Buying a Foreclosure

The current buyer's market has been the result of many factors including the high number of foreclosures present in the market. The corporations that own the foreclosures are pricing the homes for the current market environment, and are therefore selling them (sometimes at huge discounts to the previous sale price).

One of the major issues with buying a foreclosure is the need to have clear title. This is sometimes difficult because banks rarely have the property's abstract (the history book about the property since it's beginning). There is significant expense to have an new abstract produced, so many times the bank is unwilling to pay the cost for a new abstract.

How then do you ensure that you are to be the only owner of the home, and that others will not come to later with a claim against your home? The answer is to simply get owner's title insurance. That is a one time fee (usually in the range of $200 - $500) that is paid at the time of closing. Then if someone comes to you with a claim (lawsuit), you will have the title company to take care of any problems. The title insurance will either pay or fight the claim at no additional cost to you.

(today's new featured listings)

(today's new foreclosures)

KeithMaki.com - Get the facts about buying and selling homes in Central MN.

Know Your Local Market!

Do you want to succeed in Real Estate? You must know the market inside and out if you want to take full advantage of opportunities, and there are plenty of them. Many people are too busy with their own areas of expertise and family to invest the time and energy it takes to be a true market expert. This is o.k. The next best thing is to have the services of a true market expert close at hand.

There are between 24,000 and 26,000 Realtors in Minnesota, depending on whose numbers you use. The Governor said 24,000, I'm going with that one. So out of 24,000 options, I would suggest only about 2,000 - 3,000 really know what is going on in the market. The reason is because the vast majority (more than 20,000 agents are not up to date on the latest twists and market turns).

Moral: Find someone you trust and ask them the right questions: How many properties sold last week? How many of them were foreclosures? What is the average listing price-to-sale ratio? How many months (years!) of inventory are currently available in may areas of interest?

KeithMaki.com - Todays new featured listings, eNewsletter, Market Stats, and more!

The Buyer's Counseling Session

The buyer's counseling session is one of the most valuable experiences for first-time home buyers. The buyer gets to learn in a 30 to 60 minute session the basic outline for the entire real estate purchase transaction. This can set up a smooth and successful home buying process.

The buyer learns what to expect and is therefore not surprised when things like earnest money and home inspections are discussed when an offer situation presents itself. Other topics include making offers and negotiating, choosing a closing date, getting a pre-approval letter, and many more.

I encourage many people I work with to take a few minutes in the beginning to get their expectations in tune with the realities of the market. This will benefit them greatly by giving them the information and knowledge they will need and rely on when its time to make the offer on their first home.

P.S. - Many people who have purchased homes in the past never had the benefit of a buyer's counseling session, they may still benefit from going over topics they have heard of, but don't have a clear understanding of the benefits and challenges associated with specific aspects of a purchase transaction.

KeithMaki.com - Find the latest foreclosures, hot listings, market trends and more!

Be Smart when Choosing A Home

Finding a home can become one of the greatest experiences of being an American. That said, we all have heard about the rash of foreclosures saturating the market. Take a few moments and discuss with your realtor or lender about how much you expect to be able to pay on a monthly basis, not just now, but in the future. Consider things such as job loss and having a growing family. Today, expenses seem to keep multiplying and they do so even faster than most of our incomes will grow.

Home ownership is still a solid investment, but it is time to get back to basics. Save for a down payment, find a good agent you feel comfortable with, and ask the tough questions. First-time home buyers should be extra careful in selecting an agent who specializes in helping their specific market.


KeithMaki.com - get daily updated info about hot new listings and foreclosures.

Mister Keith Achieve's Orange Belt

Last night was the test for the Orange belt for Mister Keith and Mister Dale at Little Falls Taekwondo. By all accounts we did well and did receive our Orange belts from Master Bryan Schoenberger. Please take a moment to view the video of the testing and see Mister Keith demonstrate basic safety, combination kicks and punches, and break a board with a side-kick.

KeithMaki.com - Get more details on the Mister Keith's Taekwondo page and get the latest info about the Central MN Real Estate market.

New Featured Listing

I'm excited to present the latest feature of Your First-Rate Real Estate Blog. Keeping with the purpose of providing timely and relevant information to my clients. Each time I post I will provide a link to that day's new listing that catches my eye as an exceptional property given the current market conditions.

Today's featured Listing is a remodeled rambler in St. Joseph.

KeithMaki.com - Focused Representation, Continuous Updates, Convenient Service.

eNewsletter - Fantastic for Homeowners and Buyer's and Seller's.

How Close Does a Property Meet Your Needs?

One of the most important decisions we make is what home to live in. It still surprises me when clients look at homes and make little conscious effort to express how close each property meets there needs. This is especially important when you have two or more people deciding on a property to serve them both.

I suggest a simple system that rates each property as you see it on a scale of 1 to 5. A 1 or 2 is not worth much further attention. A 3 to 4 would be a stronger contender and could be a property to revisit at a later date if you are still struggling to decide which home to choose. If you happen across a 5, be grateful and make an offer.

I offer a Free Buyer's Counseling session. Fill in and submit this form to schedule a time that works for you. Some of the topics discussed are: What is earnest money? How long does it take to find a home and move in? What is involved with a home inspection? Many other topics will be discussed in detail in about a 30 to 60 minute appointment.

KeithMaki.com - Start here if you are interested in buying or selling a home or property.