The End is Nearing for the 2009 First-Time Buyer Tax Credit
04/26/10 (08:02 PM)

Here are a couple of updates and reminders for those who are still hoping to take advantage of our open real estate market opportunities in the Twin Cities this Spring!

1. To qualify for the extended First Time Homebuyer tax credit of 2009 you must have an offer to purchase a home in place before April 30th, 2010.

2. You will have two additional months from that offer to get the property closed through escrow: so through June. (Note: make sure your working with a strong real estate and title company team).

3. For those who were hoping to take advantage of any county support monies toward the purchase of a new home, you'll want to check today to be sure funding is still available. There are restrictions and conditions that apply, and must be met before funds can be guaranteed and these funds are dwindling fast. Here's some information that was shared with us this morning through my good friend at PHH Home Loans regarding some of those county fund programs based on news shared with him from one of the program directors:


The funds for Chisago, Isanti, Sherburne and Wright counties are expended and no longer available. There are still limiting NSP funding available for the cities of Isanti, Zimmerman, Buffalo and Monticello that offer down payment/closing cost assistance in their targeted neighborhoods. HUD has expanded the definition of foreclosed so we may be able to do some short sale deals with this funding as well.


There are financial considerations in place to qualify for this funding, and a course that needs to be completed: Homestretch Homebuyer Course that you can register for by calling 320-963-6500. Space is limited so you want to be proactive about this.

With that said, be aware of your options, be deligent in your research and duties to keep the process moving in a timely manner, but don't count on them as your only key to getting into a home. Because a purchase agreement must be in place before the program will reserve your funds, and all other preparation must be completed even before that point, there is a strong possibility that these funds may be depleted before you have an opportunity to secure these extra funds for your downpayment or closing costs. So, make sure that you are purchasing the home because you can truly see yourself and your family in the home, and do not rush into something just because you think you can get more home with the help of the county or city.

For more information you can visit www.MNMetroHousing.com and contact one of our preferred lending partners, or call Troska Administrative Services at 877-279-5552 to be put in touch with one of our very qualified real estate professionals today!

Inventory sales are up. So! When should you sell?
02/03/10 (04:02 PM)

Spring is right around the corner, and for many who have been trying to wait out the storm, that time of year is their intended goal for listing their home for sale. And, for some apparently good reasons. Historically, the Spring Season has always been the strongest, whereas months like January have seen historically low turn over in local housing markets. But, let's explore this a little deeper.

We tend to see more foot traffic for potential buyers who are home-shopping in the Spring for several reasons, tax rebates are coming in, families with small children are exploring their options in preparation to get their children settled into a new home before school begins in the fall, and homes just tend to show better in the Spring with flowers blooming and greener trees and lawns. Therefore, you have more buyers looking and more homes for them to look at. But, do you know that the beginning of Summer actually sees some of the highest sales? This is because it can take, on average, up to 12 weeks for a buyer to find "the" home for their family (according to the National Association of REALTORS®), and up to another 30-60 days to transfer title.

If you're even thinking about your selling your home, here's some things you'll want to strongly consider. First of all, homebuyers looking to take advantage of the extended tax credit need to have a home under contract by April 30th, 2010 to qualify. And, since the average length of time for a buyer to even find a home of their choice can take upwards of 12 weeks, homes that are listed on the market today are in a better position to market their home to those buyers. Next, the average number of homes on the market in January drop an average of 46% from the previous year's peak. So, at this time of the year when their are fewer homes on the market. This means if your home is listed today at a strong, 'marketable' price, and is staged properly, you will have to worry about fewer comparable homes competing against yours for the attention of that one perfect buyer. And, finally, other vendors and real estate service providers such as: lenders, escrow agents or title companies, movers, stagers, etc, also see a dip in seasonal transactions, therefore assuring they have more time to focus on your needs. This can mean a quicker and easier closing process than in the the busy Spring Season.

For more information about preparing your home for sale before the Spring Rush and other useful tips for home selling, visit: www.MNMetroHousing.com. Also check out our Seller's Advantage pages (at www.ttroska.listingbook.com) to learn more about the unique tools and services that my team provides as a Listingbook Certified Agents.

Choosing a Home Inspector
01/12/10 (11:15 AM)

Purchasing a home can be a risky venture, even for the most seasoned real estate buyer or seller. Knowing the type of home inspector to use is importan,t and can mean the difference between that winning sale and years of lost potential revenue. Before selecting a home inspector here are a few things you should consider:
• Ask if they carry Errors & Omissions Insurance - this helps protect you in the event an inspector missed or misdiagnosed a component of the home that the inspector is required to inspect according to industry standards.
• Look for inspectors who offer General Liability Insurance as an added layer of protection - An inspector who doesn't carry general liability insurance does not protect against property damage in the event the inspector damages property before or after inspecting the property.
• Request training qualifications - Training is key to a proper home inspection. Many inspectors may not have received formal training. Training limitations can lead to potential problems in the event something is not properly inspected.
• Seek out inspectors who meet industry and/or state standards - Hiring an inspector who does not adhere to industry or state standards could result in missing thousands of dollars in problems, costing you additional money, time, or aggravation.
• Ask if they provide services outside of a general home inspection - Often home owners would like to have other areas of a home inspected such as a radon or pool inspections.
• Identify inspectors who are impartial - Impartiality during the inspection process helps to avoid raising an unnecessary alarm; the inspector should remain objective while communicating the inspection findings in a professional, non-threatening manner.
• If you are a seller and a buyer has a home inspection that returns a lot of "red flags" in what would otherwise be a healthy, safe and well-conditioned home, you might want to ask who handled the inspection and possibly even get an inspection yourself upfront to avoid any unnecessary suprises.

