knowledge is power, and the more you know, the more successful your decisions will be and the more soundly you will sleep at night having made them.

Adjustable Rate Mortgage (ARM)
Also referred to as a Variable Rate Mortgage. A mortgage in which the interest rate is adjusted periodically based on a pre-selected index.

Annual Percentage Rate (APR)
An interest rate that reflects the cost of a mortgage as a yearly rate. This rate takes into account any points and fees and is based on the loan going to it’s full-term.

Assumption
An agreement between buyer and seller in which the buyer assumes responsibility for the seller’s existing mortgage. This agreement usually saves the buyer money because closing costs and the current interest rate, possibly higher, do not apply.

Buy-down
A method of lowering the buyer’s monthly payment for a short period of time. The lender or home-builder subsidizes the mortgage by lowering the interest rate for the first few years of a loan.



Caps
A limit in the amount the interest rate or monthly payments for an adjustable rate mortgage that may change.

Closing
Also referred to as settlement. The meeting at the conclusion of a real estate sale in which the property and funds are exchanged between the two parties involved.

Debt-to-Income Ratio
The ratio, expressed as a percentage, which results from dividing a borrower’s monthly payment obligation on long-term debts by the borrower’s gross monthly income.

Discount Points
Prepaid interest assessed at closing by the lender. A point is equal to 1 percent of the loan amount.

Down Payment
Cash paid by the buyer at closing that makes up the difference between purchase price and the mortgage amount.

Earnest Money
Money given by a buyer to a seller as a deposit to commit the buyer to the future transaction. Earnest money is subtracted from closing costs.

Equity
The value an owner has in real estate over and above the obligation against the property. Equity is fair market value minus the current indebtedness.

Escrow
Funds given to a third party which will be held to cover payments such as tax or insurance payments and earnest money deposits.

Fixed Rate Mortgage
A mortgage in which the interest rate remains constant throughout the life of the loan.

Loan-to-Value Ratio
The ratio between the amount of the mortgage loan and the appraised value of the property.


Market Value
The price that a property could possibly bring in the marketplace.

Mortgage Insurance
Insurance that protects lenders against loss if a borrower defaults. This is required when the loan-to-value ratio is greater than 80 percent.

Origination Fee
A fee charged by a lender for processing a loan application; usually computed as a percentage of the loan.

PITI
Refers to Principal, Interest, Taxes, and Insurance.

Underwriting
The decision-making process of granting a loan to a potential home-buyer.

Variable Rate Mortgage
Also referred to as Adjustable Rate Mortgage. A mortgage in which the interest rate is adjusted periodically based on a pre-selected index.

There is a lot of free information available to you about buying, selling or investing in Richfield real estate. For complete information about the Richfield real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Richfield real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your questions. Call me on my cell at P612-581-7313 or email me at steveschneeberger@edinarealty.com

Housing Market Taking Positive Steps Sans Stimulus

8 of 10 Homes Sold Last Week Were Lender Mediated

10/17 - 10/23/2011

Address                 Price         Seller Pd Closing $        Bedrooms   Baths      Sq. Ft.          Lender Mediated

6400 16th Ave.        $75,000            $2,250                             2             1            746                       Y

7708 Vincent Ave.   $125,900          $0                                    3             1            1186                     Y

6636 Clinton Ave.    $127,000          $3,810                              2             3            1600                     Y

209 Pleasant Ln.     $129,900          $3,897                              3             1            1510                     Y

7505 Emerson Ave. $140,000          $4,200                              3             1             1695                    Y

7400 2nd Ave.         $149,500          $4,500                              3             1             1609                    Y

6627 15th Ave.        $150,000          $6,000                              2             2             2135                    N

6401 Vincent Ave.   $228,000           $0                                    3             2             2163                   N  

What Really Happens at Closing?

As a real estate agent in the Richfield area, I’ve found that one of the biggest questions my clients have is: “What really happens at closing?” In this article, I’ll take you step by step through what really happens in the closing process. By the end of this article, the closing process should no longer be a mystery to you.
The Closing
The closing is when the seller, the buyer and all other parties involve meet to finalize all the documents in the sale. The seller signs the deed of the house over to the buyer and the buyer pays the price agreed in the contract.
Documentation
The seller also provides any other documentation necessary to the buyer. This can include insurance papers, evidence of title, inspection reports (including any needed repairs) and so on.
Title Insurance
Title insurance is also paid at closing. Title insurance is an insurance that assures your title is clean. You pay to have a public records search conducted and once you get a clean bill of approval, the title is considered clean. If any contradictory records come up later, you are covered by title insurance.
Escrow
Often times closing is done through escrow with a title company. Closing through escrow means that the sale is done through a third party that has no financial interest in the sale. This helps assure the safety of both parties by having the third party sign off on the sale once both sides have fulfilled their respective responsibilities.
At the End of Closing
Several other things also happen during the closing process:
Commissions for real estate agents are also paid during closing.
The buyer receives the keys to the home
Legal documents are recorded. This is the final step to the closing process.
If you’re thinking of buying or selling a house in the Richfield area, talking with a qualified and experienced real estate agent can help you save thousands of dollars and weeks of time. If you’re not already working with an agent you’re satisfied with, feel free to give me a call at 612-581-7313 or send me an email at steveschneeberger@edinarealty.com for a free consultation.

Homes Sold 10/10 - 10/16/2011

Address                      Price       Seller Pd Closing $      Bedrooms     Baths         Sq. Ft.     Lender Mediated?

6324  Blaisdell Ave.      $94,900           $9,490                        3                 1              1094               Y

7009 Upton Ave.           $89,040           $0                              4                 2              1922               Y

6332 Pillsbury Ave.       $145,000         $938                           4                 1              2110               N

6532 2nd ave.               $160,000         $7,000                        3                 2              1600               N

7013 Garfield Ave.         $180,000         $7,498                        3                 2              2018               N

7512 Dupont Ave.          $190,000         $5,715                        4                 2              1483              N   

Four Homes Sold the Week of 9/26 - 10/2/2011

Address                      Price     Seller Pd Closing $   Bedrooms   Baths     Sq. Ft.        Lender Mediated?

