Welcome to Eagan

Surrounded by all the great opportunities in Eagan for employment is a wonderful community that has a rich history and a bright future. Come and help Eagan celebrate its 150th Birthday. Eagan Township was established by the MN State Legislature on March 6, 1860. Eagan will celebrate it’s Sesquicentennial with a Funfest which will be tied into the city’s July 4th celebrations. This is another fine example of community events which make Eagan, MN a wonderful place to live and work.

The Funfest will have a number of events planned for Eagan residents and visitors throughout the Fourth of July weekend. These will include the traditional Eagan Bike Parade, a Patriot’s Pancake Breakfast, and the Funfest Carnival. Miss Eagan will also host an ice-cream eating contest against other community ambassadors. Also included will be one of the areas finest fireworks displays… the “Grand Finale Fireworks” on Sunday July 4th at dusk. For a full schedule of events please visit the website: EaganFunfest.org

For those of you who have sold your home and moved away from our city, I would like remind you that an “All Eagan Reunion” is scheduled during the festivities. I would like to encourage current residents to contact their former neighbors or family members who have moved from Eagan and ask them to attend the upcoming celebrations. It’s just a few weeks away now! The Eagan Convention and Visitors Bureau has special hotel bargains for the event. Watch for more about the reunion at Eagan150.com A special reception is being planned for the descendants of Eagan’s original families that appears on the census taken in 1860. If you are a descendant of one of those original families, please contact the Eagan Historical Society at (651) 675-5038.

I enjoy living and working in Eagan, so it is always a pleasure for me to introduce new people to this city. Being a real estate agent here in Eagan is a great opportunity for me to do just that. Give me a call when you are in town celebrating the Fourth of July, if you moved away in the past, maybe it is time to come home to Eagan!! I can help you when buying or selling Eagan real estate. There are many wonderful homes for sale in our great city and I will certainly do my personal best to find one in the Eagan Area Homes for Sale that is right for you.

Happy celebrating!

Hidden in the shadow of the Federal Income Tax Credit are the programs offered to home buyers right here in Minnesota.  I think it is about time that we focus a little on the financing programs offered by MHFA and these programs are not for just the First Time Home Buyer.  Long after the tax credit expires MHFA will continue to work and provide affordable housing financing solutions for working families.  They have several programs designed to help and even provide aid to buyers that might need help with down payment assistance, or money for closing costs and prepaid expenses.

Now I am going to give you the link to their website:  Minnesota Housing Financing Agency

Wow, did you go to MHFA’s website?   There is just a ton of information on this website about their programs, and great interest rates, down to 4.5% and that is FHA Fixed Rate 30 Mortgages.   Fix up rates, First Time Buyers, Developers, you soon find that all of this is just wonderful, but where do your fit in these programs?

First you start working with an experienced realtor who can help you find homes for sale, and real estate offered in the Eagan and surrounding areas.  That would be yours truly!  I would be happy to help you find that perfect home for you in the Eagan or surrounding area.

Second, you learn that MHFA is not a lender or loan officer from your realtor.  MHFA is a program that provide their programs to select mortgage lenders.  NO, not every loan officer is qualified to work within the MHFA programs.  The lenders that I work with have applied for and received approval to work with the MHFA programs.   And they have very qualified staff at helping you with the MHFA programs.

It is as easy as picking up the phone and calling my referral lenders and determining what programs offered by the MHFA you might be able to use in financing your home.  The parameters of the programs are somewhat interactive, and the absolute easiest way to see if any of these programs are for you would be to simply pick up the phone and calling one of my preferred loan partners:

Carrie Gaurrero – Cornerstone Mortgage Co. – Direct phone number:  952-808-2812

Ronny Loew – Waterstone Mortgage Corp, LandmarQ Group – Direct phone number: 612-424-6095

When using my services, you are free to use any lender of your choice.  However the reason I refer 100% of my clients to these lenders is based upon their professional knowledge and total commitment to 100% customer satisfaction.   If one of the MHFA programs is the best for you, then they will help you obtain that program and loan if possible.  Once they have your information that you provide over the phone, they can help you pick that program that meets your needs and best serves you as a buyer.

So get pre-approved by one of my excellent lender referrals, and then contact me to go shopping for that new home.  The market is going to be good for buyers throughout this spring and going into the summer.  If the Fed. Income Tax Credit program ends, please don’t let that discourage you from finding those other wonderful programs and interest rates that are offered by the top lenders in our area.

So give me a call, schedule and appointment in “Adventures in Real Estate” soon!!

Of all the items on a closing worksheet, the fees and services of the title insurance company are sometimes the most misunderstood fees by the buyer. What many do understand is the importance of the abstract for the property, and that the abstract had to be updated. In fact, you may still receive an abstract to the property which describes in great detail how the ownership of that real property has transferred to the previous owners over time.  The abstract proves assurance that the seller did own the property and thereby did have the right to sell that property to you. The transaction is then recorded at the county…known as recording of deed. But the deed, in fact, only says you were the last person to record the deed and that you had rightfully purchased that property hence you are the owner, right?  Well that deed says you are the owner.

