Advice for SF homebuyer? Short sale story to share? (Minneapolis: for sale, real estate market)

[lilamae217]

So I'm in the market as a first time home buyer and I'm a single girl living on a modest income so my options are somewhat limited.

I need a townhome (not mowing my own lawn, thank you) and in my price range...don't laugh, it's less than $105K...the only available options seem to be-

A. forclosures... hmmm 3 bedroom, 3 bath for $65K...interesting.
B. condominiums...which, in reality are just overpriced apartments with more opressive rules than you can shake a stick at. And I have pets so that doesn't fly.
C. scary, crime-ridden neighborhoods...I mentioned I'm a SF, right?
D. short sales...from which, based on online opinions gathered so far, I should run screaming down the street.

What's the deal? What's a SF to do?

Does anybody out there have even one positive short sale experience? (I'll admit I'm asking because I found a home I love that's a short sale and I'm clinging to hope I can make it work)
In a short sale, should I hire a real estate attorney in addition to a buyers agent to be fully protected?


I look forward to your feedback,

Thank you!

[Minnesota Attorney]

If you expect problems or complexities, it would make sense to have an attorney you can call for questions or help.

[Slig]

for the time being, it make more sense for you to rent.

[Clifford63]

Originally Posted by lilamae217

I need a townhome (not mowing my own lawn, thank you) and in my price range...don't laugh, it's less than $105K...

Just a thought - there are lawn services that mow yards for a lot less than typical association dues. With a tight budget, I would be looking to put every penny into a house and avoid fees.

[Camden Northsider]

I think people are in denial that you can actually get a relatively decent (small) house in a nice neighborhood on your budget right now in Minneapolis (1 bed/ 1 bath and the occassional 2 bed/ 1 bath). And it's not just Mpls, you can find condos on the shores of Lake Minnetonka listed for under $100,000 and homes across the street (fixer-uppers of course) for just over $100K.

Do your research on neighborhoods, target a couple that you think would be great places to live, and keep your eye on the MLS until something you like (or maybe could really like with a little work) in your target neighborhood/ area comes up - I never wanted to rent and save up before buying a house (couldn't stand the thought of paying a landlord's mortgage when I could just pay my own) and I've had no regrets, despite recently purchasing right before the bottom of the market totally fell out . And considering the current state of the real estate market, the "American Dream" of owning a home has never been more attainable in recent decades than it is right now.

[Slig]

I did an MLS search for single family homes and condos priced $100,000 or less in the metro area and came up with 1743 properties. Although I'm not sure what your urgency is to buy at this point, especially with the wallstreet meltdown/potential bailout. The housing market is undoubtedly going to continue declining until people stop the foreclosure spree. Unless you're planning on staying MINIMAL 5 years I cannot recommend buying as a good option.

[K-Luv]

Originally Posted by lilamae217

What's a SF to do?

wait until you can afford a little more house.

Or you can move to Maine and buy twice the house/property.

[sfw1979]

[quote=lilamae217;3588884]So I'm in the market as a first time home buyer and I'm a single girl living on a modest income so my options are somewhat limited.

I need a townhome (not mowing my own lawn, thank you) and in my price range...don't laugh, it's less than $105K...the only available options seem to be-

A. forclosures... hmmm 3 bedroom, 3 bath for $65K...interesting.
B. condominiums...which, in reality are just overpriced apartments with more opressive rules than you can shake a stick at. And I have pets so that doesn't fly.
C. scary, crime-ridden neighborhoods...I mentioned I'm a SF, right?
D. short sales...from which, based on online opinions gathered so far, I should run screaming down the street.

What's the deal? What's a SF to do?

Does anybody out there have even one positive short sale experience? (I'll admit I'm asking because I found a home I love that's a short sale and I'm clinging to hope I can make it work)
In a short sale, should I hire a real estate attorney in addition to a buyers agent to be fully protected?


I look forward to your feedback,

Thank you![/QUOTE

There were several that came up under 105k on ZipRealty Real Estate -- Homes for sale and local real estate agents
Hang in there, you'll find something!

[lalife]

I highly doubt that you will find a townhouse for less than $105,000. A decent starter house in a ok to good neighborhood ( ie Nokomis etc), can be found for $120,000 +. With only $100,000 the reality is that you are pretty much limited to condos.........however you may find a condo that has reasonable fees that sells for less than $100,000.

[lalife]

Originally Posted by lalife

I highly doubt that you will find a townhouse for less than $105,000. A decent starter house in a ok to good neighborhood ( ie Nokomis etc), can be found for $120,000 +. With only $100,000 the reality is that you are pretty much limited to condos.........however you may find a condo that has reasonable fees that sells for less than $100,000.

Ok, I would like to retract this. Lilamae, I sent you a PM for a great website of tons of properties in the Twin Cities. My statement above is biased because I am a Lakes lover and want to stay around them in S.Mpls. You can find many townhouses for under $100,000. These properties are in Hopkins, Maplewood, Brooklyn Park, Eagan etc.

Good luck in your search. I have been also looking for some time now too. Have looked at almost 50 properties and still haven't found what I want or can "afford"