7526 Columbus Ave.  $148,900            $5,200                    3              1          1387                  N

6828 13th Ave.          $170,500            $5,953                    4              4          2922                  Y

6520 Newton  Ave.    $189,900            $5,697                    3               2          1555                 N

7412 Emerson Ave.   $205,500            $5,000                    4               1          1660                 N

 

Real Estate Agent Steve Schneeberger Addresses Whether Home Staging Really Sells Richfield Homes

 

Most people these days have at least heard the term “home staging”. This is where you set up your home in such a way that maximizes the space and gives people a good feeling about the layout. It's important when selling your Richfield home to put your best foot forward, and home staging is the way to accomplish this. However, if you don't have the money to hire a professional home stager to assess your home, and then take some of these tips into consideration.

Clutter: The very first thing you should do is go around your home and get rid of any clutter. This includes taking all the things off of your refrigerator and countertops. By having a lot of things stuck to refrigerator or on your counter, it takes away from the space and makes everything seem smaller. Remember that you're going for a streamlined look and cleanliness makes everything look larger.

Stand in the road: Take a look at your house from the perspective of potential buyers. Look your curb appeal and decide what needs to be trimmed, painted or even removed from your front yard to make the home look more inviting.

Clean: This might seem like the simplest of all tasks, but you need to work on cleaning your Richfield house like it's brand-new. When people walk in, they need to feel like they're getting a new house and not moving into someone else's mess. No one wants to move in to a house and live with someone else's dirt and dust.

Turn on the lights: Open your window shades and turn on all your lights when showing your home because more light means more space. People get the feeling of a bigger space when there's more light.

For more information on getting your Richfield home ready to sell, visit my website at www.SteveSchneeberger.com or call me directly at 612-581-7313 for free tips on staging your home the right way to get it sold quickly.

Five Richfield Home Sold 9/19 - 9/25/2011

Address                          Price    Seller pd Closing $     Bedrooms    Baths     Sq. Ft.   Lender mediated?

6817 Grand Ave.          $97,699          $0                              3                 2         1584             Y

7127 Clinton Ave.         $115,000        $5,000                        3                 2         1992             Y

6844 Vincent Ave.        $144,000        $3,325                        2                 2          1340            N

6809 Vincent Ave.        $145,000        $0                              2                 1          1204             N

7228 Grand Ave.          $168,500        $3,000                        3                 2          1542             N

       

Avoid the top 10 mistake made by sellers when selling their Richfield home 

Selling your home in Richfield can be an exhausting experience. Last minute walk-throughs, inconvenient calls, price adjustment and the possibility of being stuck with two mortgages are real concerns. If you are not completely prepared, you could end up losing hundreds, even thousands, of dollars in profit. The difference between a profitable smooth transaction and a break-even, miserable experience is often a fine line. In the majority of cases, it comes down to the subtle know-how of your professional. By utilizing the knowledge of a qualified real estate professional, you’ll ensure the quick, profitable sale of your home. This report is designed to arm you with the knowledge to avoid 10 common mistakes that cost sellers serious money.

1. Refusing to Make Profit Inducing Repairs
It always costs you more money to sell ‘as is’ than to make repairs that will increase the value of your home. Even minor improvements will often yield as much as three to five times the repair cost at the time of sale. Your agent will be able to point out what repairs will significantly increase the value of your home in Richfield. Seemingly small fix up jobs can have quite an impact.

2. Not Considering Other Financing Terms
Cash is not always the most advantageous transaction. Income level, tax benefits and current legislation are all critical factors when considering purchase terms. Professional real estate agents are experts at home transactions and can lead you down the path that will give you the highest yield.

3. Provide Easy Access for Showings
Accessibility is a major key to profitability. Appointment-only showings are the most restrictive, while a lock box is the least.

However there are certain considerations to take into account: your lifestyle, time frame for the desired sale and the relationship with your agent. The more accessible your home in Richfield is, the better the odds of finding a person willing to pay your asking price.

You never know if the one that couldn’t get a viewing was the one that got away. By developing a trusting relationship with your agent, he or she will show the home with your best interests in mind.

4. Priced Too Low/Priced Too High
One critical reason to find the right professional is to make sure the property is priced appropriately for a timely and profitable sale. If the property is priced too high, it will sit and develop the identity of a problem property.

If it’s priced too low, it could cost you considerable profits. The real estate market in Richfield has subtle nuances and market changes that should be re-evaluated by your agent every 30 days to help you maximize your return.

5. Relying Solely on Traditional Methods To Sell Your Home
The agent who is innovative and willing to offer new strategies of attracting home buyers will always outperform agents who rely on traditional methods. Demand around the clock advertising exposure, innovative lead generation methods and lead accountability. These services exist and should be offered on your Richfield home sale.

6. Market Timing/Seasonal Selling
Just as a broker who continually follows the trends of a stock, your professional agent continually follows trends of your Richfield real estate home market. They will know if the market cycle is poised to net you the most money. Avoid believing that property sales are seasonal; property is always selling.

7. Refusing to Make Cosmetic Changes
The prospective home buyer’s first impression is the most important. An unbelievable amount of home sales have been lost to unkempt lawns, cluttered rooms, bad stains, unpleasant odors- all seemingly little things. Imagine you were the home buyer and clean your place from top to bottom, military style.

8. Wasting Time With An Unqualified Prospect
Your agent’s responsibility is to screen a prospect’s qualifications before valuable time is lost. Be sure to align yourself with the right professional and eliminate negotiating with unqualified prospects.

9. Don’t Test The Market

Never put your property online to sell unless you are serious.
The right professional will find you buyers and if you are harboring indecision, you will blow the sale.

10. Believing You are Powerless to Make a Difference
Be a part of the team! Take an active role with your agent to see what you can do to facilitate your sale. Networking with professional peers and personal friends often results in the sale of a home. It’s surprising how many homes in Richfield are sold this way.

There is a lot of free information available to you about buying, selling or investing in Richfield real estate. For complete information about the Richfield real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Richfield real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your questions. Call me on my cell at 612-581-7313 or email me at steveschneeberger@edinarealty.com

Two homes sold the week of 9/12 - 9/18/2011

Address                         Price   Seller Pd Closing   Bedrooms   Bath    Sq. Ft.   Lender mediated?

