Lynn Frantzen

Price Reduced on 3042 Dakota Avenue S in Dakota Avenue S

Lynn Frantzen — Tue, 09 Mar 2010 19:36:00 GMT

Dakota Avenue S, St. Louis Park - Announcing a price reduction on 3042 Dakota Avenue S, a 1,666 sq. ft., 1 bath, 3 bdrm 1 1/2 story. Now MLS® $227,200 - Reduced! Wonderful Home.

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Banks...!!! Ugh

Lynn Frantzen — Sat, 20 Feb 2010 01:23:00 GMT

This week I had a client make a Highest and Best offer on a bank owned home. We were told their offer was accepted and even started to schedule the inspections. Then WAM the next day I receive an email saying the bank decided to reject their offer! I know I am venting but banks are just crazy sometimes to deal with. This is a really good lessen to remember that nothing is a done deal until both sides have signed and executed the deal. The good news is that there are plenty of homes to keep looking at and my clients are great people.

Continuing Education

Lynn Frantzen — Mon, 15 Feb 2010 16:48:00 GMT

Finally taking my Brokers License Course - 30 hours of training this week. Just took the pre-test and passed! I started real estate when my youngest started kindergarten and now he is graduating. Time for mom to graduate also. I really have no plans at this time to change my status quo of working under a broker but it is really good education.

Redemption Periods are Different on Different Homes

Lynn Frantzen — Fri, 05 Feb 2010 02:57:00 GMT

I was brushing up on some real estate law this week and found a very interesting subject. Redemption laws in Minnesota in regards to foreclosures are hard to follow sometimes. The shortest redemption period is for a home that is found vacant the lender can foreclose and than take possession of the home in as quick as 5 weeks. Most homes with a homeowner still living in the home have a 6 month redemption period. However then we come up with another set of laws giving farms a 1 year redemption. Also anyone who has paid 30% of their mortgage down will also have a 1 year redemption period. Sounds confussing even when you understand it.

The redemption period starts the day the Sherrif's Sale occurs. At this sale the first mortgage typically purchases the home for the mortgage amount or maybe at a discount. The redemption period is time for the homeowner to try and redeem the home by purchasing it back from the Sherrif or selling the home and redeeming what they can of their credit. Once in a while a home will be in the redemption period and the homeowner will have equity - they need to sell to receive this equity or the lender will benefit not the homeowner.

Making a Stronger Offer on a Bank Property

Lynn Frantzen — Fri, 15 Jan 2010 16:42:00 GMT

Some buyers that are very qualified to purchase a home are having difficulty with getting a bank to accept their offer. Part of the problem is that banks only want to payout no more than 3% of a buyers closing costs, even if their loan program allows for much more. Today one of my offers was rejected for a lower offer on the basis that the offer that was accepted had more of their own money into the transaction. Banks do not want to have these properties come back to them as foreclosures in the future so they are looking for a financially committed buyer today. Buyers are also competing with cash offers from investors, in today's market cash talks.

What to include in a hardship letter

Lynn Frantzen — Wed, 25 Nov 2009 00:58:00 GMT

First provide a solid explanation of as to how, you have landed yourself in hardship. For example, how your financial condition is right now compared to when you first obtained the mortgage. Mention as to what you have been trying to do, to make ends meet and are still not in a position to make your monthly payments.

Next tell them about the condition(s) that has caused your financial hardship. Lenders tend to accept the following aspects as justifiable reasons for hardship, although there are many more, which they also accept: Being unemployed, Death of a family member/spouse, Job relocation, as well as unexpected medical bills.

Lastly you need to ask for what you are trying to accomplish. Do you feel you would like to try to stay in your home and just need a modification. Or is the situation too far gone to work it out and you would like to ask that they approve a short sale.

Went to the Casino Last Night

Lynn Frantzen — Thu, 19 Nov 2009 17:08:00 GMT

I have not been to any Casino in about 8 years, so we went last night. My broker treated me and my husband to a room and dinner - nice guy. Then we proceeded to win a couple of hundred dollars and lose a couple hundred dollars. I think it still was a cheap night out, but I am sure we lost more than we won. It was a great night; the first in 21 years for us without kids. Thank you Mr Hooper!