Contact your professional real estate advisor for a referral to reputable home inspector. Your REALTOR® may have intimate knowledge and experience with inspectors who specialize in your market area, or even your area of concern. Although, a REALTOR® is not a licensed home inspector and cannot dispense legal advice for extraordinary circumstances, nor can they protect from liable, they are your first line of defense and can often point you in the right direction.

For more information, or for a referral to a reliable home inspector in your area, contact Tanya Ericksen-Troska or checkout the Additional Services section at www.MNMetroHousing.com today.

Happy New Year! Market Update
12/31/09 (05:11 PM)

Dear Friends,
I am in the midst of preparing for a new year, cleaning up; reorganizing, and educating myself about new programs available for my customers, and it dawned on me that many of you may not be aware of a recent change that might have an effect on your immediate real estate dreams or goals, so I thought I would take a moment to pass along some information to you regarding the expansion of the homebuyer credit which now encompasses anyone buying a home.

This newest update means that you may qualify for a credit of up to $8,000 if you are a first time home buyer, and up to $6,500 credit if you are an existing homeowner and you have lived in your home for the past 5 years. This credit will expire in April of 2010, so if you or ANYONE you know is even thinking about a home purchase this year, please pass this information along to them. And, please don’t hesitate to contact me with any questions.

Now is a great time to take advantage of historic low interest rates combined with ample inventory at historic low values.

Best regards and a Happy New Year to you and yours!

Don't Wait! Plan Your Real Estate Goals & Strategies Today.
11/04/09 (12:37 PM)

There are several changes coming that may have an effect your ability to purchase (or sell) a home very soon.One of those changes is the expiration of the First Time Homebuyer Tax Credit Program. The other is the contribution levels and/or down payment options through FHA as well as the cap limits on FHA financing. If you, or anyone you know, is even thinking about buying or selling a home in the next several months there are things you’ll want to know now… and actions that you might not be able to wait on.

Here’s just one example. Everyone keeps hearing about the November 30th deadline, but few people understand the ramifications of that deadline. If an extension does not get approved, then the November 30th date will remain the final date for you to CLOSE on your purchase in order to qualify for that $8000 tax credit. Meaning, you’ve successfully exchanged ownership through title by that date. Most ‘normal’ resale transactions today can take anywhere from 15-30 days to close on average. When you start factoring in financially distressed properties that require the authorization and complete paperwork of a 3rd party; most often another banking institution who may be taking a big hit on the transaction, you’ve just extended that to an average of 60-90 days. Rarely; occasionally, you might be able to push through a foreclosed property, or short sale that has been previously PRE-APPROVED for the sales price in a shorter amount of time, but that is increasingly more difficult. And, if you haven’t been preapproved by a lender already to even make a “qualified” offer, those 3rd parties won’t even look at your proposal to purchase. Therefore it is EXTREMELY imperative that you get pre-approved by a reputable lender/mortgage broker who has your best interests in mind; that you work with the RIGHT Real Estate Professional who can pre-filter those current listings (sellers) who might not even talk to you unless you’re approved for a certain loan program; and that you give yourself enough time to accomplish your goals.

And, there are several other factors already in play which could affect your goals, and some new ones coming (November 3rd--), that could completely change the playing field all over again.

So, here’s my professional advice:
1. Decide what your ultimate goal is: tax write-off(s), long-term investment, a place to settle-in and call your own; possibly raise a family.
2. Give yourself an estimated timeline to accomplish this goal.
3. Work with a reputable real estate professional who will help you accomplish your goals.
4. COMMUNICATE with your REALTOR® about your goals. (The more we know, the better we can help service you and keep you on track.)
5. Get Pre-Approved so you know what your Negotiating strengths and weaknesses are up-front when you’re ready to start looking to buy.
6. Get a REAL assessment of your current property. And, work with an Real Estate Professional who is strong enough to tell you the truth and not just what you want to hear.
a. In this market, there is: “what we would like to have” and “what is reality”. Sometimes those two align and come together. Sometimes they do not.
b. If they do not… then you need to reassess your goals and make a decision now; listen to the professionals. The stress of marketing an over-priced property will wear you down, and you could lose a lot of money in the end.

To start getting a “REAL” picture of what’s available for sale in and around the Twin Cities today, and what property is REALLY selling for, sign up for a FREE Listingbook account at www.ttroska.listingbook.com.
OR… sign into your already activated Listingbook account. And, if you know ANYONE even thinking about a move – remember to share this information with them as well. Don’t keep it a secret. They will thank you for it!