7021 Augsberg Ave.        $115,000         $0                   2                2          1702          Y

364 Apple Lane              $153,500         $4605              3                2           1725         Y

Sold Homes in Richfield 9/5 - 9/11/2011

Address                         Price    Seller Pd Closing        Bedrooms    Bath      Sq. Ft.     Lender mediated

6945 Oakland Ave.          $127,000        $0                            4               2           1975             Y

7600 16th Ave.                $166,000        $4980                      4               2            1912             N

6401 Clinton Ave.            $175,000        $5000                      3               2            1768             N

6604 Knox Ave.              $155,000        $4650                       3              2             1667             N

6345 Upton Ave.             $209,650        $5500                       5              4              2461            Y

7601 13th Ave.               $198,500        $3970                       3              2              2038             N

6229 Blaisdell Ave.         $209,900        $8000                       5              2              2582             N

6214 Morgan Ave.          $236,500        $9500                       3               2             1856              N

6345 Morgan Ave.           $274,000       $0                             4              2             2636              N

 

 

 The First Step To Buying A Home

Only one house sold in Richfield last week 8/29 - 9/4/2011

6844 Knox Ave    List price - $151,900  Sold price - $165,000         4 bedroom, 3 bath, 2 car garage       2320 finished square feet.       Bank owned.

Tips for Choosing the Right Real Estate Agent

Choosing the right real estate agent to help you with the sale of your home in Richfield can seem like a very challenging task. There are thousands of real estate agents in Richfield, so finding the perfect one that will do the job right for you might seem impossible. However, there are some questions that you should ask any local real estate agent before signing on the dotted line to list your property.

First of all, you want to know what the agent's experience level is. However, you should not take this to mean that a new agent wouldn't do a fabulous job for you. What you are looking for is someone who will be honest with you and tell you exactly what level of experience they have. In the end, however, what really matters is how motivated they are to get your home sold. This leads us to the second thing you need to ask.

An agent needs to provide you with a documented, detailed marketing plan that they will use to sell your property. As the market has been quite challenging recently, it is important that an agent is not flying by the seat of their pants when it comes to marketing your home. They need to have a set plan of action that will give your house the greatest chance of selling quickly and for the most money. A good agent will have no problem going over with you the details of their marketing plan.

Something else that you need to ask your agent is what your home is truly worth in the current condition, in the current market. Sometimes homeowners get a little bit offended if an agent prices their home lower than what they would believe it to be. However, you must sometimes defer to the experience of the real estate agent because they are out in the market place each day. Of course, if you think that their numbers are way off base, you should certainly ask them to show proof of why they believe your home is worth what they are saying.

For more free information on the Richfield real estate conditions, visit my site at www.SteveSchneeberger.com or call me directly at 612-581-7313 anytime. I can provide you with current market details as well as recently sold homes in the area.

Sold Richfield Homes 8/15 - 8/21/2011

Address                          Price        Seller pd $      Bedrooms    Baths   Finished Sq. Ft.      Lender mediated?

7309 Portlans Ave.           $115,000      $2500                 3              1            1624                          Y

6727 15th Ave.                 $120,000      $0                      2              2            1334                          N

2945 Washburn Cir           $139,500      $0                      3              2            1328                          Y

6845 Grand Ave.               $152,000      $5000                3               1            1183                         N

6401 16th Ave.                 $161,435      $8000                3                1            1214                         N

7645 Xerxes Ave.              $174,900      $7500                4                2            1564                         N

7429 17th Ave.                  $172,500      $3000                3               2             1989                        N

7341 Emerson Ave.           $178,000      $8010                4                2             1986                       N

7227 Logan Ave.               $190,400       $5712               3                2             1368                        N           

Richfield Sales 8/1 - 8/7/2011

Address                       Price   Seller Pd closing $      Bedrooms  Baths     Sq. Ft.       Lender mediated?

6944 Columbus Ave       $80,000        $0                          5                2          1405                 Y

7208 Chicago Ave          $154,000      $6,000                    4                2          1600                 Y

7144 Oliver Ave              $217,000      $2,000                    4                2          2034                N 

 

Don’t make the mistake of pricing your house too high or low for the market.  Learn how to set the most effective price for the quick sale of your house at the highest potential profit. 

SPECIAL REPORT:

Get the Best Price for the Sale of Your House in Richfield.

It is a big decision to make.  Now that you have made the decision to sell how do you get the most money for your home in Richfield.

First you want to find other homes on the Richfield real estate market, that are similar in age and size that have recently sold in your neighborhood.  This is called finding comparables for your home.

You want to find at least three homes in Richfield that have the same number of bedrooms and bathroom, as well as similar square footage.  The closer the properties that have recently sold are to your property the better comparison it will be for the price you can expect for your home.

It is best to find homes in Richfield that are approximately on the same sized lot and the same age as well.  To get comparables you can contact a local title company or a local real estate agent.

It is best to ask for 6-10 comparable properties from the Richfield real estate market area when asking for comparable statistics.  Most agents and title companies will be happy to fax these over for you to view.

Once you have the property addresses it is a good idea to drive by these other properties to see how they compare visually to your house.

Ask yourself the following questions and take notes on them:
Is the property in better or worse condition than mine? (does it need paint, a new roof, fencing, etc.)
Are there any noise problems by the property that would lower the value. (busy street, railroad, industrial area)
What is the immediate curb appeal? (Do you feel drawn to the house, does it have character?

Make notes on each house as it is easy to forget details when you drive by many houses in one day.  You may even want to take photos of the houses for future reference.

When you have narrowed the comparables down to the 3 or 4 houses in Richfield that closest resemble your own property, take and add up these properties sale prices.  Then add up the square footage for the properties.  

Now find the average sale price by dividing the sales price by the square footage.  You know have the average price per square foot. 

Next simply take the average price per square foot and multiply it times the square footage of your house.

This will give you a good estimate on what you can expect to set for a fair price on your house.  This process is very similar to what is done when an appraisal is done on your house. 

If you are interviewing agents, like myself to list and help sell your property, it is best to have them do a comparable analysis for you as part of the interviewing process.  It will not take them much time and they will be happy to do it for you to help win your business.

When you have a figure to go by you need to look at your needs for selling the home.  The price you want to set for your home is partially determined by your need to sell the property.

If you need to sell fast then take the figure you have come up with and lower it by 3 to 10 percent depending on how fast you need to sell.

If you are just testing the Richfield real estate market and are not in a hurry to sell your house you can ask more than the average that you came up with.

Keep in mind selling your home in Richfield is effected by simple supply and demand.  You want to receive as much for the price of your home as possible.  The buyer wants to get the lowest price they can.

You can ask real estate agents that you interview if it is a buyer or seller’s market.  If it is a buyers market it means there are more people selling houses than looking for houses.  This means it may take your house longer to sell and you may want to consider a slightly lower price for the house.