One of my buyers purchased a home in 2009 and certainly thought everything was fine.  They had moved into their new home, had been making the payments.  Just as they were coming up on the first anniversary in the home….they were visited by a man working for a lender advising them that their home had been FORECLOSED on and they needed to START MOVING!! The asset management company that was hired by the bank foreclosing on the home had assigned a Realtor to pre-list the home and prepare the home to be listed on the market for sale. The Realtor noticed on the MLS that I had SOLD that home just last year, and luckily he also knows me, Dan Vigdal.

So I got the call from the Realtor explaining to me that he had made a visit to the property and had knocked on the door.  Needless to say, the exchange with the owner (my buyer) did not go the way he had expected. He was just calling me to let me know he is just doing his job as assigned by the investor.  I suggested I call the owner and let them know that he was “just doing what the investor had instructed him to do and asking if I could please advise them that voluntarily moving before the Sheriff’s Department arrived with an eviction notice would be a wise thing for them.”

I immediately opened up the county website and did a search for foreclosure sales by address. SURE ENOUGH!! That address had been advertised and SOLD at Sheriff’s sale in October 2009!! However, the borrower name on the foreclosure was an unknown person and I did not recognize that name. This was very interesting. So thinking that there was just a simple mistake made on the Sheriff’s records, I called the Sheriff’s Dept. and they confirmed that in fact the address was NOT a mistake and they couldn’t comment on the name of the borrower.

So, what could have possibly happened?? I really had a wonderful time with that buyer, and had a lot of respect for them. They had a great job, and were very careful to not overbuy and make themselves “house poor”…everything was very comfortable. This didn’t make sense.  Just how do you call someone in such a position and say, “so I understand your home is in foreclosure and you need to get packed before you get evicted.” I just could not think of any gentle way to ask the question, and it did break my heart to think of this nice family that maybe had fallen on hard times. But there still was the possibility of some mistake.  After all, the borrower of record in foreclosure was an unknown name.

You can imagine what I heard from my client when I did make that call. “Whatever are YOU talking about?” “My home has been sold by the Sheriff sale?” “Of course we have been making the payments, do you want to see the payment history?” After the initial shock wore off, my client did inform me that there had been a couple of visits to their home, but that they thought it was just a mistaken address as well.  After all, they had no idea who the person named in these visits (the “unknown borrower) was, so it must be some mistake!

OMG, WHAT DO WE DO?? The Sheriff’s Dept is working on an eviction notice, and of course everyone is following the appropriately executed county procedures and documents concerning this foreclosure sale that had taken place in October 2009. It is now April 2010 and the sixth month redemption period has ticked away. My client had no idea any of this had taken place – until now.

Without a lot of time to waste now, I instructed my client to dig out that stack of papers…you know, the ones that were given to them at closing? I reminded them that I always advised, if not insisted, that they purchase the owner’s title insurance policy in addition to the required lender’s title insurance policy. At this moment, this was proving to be very very good advise. With an owner’s policy, the owner has the right to make a claim to the title insurer to protect their rights and equity in the home if there is a subsequent claim made against the title. This “foreclosure” was definitely a claim against the title which that insurance company had underwritten prior to the closing of my client’s property.

I will tell you the ending of this story in just a minute.  First, I want to make this distinction of owner’s policy and lender’s policy. Had my buyer not purchased the owner’s policy, they would not have any claim to make with the title insurance company. They would more than likely not received any help on their behalf because they would not have been an insured in this case. If they had not received an immediate assistance from the title insurance company, the Sheriff may have proceeded with the eviction unaware of the mistake in paperwork years before. The lender would have been protected, and eventually they would have filed the claim to protect the property, but that could have been weeks or months later.  In the meantime, my client would have had to move from their home.

Alright back to my client, after doing some digging, they came up with that stack of paperwork which, honestly, most people never think they will have to look at it again after closing. I asked them to go through that file and find the Owner’s Title Policy, call issuer of that policy and explain to them what was happening, and ask them what they can do to stop this process immediately.

At this point, there is some vindication that I am absolutely correct. When they called the title insurer and explained what was happening, the insurance company did immediately take the claim and began the process to stop the foreclosure action. They called the County Sheriff’s Dept and were successful in getting them to stop the eviction process.

After several days of searching the title insurance company found that somewhere in the past, and long before my clients every arrived at the property, there was a court action concerning the “unknown borrower” that was registered on the Sheriff’s sale. That person had evidently filed bankruptcy, and the loan on the property had not been correctly released. The investor who had that loan had since failed, and the investor who purchased the loan portfolio legitimately thought they had a claim to the collect on that loan and ultimately a claim to the property. They had filed the foreclosure action, and it proceeded without my client ever realizing that was taking place. The title insurance company did their job, and provided the protection that they had promised my buyer and…the rightful owner of the property!

I realize this is a long article. These issues can be complicated and, as you see, can involve legal action. I wanted to share this story with you, because we seldom hear the actual use of and absolute value of title insurance. When selling Eagan Real Estate and home is the surrounding areas, I often advise my clients to use a very reputable title company. This is just one of the reasons I work closely with, and highly recommend the services of our local title company, Trademark Title Services. In addition to top quality services, accurate documentation and timely closing services, they do have excellent title insurance coverage that should give you peace of mind.