Credit Advice

Lynn Frantzen — Sat, 14 Nov 2009 19:56:00 GMT

Check out my new tab Credit Advice to see the easiest ways to maintain and improve your credit score. This is always a good idea when starting to think about any large purchase. Mortgage rates and the Mortgage Insurance Premiums are based on your credit score and will affect your house payment and the amount you can quailfy for when purchasing.

I was previewing homes in Minneapolis today under $110,000

Lynn Frantzen — Thu, 12 Nov 2009 20:41:00 GMT

I spent the morning previewing homes today in Minneapolis and Brooklyn Park. With the evenings getting dark so early there really are not enough daylight hours for my clients to see homes after work most evenings. Keeping this in mind I try to eliminate some of the "yuck" homes during the week, conserving my clients time on the weekends. Today I looked at 6 homes and only found one I would bring a buyer back to. This is the purpose of previewing, not to find a home for your client but to make sure their time is wisely spent looking at the good to better options.

Mortgage is Discounted at the Sherrif's Sale

Lynn Frantzen — Mon, 26 Oct 2009 19:20:00 GMT

A Sherrif's Sale is the procedure that starts the foreclosure process. Typically a first position mortgage holder will be the only bid at the Sherrif's Sale as this is how they secure their interest in the property. Sometimes they foresee a loss with a home whether they foreclose or not. One option is for the mortgage company to discount the payoff by underbidding their claim. This sets the stage for a perfect short sale situation. We avoid having to negotiate with the first mortgage company and use the redemption value as the payoff. If a second mortgage is on the property we do still have to negotiate with them to obtain a short sale approval. However it is also possible for the homeower to see equity left allowing them to recapture some of their loss.

Did you purchase a home this year just for the tax credit?

Lynn Frantzen — Sun, 25 Oct 2009 01:42:00 GMT

I would love to hear from any one who purchased a first time home this year. I have been reading several different options to the $8000 tax credit and some of them really make more sense. But I would love to hear from the buyer's and not other Realtors.

Peaceful Setting - 6997 7th St SE

Lynn Frantzen — Sat, 17 Oct 2009 18:43:00 GMT

I am sitting here at an Open House at my listing on 40 of the most beautiful acres you could ever find. I can actually hear the leaves, wind and an chicken or two. Not the sound of traffic or neighbors. This farm sits right on the Sherburne/Benton County line, about 7 miles north of Hwy 10. My husband was here this week and he was impressed with the setting and easy location to main roads. Property is all set up for a large hobby farm with barn, pasture and chicken coop. Way fun!

Foreclosure, Short Sale or Traditional Seller... that is the question for many buyers.

Lynn Frantzen — Wed, 14 Oct 2009 04:36:00 GMT

In today's weekly update from MARR the came the following quote "Foreclosures are being sold roughly three times more frequently than short sales, thus the inventory of available foreclosures is dropping more quickly than short sales." I believe that buyer's are accepting foreclosures in order to meet the tax credit deadline that is quickly approaching. Buyer's should really look at what they are saving as many short sales are in good condition with seller's who have been maintaining their homes. The $8000 in tax credit can go quickly when you start adding up the deferred maintainance many of the foreclosures really need. Also remember some of the traditional seller's are really pricing their homes competitively to attract buyers. This can be the best value yet as these seller's have prepared their homes for sale and can work with a buyer easier than a bank negotiated sale.

Open House in Maplewood on Sat 12-2:00

Lynn Frantzen — Tue, 06 Oct 2009 16:56:00 GMT

2352 Montana Ave E, Maplewood - We invite everyone to visit our open house at 2352 Montana Ave E on October 10 from 12:00 PM to 2:00 PM.

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Power of Attorney

Lynn Frantzen — Sun, 04 Oct 2009 23:20:00 GMT

I learned something this week - a Power of Attorney used when a buyer or seller is unable to attend their own closing cannot sign a Bill of Sale for personal property. The Power of Attorney form states it is only for "real property" meaning the Real Estate or land/home. A Bill of Sale is used to transfer the ownership of personal property during the sale of a home, such as the kitchen appliances. It is great anytime I can learn something new in the business.