If it is a sellers market it means just the opposite.  More people are looking for houses than there are houses available.  This drives the market price in Richfield up and you may want to consider going to the high side of the figures you come up with for a fair price to sell your home.

Remember, it only takes one person that falls in love with your house to buy it, but if there are better properties on the Richfield real estate market then yours, the house will have the tendency to sit on the market longer than you may desire.

Follow this formula for setting your price for the sale of your house.  Talk to other real estate professionals and get their opinions, but remember the final decision on pricing your house is totally up to you.

There is a lot of free information available to you about buying, selling or investing in Richfield real estate. For complete information about the Richfield real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Richfield real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your questions. Call me on my cell at [612-581-7313 or email me at  steveschneeberger@edinarealty.com.

 Even With a Bad Credit Report, You Can Purchase a Home in Richfield

Unemployment, illness, divorce, bankruptcy, family problems, failure to pay bills on time-- these problems can lead to unfavorable information on your credit report. Just one or two disparaging remarks, without an adequate explanation, can result in a rejection for a home loan.

But there is no need to let a bad credit history stop you from buying a home in Richfield

Here's what you can do:

- Clean up your credit report. If you haven't checked your credit report in the last six months, get a copy to see what the credit bureau has in its files about you. Maybe things aren't so bad as you think.

If you were turned down for credit in the last 30 days, you can get a free copy of your credit report from the credit bureau listed on the rejection letter.

After you have a copy of your written credit report, if you dispute any incorrect items, be sure to contact the credit bureau in writing. The credit bureau will then report the discrepancy to the erring firm, such as a department store or credit card company, for their version.

If no reply is received within 30 days, the credit bureau must remove the disputed item from your credit report. Be sure to follow up to enforce your legal rights.

- Buy a home with an existing assumable loan. There are thousands of homes for sale with existing, assumable VA and FHA mortgages which can be assumed by anyone (except perhaps a bankrupt arsonist). But if the seller is to be released of liability on the loan, then a complete loan application with credit check is required.

- Buy with seller financing. Although seller financing isn't as easy to find as it was a few years ago, many home sellers will carry back a first or second mortgage to help finance your home purchase. Rarely will a seller check your credit since the seller looks to the property as the security.

- Obtain an 'easy qualifier' loan from an equity lender. Many banks and S& Ls offer "easy qualifier" mortgages to home buyers who pay at least a 25 percent down payment. When your down payment equity in the home will be substantial, the lender is well-protected in case you don't make the mortgage payments. At least one or two lenders in each major city usually offer this type of equity loan.

- Get a co-signer. If you can't get the seller to help finance your purchase and you aren't making a 25 percent down payment, a new conventional loan must be obtained. Perhaps a friend or relative will co-sign on the mortgage to help you qualify. Most lenders, however, require the co-signer to also take title to the property.

- Buy with an equity share co-owner. Another alternative is to get a wealthy friend or relative to make all or part of the down payment in return for part ownership of the property. This equity share method is especially good for parents who want to help their adult children get into a first home.

- Keep the seller as a co-owner. When the seller can't or won't help finance the sale, keep the seller as a co-owner to help qualify for a new mortgage.

- Pledge additional assets as security. Although your credit may not be the greatest, some flexible lenders will make mortgage loans if they have more than adequate security.

- Get the seller to guarantee part of the loan. If the seller will be receiving considerable cash from the home sale, he may be willing to deposit that money with the bank or S&L which will make the necessary mortgage if the money is pledged to guarantee part of the loan. For the seller's protection, he should receive a second mortgage on the home which can be foreclosed if the guarantee is enforced by the lender.

- Lease the home with an option to buy. A lease-option gives the prospective home buyer time to try out the home while, at the same time, clearing up any credit problems. Typical one- or two-year lease-options usually provide for an up-front payment to the seller of a "non-refundable consideration for the purchase option" and a locked-in price for the home.


There is a lot of free information available to you about buying, selling or investing in Richfield real estate. For complete information about the Richfield real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Richfield real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer you queries. Call me on my cell at 612-581-7313 or email me at steveschneeberger@edinarealty.com

Investing in Richfield rehab opportunities

In the past few years, I have seen the number of rehabbers increase dramatically in Richfield.  A typical scenario would be to buy a bank owned house at $100,000, remodel the kitchen, bathrooms, finish the basement, buff up the hardwood floors, change out windows, roof and mechanicals (as needed) and resell the finished product for $180,000 - $220,000.  Well finished and aggressively priced rehabs sell very quickly - almost always in less than 30 days.  So how does a person get into rehabbing houses?  The first step is to obtain financing.

You need to interview multiple brokers rather than just using the first one you come across. It is the same as choosing any other expert. You will want to be sure to shop around the Profile.market area to make sure you are getting exactly what you need.

Take into consideration it is much more difficult to get the more traditional financing for some of these properties that require fixing.

When working on fixers you may want to consider seeking a hard money lender for financing rather than a traditional mortgage broker.

You can check our local newspaper for the Profile.market area, and you can find financing options and alternative mortgages here as well as through your real estate agent and via investment property finance firms.

Hard money lenders are willing to loan between 50 and 80% of the value of a property after repairs, whereas traditional lenders will only loan based on a property's current value.

Because they already have local contacts it is very possible that it will be your real estate agent in Richfield that knows exactly ho to call in any investment situation.

It costs a lot more to get a hard money loan than it does to finance traditionally. Basically interest rates average about 12-16% in most cases and you might have to pay about 3 to 5 points right now.

The reason people go this route is they can get money Beyond the actual purchase of the property which is generally unheard of in traditional financing. This money can then be used to make repairs to increase the value of the property.

All you have to do is look at the costs of hard money loans like the cost it takes to do business. To end up with the profits that you are looking for on a property, make sure to include those costs in your purchase and holding costs.

Receiving your initial loan in Richfield is your toughest. Once you do it once or twice it will become much easier.  For more information about investing in rehab properties, contact Steve Schneeberger at 612-581-7313.  www.steveschneeberger.com

How to Choose a Richfield Realtor

Choosing the right real estate agent to help you with the sale of your home in Richfield can seem like a very challenging task. There are thousands of real estate agents in Richfield, so finding the perfect one that will do the job right for you might seem impossible. However, there are some questions that you should ask any local real estate agent before signing on the dotted line to list your property.

First of all, you want to know what the agent's experience level is. However, you should not take this to mean that a new agent wouldn't do a fabulous job for you. What you are looking for is someone who will be honest with you and tell you exactly what level of experience they have. In the end, however, what really matters is how motivated they are to get your home sold. This leads us to the second thing you need to ask.

An agent needs to provide you with a documented, detailed marketing plan that they will use to sell your property. As the market has been quite challenging recently, it is important that an agent is not flying by the seat of their pants when it comes to marketing your home. They need to have a set plan of action that will give your house the greatest chance of selling quickly and for the most money. A good agent will have no problem going over with you the details of their marketing plan.

Something else that you need to ask your agent is what your home is truly worth in the current condition, in the current market. Sometimes homeowners get a little bit offended if an agent prices their home lower than what they would believe it to be. However, you must sometimes defer to the experience of the real estate agent because they are out in the market place each day. Of course, if you think that their numbers are way off base, you should certainly ask them to show proof of why they believe your home is worth what they are saying.

For more free information on the Richfield real estate conditions, visit my site at www.SteveSchneeberger.com or call me directly at 612-581-7313 anytime. I can provide you with current market details as well as recently sold homes in the area.

Richfield Real Estate Agent Explains Why Local Real Estate Agents Can Help Get a Home Ready for the Market Quickly

When it comes to putting your home on the market for sale, there are many different considerations to make. In fact, it can be a frustrating and challenging time as you prepare to get your home in shape to go on the market. No one knows this better than local real estate agent Steve Schneeberger.

There is no question that the real estate market all over the country has been challenging for the last couple of years. Steve Schneeberger says that this is why it is more important than ever to make sure that your home is in proper condition to be put on the market for sale.

Sometimes, sellers can be emotionally attached to their home in such a way that they might not see what needs to be repaired or replaced before listing a home for sale. This is where a professional and experienced real estate agent becomes a necessity.

What home sellers don't often understand about Richfield real estate agents is that they are on the ground each and every day looking at homes and assessing the competition. In other words, they regularly see who your competition is on the market and can help you make your home look as good as possible to give it the best chance of selling.

In fact, real estate agents have a list of qualities that the home should have to make it the most salable. They may be able to give you tips and tricks on ways that you can stage your home to create the appearance of more space, for instance. These tips can be invaluable for a home seller who needs to get their home sold quickly.

There is a lot of great free information available to you about buying, investing or selling in Richfield real estate. For more information about the Richfield real estate market, be sure to visit the website that provides information on current homes for sale, property values and more: www.RichfieldHouseValues.com You may also feel free to contact me with all of your real estate or mortgage related questions at 612-581-7313 or even e-mail me at steveschneeberger@edinarealty.com

Tips for Crafting the Best Purchase Offer for Richfield Property

Once you've found piece of Richfield real estate that you like, the next step is the purchase offer. Buyers are oftentimes intimidated by what seems to be a complicated legal document. In reality, the purchase offer is much simpler once itís explained and properly understood. In this article, weíll give a brief overview of the purchase offer process, including the most important clauses to include in your purchase offer.

The purchase offer is a binding legal document that covers all the details of the sale. It includes the sale price, contingencies, financing details, closing costs, repairs needed, closing date and a lot more.

The selling price is obviously the most important factor in a purchase offer. However, the clauses you include in your purchase offer are also vitally important. The clauses or contingencies in the contract are what protect you from making a purchase before you have all the information you need.

Some of the more important clauses to include in your contract are:

1) The Inspection Clause

On any property you put an offer on, this is an absolute must. This clause states that as the buyer, you have the right to inspect the property. The offer is contingent on your approval of the results of the inspection.

2) The Financing Clause

If you didnít have the financing clause and you backed out of the contract because you didnít qualify for your loan, you would lose your deposit. The financing clause basically says that the contract is contingent on you getting the loan youíre applying for.

3) Contract Assignment Clause

For real estate investors, this is an important clause. This gives you the right to ìflipî the deal to other investors or get other people involved if necessary. Basically, this clause removes you from being the only person who can close the deal.

These are some of the most common and most important clauses in a real estate purchase contract. Although the legal language in the contract can be intimidating, just realize that all the document is meant to do is protect the buyer, seller and their agents by covering every possible point before the purchase.

There is a lot of free information available to you about buying, selling or investing in Richfield real estate. For complete information about the Richfield real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Richfield real estate at www.steveschneeberger.com. So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 612-581-7313 or email me at steveschneeberger@edinarealty.com.

Six homes sold in Richfield the week of 5/30 - 6/5 2011

Address                  Price        Seller Paids   Sq. Ft.  Bedrooms  Baths      

6908 17th Ave.             $109,000      $3,270            1905          4                 2

7626 Thomas Ave.        $163,000      $3,000             1728          3                 2

7615 Bryant Ave.          $192,500      $0                  1832          4                 2     

6345 Knox Ave.            $268,000      $8,040             1838          3                 2

6808 Morgan Ave.         $280,000      $0                  2756          4                 2

7038 Lake Shore Dr.     $284,000      $0                   3600          3                 3     

Budget your Money before you buy a Home in Richfield

If you are going to buy a new home Richfield there are so many details that you will have to sew on your end before you can even get started. One of the most important is your budget. If you do not have any clue as to how much money you have or how much you can afford, you are going to get yourself into a bad situation. The fact of the matter is that your budget has a lot to do with the type of home that you can afford, and also with how you will move forward in the process.

There are two distinct things that go into your budget. First and foremost, you need to look at how much money you make each month. If you work for a company and are used to getting a steady paycheck this is easy to do. But on the other side of things if you are self employed you may have to take a bit more time trying to figure this out. Just make sure that when you are looking at this that you write down accurate information. If you mess up this process you could end up in a bad situation.

Now that you know how much money you make each month, the next step is to consider your expenses. This includes everything from utilities to loans to money that you need for fun. When you know all of your expenses, you can then deduct that number from the money that you make each month. This will give you a very good idea as to how much money you have left over on a monthly basis. From there, you can probably guess at how much of a home in Richfield you can afford.

As you can see, a budget is very important if you are going to be buying a new home. Not only will it help you to prepare for the buying process, but it will also help you once you have made a purchase. Take a few minutes and plan out an accurate budget that you can follow during the entire buying process, and let me Steve Schneeberger help you in your house buying decisions.

For further information feel free to contact me by calling my work number 612-581-7313 and we can get started on finding a home for you. You can also visit me on the web at www.SteveSchneeerger.com

Richfield Homes Sold the Week of 5/9 - 5/16/2011 

Four homes closed last week in Richfield.  All of them were bank owned.

Address                             Price         Seller Pd Closing $      Bedroom      Bath     Garage     Finished Sq. Ft.

6714 17th Ave.                $89,900                 $1,222                      3                  2              2                1288 

1538 Fern Dr.                  $92,000                 $0                            3                  2              1                1908

136 E 69th St.                 $88,000                $0                             4                 3               3                1910

6708 Bloomington Ave.     $85,000                $0                             3                 1                1                912

First Impressions On Selling Your Richfield Home

When you're ready to sell your Richfield home you want to make sure that it is appealing to everyone that pulls up.  After all, first impressions are important and like meeting someone, you only get one chance to make a good one.  Here are a few simple rules to get their attention..

First and foremost is curb appeal.  If someone doesn't like the looks out front they may not initiate looking inside.  Properly mowed grass, trimmed hedges and even some freshly planted flowers will speak volumes on your behalf.  An aesthetic front will show buyers that you take pride in your home which in their eyes means the inside is probably appealing, too.

Along the same lines is the mailbox.  Believe it or not, people pay attention to it.  If your yard looks like a Zen garden and your mailbox is dented and hanging on by one screw you paint an incomplete picture for Richfield buyers.  Go the extra mile and replace it, if it is worn.  Paint wooden mailbox posts and replace faded numbers. 

Next, enter your front door as if you were a potential buyer.  What is the first thing that your eyes, and your nose experience?   If you see clutter, then you need to remove it.  Richfield buyers like to see organization.  When they enter your home they are trying to picture their stuff in the place of your stuff.  Don't distract them by having piles all over the place.  Along the same lines, make sure you are presenting an appealing aroma when you come in, not wet dog from last night's bath or that garlic dish you served for dinner.  It's hard to enjoy a home when you're fixated on a dominating odor.

It is also very important to remember that women and men have their favorite rooms in a home.  Women tend to gravitate towards the kitchen and master bedroom and bath.  For men, it's the living room, garage and yard.  Focus more of your attention on these areas.  Since this is where most of the living will be conducted.

If you would like to get more information on selling your Richfield home, be sure to contact Steve Schneeberger with Edina Realty at 612-581-7313.

How Much Home in Richfield Do I Qualify For?

Income. Debt. Down Payment. Closing Costs. Two Years Income Tax Returns. Assets. Liabilities. IRAs. You want WHAT? Just what can I afford?

Buying a home in today’s Richfield marketplace is a bit intimidating, and your new home purchase is likely to be one of the most important decisions you’ve ever had to make. Usually it’s one of the single most valuable assets you’ll own.

Where to Start
Before you invest hundreds of hours searching the Richfield real estate papers, to avoid any heartbreak, if you find yourself unable to qualify for your dream home, sit down with a lender. Your lender can perform a simple verbal pre-qualification in about twenty minutes and a full-fledged pre-approval in about 5 days. Pre-qualification not only allows you to focus your search in the correct price range, saving a lot of wasted time and frustration, but it can also give you an edge when competing with other offers on a home that you find. If a seller is deciding between two offers- yours which has been qualified and another unqualified offer- they are much more likely to pick yours. Pre-qualification will also give you leverage when negotiating with a seller in a non-competitive atmosphere; it essentially makes you a cash buyer. The amount of home in Richfield that you qualify for will be determined by three key factors: Your down payment, your ability to qualify for a mortgage, and closing costs.

The Down Payment
Whereas a current homeowner can rely on equity from their home sale, a first time home-buyer is limited to the money they can save. The days of having to put 20 percent down on a home in Richfield are in the past, although putting a large amount of money down definitely makes it easier to qualify for a mortgage and to get the lowest interest rates available. With the various programs that are available today, you can put as little as 3 percent down on a home in Richfield.


Qualifying for the Mortgage
There are two basic guidelines that lenders use to determine what size mortgage you are eligible for: Your monthly mortgage payment of principal, interest, taxes and insurance (PITI) should not exceed 25 to 28% of your monthly gross income. Your monthly housing cost (PITI) plus other long-term debt should not exceed 33 to 38% of your monthly gross income. Specifically, most lenders will consider 4 key factors to determine your ability to qualify for a home loan:

Income – This first element can include not only your gross monthly income and secondary income (commissions, bonuses) but also your history of employment, stability of income, education, even potential for future earnings.

Credit History-This encompasses your history of debt repayment, total outstanding debt, highest balance, and your highest monthly debt balance.

Assets–Your assets consist of cash on hand, savings and checking accounts, CDs, stocks, bonds or any other type of liquid asset.

Property–The home in Richfield you are planning to purchase will be appraised to determine the market value. The estimated value must be sufficient to secure the loan. Lenders will loan you no more than a certain percentage (usually 95%) of this value.

Closing Costs

Keep in mind that in addition to your down payment, you will also be responsible for paying fees for the loan and closing costs. These will be required at the time of closing unless you qualify and choose to have these included in your financing. Closing Costs generally will range between 2 percent and 6 percent of mortgage loan, depending on the loan and lender. You will be provided with a "Good Faith Estimate" of closing costs so you can know what to expect. "Points," which are one time charges equal to one percent of your loan amount, may be required by your lender at closing. Your closing agent will charge a fee at the close of the sale. We sincerely hope this information will help you gain a better understanding of the mortgage process.

There is a lot of free information available to you about buying, selling or investing in Richfield real estate. For complete information about the Richfield real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Richfield real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your questions. Call me on my cell at [612-581-7313 or email me at steveschneeberger@edinarealty.com

Eight houses changed hands in Richfield last week 4/25 - 5/1 

Address                             Sold Price            Beds       Baths      Total sq. ft.             Days on market               

6433 Bloomington Ave.     $93,900             2              2              1064                          91

7139 Elliot Ave.               $120,000           3              1               1470                         161

6932 16th Ave.               $137,500           3              1               1518                         14

7445 15th Ave.               $160,500           3              1               1524                          49

6739 Pillsbury Ave.          $155,000            3             2                1856                         143

6645 Thomas Ave.           $194,000           3              2                1828                         25

7114 Oliver Ave.             $214,500            4              2                1937                         8  

6329 14th Ave.               $200,000            4              3                3140                         261

   

Should You Buy or Should You Rent

If you have ever rented, then you have probably more than once wondered if you should rent or buy your own home. In our discussion today, we will give you three tips to consider.

Tip #1 – Have you considered all of the costs?

Now as much as it would be nice to own your own home, and as much as people are always willing to suggest that you should move into your own home, no one tells you about the various expenses that you will gain if you move in to your own home rather than rent your own home. Of course you have to pay the mortgage and the utilities just like you do if you rent. You also have to add on expenses such as insurance, taxes, maintenance and repairs, and improvements plus some considerations such as lawn care and snow removal if you live in that type of area.

Tip #2 – Home ownership responsibility

Are you ready to take on all the things that might occur if you were to purchase a home? Let me give you some examples. What are you going to do if the furnace goes out or the air conditioner goes out? What are you going to do if the sump pump stops working and your basement floods? What are you going to do if the roof starts leaking? These are all of the things that you are responsible for if you own a home rather than rent a home. You must remember that you are responsible for the appliances, painting, and carpeting, actually everything to do with the house. If something goes wrong with the house that you are renting, all you have to do is to call your landlord.

Tip #3 – Tax Advantages

There are some tax advantages to owning your own home, so it is important to remember this when making this decision. You may deduct what you have paid in interest, and this is an important tax consideration. You are also building up equity in your home, which is something that you will not do at all if you are renting a home.

There is a lot of free information available to you about buying, selling or investing in Richfield real estate. For complete information about the Richfield real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Richfield real estate. So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 612-581-7313 or email me at steveschneeberger@edinarealty.com 

Click here to view the latest Twin Cities market update video.

What is the Right Price to Offer for a Home in Richfield?

Once you've found a home you're interested in purchasing, the next step is putting an offer on the table. How do you determine that right price for a home in Richfield?  In this article, Iíll show you exactly what you should consider when you're picking a number for your offer.

Tip 1  Understand the Richfield Real Estate Conditions
The first step is to consider what the market conditions are. Real estate conditions in Richfield have had both upswings and downswings in the last several years. Is it a buyerís market right now, or a seller's market? Is a house likely to sit on the market for weeks, or is it likely to receive multiple offers?
Look into what other similar houses in the area are selling for, both currently and in the last few months. This will give you a good baseline value to base your offer of.

Tip 2  Understand Your Seller's Mindset
The goal of making an offer isn't to offer market price. The goal of your offer is to make an offer that's as low as possible that will be accepted by the seller.
In order to achieve this, itís important to understand the mindset of the seller.
One thing to look into might be how long the house has been listed. If it's been listed for several months already, they may be more likely to want to sell for a lower price.
Another thing to look into is how much the seller paid for the property. Although this doesn't affect its current value, it has an impact on the seller's mentality. If the seller is already making a profit no matter how much they sell it for, they're likely to be more lenient. If they're losing big money by selling right now, they may be more likely to pinch pennies.

Tip 3  It's Not Just the Numbers
Your offer must be considered in its entirety. The clauses and contingencies have a big impact on whether or not your offer will be accepted. Work with your real estate agent to craft the best offer possible.
There is a lot of free information available to you about buying, selling or investing in Richfield real estate. For complete information about the Richfield real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Richfield real estate at www.SteveSchneeberger.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 612-581-7313 or email me at steveschneeberger@edinarealty.com

So you have decided to get a Richfield home inspector check your home. That’s a smart choice. And, of course, you want to get the most out of this hired professional’s services. But, wait. Before going out there and scrutinizing your Richfield home inspector’s work, maybe you should start with yourself first? What is your role in all this? What do you have to do to make your Richfield home inspector’s work easier and therefore make your investment even more protected?

Everywhere Richfield home inspectors often come across limiting conditions that interfere with a complete report for the client. After you’ve paid for a home inspection, you do not want to see the following words on your report:

“Inspection limited due to the excess possessions blocking access and view.”

You see, your Richfield home inspector follows some very rigid rules. The standards of his profession are high and he has to conform to this in order to maintain his professionalism and integrity. For instance, your Richfield home inspector may not have to report on any component or system which was not observed. Furthermore, he is not required to disturb insulation, move personal items, furniture, equipment, plant life, soil, snow and ice, debris which obstructs access or visibility.

Now, just imagine that one of the major components of your home such as the water heater, heating and cooling systems, electrical panels, and the attic cannot be accessed because your personal belongings are in the way. That’s is definitely one way of NOT getting your money’s worth and NOT having a full understanding of all the components of the home you are planning to purchase.

So, what can you do to get the most of the dollars you pay your Richfield home inspector?

Well, first thing’s first, during a walk through of the home with your Richfield home inspector, pay attention to certain conditions where components may not be readily accessible. Suggest to him that stored items be moved from that area. If he refuses or seem adamant, you can ask your agent or broker, on your behalf, to reiterate your concern on this matter.

If the home is vacant, make sure that the power, water, and gas remain on. This is because when your Richfield home inspector shows up, all systems are operable and inspected.

When the inspection is done, your Richfield home inspector will give you his written report of everything he saw. Pay close attention to it. Watch out for the major components of your home, especially. If there are items on your Richfield home inspector’s report that were not inspected because of trouble accessing them, you may want to request a contingency. After the questionable areas have been cleared, you can ask the home seller to pay for a re-inspection. Of, if not, you can ask him to pay for a warranty if the component is not inspected.

Now, if the home is occupied, that is a different matter. It is only to be expected that there will be areas of the house that are not completely accessible to your Richfield home inspector. But reasonable effort should be taken to allow the Richfield home inspector to perform a complete inspection for his or her client.

There is a lot of free information available to you about buying, selling or investing in Richfield real estate. For complete information about the Richfield real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Richfield real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries. Call me on my cell at 612-581-7313 or email me at steveschneeberger@edinarealty.com

Tips and Tricks That Richfield Home Buyers Need to Know

If you are ready to buy a home in Richfield, then congratulations!  Owning real estate can be a very satisfying feeling, and lucrative investment.  Making the right decisions when you start can save you a lot of money and time before it’s over.

According to real estate professional Steve Schneeberger, before you begin the process the best thing to do is talk to a Richfield mortgage professional.  They are skilled in the latest guidelines and can tell you how much house to look for based on your current situation.  You don't want to start looking until you know exactly how much home your budget will allow.  This is not an area that you want to take lightly so make sure that you research who you go with carefully. 

The best scenario is to talk to your friends or family and see if they can refer someone in Richfield.  If not, you need to do some homework to decide who to go with.  The more established the company, the better.  Local is always better, if possible, since guidelines change from state to state.

When you talk to a Richfield mortgage specialist, make sure how much money will be required to close the loan.  You don't want to get into a contract if you will not be able to close, since there may be legal consequences involved that could cost you money.  Also, get a clear indication of what your payments will be.  Just because someone says you qualify for a certain amount doesn't mean you have to spend that much in payments.  If you are not comfortable with your quoted payment then ask to lower your price.  Being cautious now may eliminate a financial strain later.

Now that you have your price range, you should look into hiring a Richfield real estate professional.  Like the mortgage officer, they are trained to look out for your best interests.  As your buyer's agent, they are paid from the seller's proceeds so, in essence, they are working for you for free.  Take advantage of this and use their expertise.  They will negotiate for you and work to get you the best deal possible.

For more information on buying a home in Richfield, check out [Profile.website] to get the latest info and market data. You can also call Steve Schneeberger at 612-581-7313 anytime.

How Much Home in Richfield Do I Qualify For?

Income. Debt. Down Payment. Closing Costs. Two Years Income Tax Returns. Assets. Liabilities. IRAs. You want WHAT? Just what can I afford?

Buying a home in today’s Richfield marketplace is a bit intimidating, and your new home purchase is likely to be one of the most important decisions you’ve ever had to make. Usually it’s one of the single most valuable assets you’ll own.

Where to Start
Before you invest hundreds of hours searching the Richfield real estate papers, to avoid any heartbreak, if you find yourself unable to qualify for your dream home, sit down with a lender. Your lender can perform a simple verbal pre-qualification in about twenty minutes and a full-fledged pre-approval in about 5 days.

Pre-qualification not only allows you to focus your search in the correct price range, saving a lot of wasted time and frustration, but it can also give you an edge when competing with other offers on a home that you find. If a seller is deciding between two offers- yours which has been qualified and another unqualified offer- they are much more likely to pick yours.

Pre-qualification will also give you leverage when negotiating with a seller in a non-competitive atmosphere; it essentially makes you a cash buyer.

The amount of home in Richfield that you qualify for will be determined by three key factors: Your down payment, your ability to qualify for a mortgage, and closing costs.

The Down Payment
Whereas a current homeowner can rely on equity from their home sale, a first time home-buyer is limited to the money they can save.

The days of having to put 20 percent down on a home in Richfield are in the past, although putting a large amount of money down definitely makes it easier to qualify for a mortgage and to get the lowest interest rates available. With the various programs that are available today, you can put as little as 3 percent down on a home in Richfield.


Qualifying for the Mortgage
There are two basic guidelines that lenders use to determine what size mortgage you are eligible for:

Your monthly mortgage payment of principal, interest, taxes and insurance (PITI) should not exceed 25 to 28% of your monthly gross income.

Your monthly housing cost (PITI) plus other long-term debt should not exceed 33 to 38% of your monthly gross income.

Specifically, most lenders will consider 4 key factors to determine your ability to qualify for a home loan:

Income – This first element can include not only your gross monthly income and secondary income (commissions, bonuses) but also your history of employment, stability of income, education, even potential for future earnings.

Credit History-This encompasses your history of debt repayment, total outstanding debt, highest balance, and your highest monthly debt balance.

Assets–Your assets consist of cash on hand, savings and checking accounts, CDs, stocks, bonds or any other type of liquid asset.

Property–The home in Richfield you are planning to purchase will be appraised to determine the market value. The estimated value must be sufficient to secure the loan. Lenders will loan you no more than a certain percentage (usually 95%) of this value.

Closing Costs Keep in mind that in addition to your down payment, you will also be responsible for paying fees for the loan and closing costs. These will be required at the time of closing unless you qualify and choose to have these included in your financing.

Closing Costs generally will range between 2 percent and 6 percent of mortgage loan, depending on the loan and lender. You will be provided with a "Good Faith Estimate" of closing costs so you can know what to expect.

"Points," which are one time charges equal to one percent of your loan amount, may be required by your lender at closing.
Your closing agent will charge a fee at the close of the sale. We sincerely hope this information will help you gain a better understanding of the mortgage process.

There is a lot of free information available to you about buying, selling or investing in Richfield real estate. For complete information about the Richfield real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Richfield real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your questions. Call me on my cell at 612-581-7313 or email me at steveschneeberger@edinarealty.com

 The Top 5 Ambiance Blunders Sellers in Richfield Make when Selling Their Home

Aesthetics play a huge part in a successful sale. A large part of a buyer's decision to buy a house is based on emotions. Appearances possess a strong capacity to impact feelings. We'll go over some of the top aesthetic mistakes sellers in Richfield make.  Use this so you can avoid making these mistakes and get a higher price when you sell your house.

A common mistake which makes your home less attractive is the type of lighting that a buyer will see it in. Any time your house is bright and sunny it will be much more appealing to potential buyers. Dark and gloomy,a dark house seems.

Make sure the windows are open and the curtains are pulled back. Get some extra lights in the house to help with the lighting,if the house is naturally poorly lit.

Another common detriment to the sale of your home is how it smells when a potential buyer visits. You should not have any unpleasant or foul odors in your home.

To inherit the seller's odors is the last thing a buyer wants. Use of some air fresheners prior to showing the house can work wonders.

Mistake #3 - Poor Exterior First Impression

The inside of your house is not the only place you should pay attention to. The exterior, including the paint and the front yard, both play an important factor in the buyer's decision making process.

Keep in mind, the outside provides homebuyers with their initial image of the home.

Another frequent error made is having rooms painted unappealing and strange colors, such as, orange. Perhaps pink appeals to you or matches with your paintings. However, for the buyer the colors may or may not suit them.

Does it make sense to go out on a limb? Prior to exhibiting your home, be certain each wall has a paint coat in a neutral shade.

5th Error - Failing to Perform Apparent Repairs

Apply WD-40 lubricant to stop hinges from being squeaky. If you are having issues with major utilities be sure to have those problems resolved first. If any of the kitchen cabinets or counter tops are chipped or look old, they should probably be replaced.

Make sure all tiling has been thoroughly cleaned and shows no evidence of grime or mildew. Often times it could even pay to replace old windows.

Plenty of complimentary details can be accessed regarding purchases, sales or investments in Richfield real estate. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. ----
Call my cell at

---- 612-581-7313 or email me at steveschneeberger@edinarealty.com

The Monthly Skinny - a Twin Cities real estate video prepared by the Minneaplois Association of Realtors.

Housing inventory levels rose 2% in February 2011 compared to February 2010.  Pending sales were down12.6%. 

Find out more about the Twin Cites real estate market by clicking the link above.