Just think, you could have heard about my client and their problems with a mistaken identity eviction. It would have been an interesting dig for a news correspondent…”family mistakenly evicted after home sold in Sheriff’s sale in foreclosure.” But the reason you didn’t hear about it on the 6 o’clock news is that the title insurance company was there when this family needed them.

I just love happy endings! Don’t you?

Buy the Owner’s Title Policy from a reputable Title Company!  It IS worth it and I have a buyer that will back that up!

I have a CDPE Designation. What does that mean? Certified Depressed Property Expert. I have received extensive training, and have the support of a national organization that specializes in the knowledge area to work with Short Sale and Foreclosure properties. I can put this knowledge to work for buyers and sellers alike.
Just contact me and I will be happy to schedule an appointment to discuss the current market, programs and how they effect you.

Are you falling behind on your mortgage payments? Do you owe more on your home than the market will provide i a sale? Are you interested in selling your home and avoiding a foreclosure process? Many homeowners and families find themselves in this situation. The new HAFA program combined with my CDPE can give you as a seller an alternative to foreclosure and that is a process of selling your home in a short sale. The changes in the programs are going to provide relief for owners in a hardship situation to sell their home in a short sale and avoid foreclosure procedures and deficiency judgments against the homeowner in the future. Contact me for a free consultation of what these programs might mean to you.

Join the Investment Property Guys for an Investment Property Seminar IP201 – Renting Homes for $1500+ Per Month.  Follow this link to sign up for this FREE seminar.  http://www.investmentpropertyguys.com/seminar.asp

The volume of higher priced homes that are being sold in either short sales or foreclosures is creating an opportunity for investors.  The previous owners of these homes are now in need of a place to live.  Most have been homeowners for years and have no desire to move back into an apartment or multi-family setting.  These new tenants probably have good income and a strong desire to remain in the neighborhood.  They may have simply had a blip in their financial lives as a result of a job loss, medical problem, divorce or other temporary situation that led them to be unable to pay their mortgage payments.

This type of tenant can be fantastic to have as they understand how to maintain a property, they pay their rent on time as they have good jobs, and there are looking to put root down somewhere.  With this opportunity in the market, we want to teach you how to rent to these types of tenants.  How do you find someone that is willing to pay $2000 or even $3000 per month for rent?  What types of properties work best?  How can you command that rent?

Steve Rajajuori, from REI Property Management, will be sharing his experience with renting properties in this price range (over $1500 per month).  Come to this free seminar and learn from an expert.

So you would like to buy a foreclosed property that is owned by a bank.   These are all great deals, right?  The lenders do not want to own houses in Eagan, MN so they will be just waiting by the phone for that offer to come to them, RIGHT?! I hate to curb your enthusiasm here, but the process of purchasing a foreclosure home is much the same as any other real estate purchase – sometimes even a little more complicated.  I have been know to call the process “Adventures in Real Estate” which is actually a subject for another post in the near future.

So back to the process of purchasing a foreclosed home.  The seller (lender in this case) has some real estate for sale and they may not know what the property is actually worth in the current real estate market and in its location.   The seller asks a REALTOR to represent them and to provide them with a CMA (comparable market analysis) to help the manager at the lender determine what list price they might expect to get on the market.  They also send requests to a number of other  Realtors and ask for a BPO (Broker Price Opinion) which is a market analysis done by that Realtor.  So many times the lender’s asset managers will have several professional opinions regarding the value of a home in the current marketplace.  Based upon those opinions the seller will set a list price for the property and place their listing on the market with a Selling Broker.

At this point the foreclosure property is subject to the opinion of the buyers on what the actual market price for the property would be.  Let’s suppose that the seller decides that this property should be listed higher than actual market prices.  They will experience the same market reaction from the buyer’s as any other listing of homes for sale, there will be only a few showings and either no or only lowball offers.  If the list price is low enough to find value with the buyers that are currently in the market the selling agent may receive multiple offers for this property and if the list price is below market value then some buyer(s) will find value and actually offer higher than list price for a foreclosed property.  Just keep in mind that the list price is the public offering price advertised on the MLS and also the internet.

We are seeing a lot of activity in the Eagan area real estate market at this time.  Given the volume of homes available, Buyers are sure to find these properties that are value priced appropriately and they will sell quickly.   To give you the entire picture of foreclosed properties in Eagan, there are 16 foreclosures that are now PENDING (waiting to be closed), and in the first three months of 2010 there are an additional 17 foreclosed properties that have SOLD.

For those that like statistical analysis, if you take the 27 available bank owned and foreclosed properties and apply the rate at which they are selling in Eagan, those remaining 27 will be PENDING OR SOLD within the next 45 days.   Sure, there will be additional new foreclosures entering the marketplace during that time (unfortunately), but when they come on the market and if the seller gets the price correct then they will not be available for long.

So if you are looking for a foreclosure in Eagan, MN or surrounding area, give me a call.  I can help you with finding and making a successful offering to purchase the right property for you.

So why am I doing this blog thing? Oh, that’s right, to find more buyers and sellers. To find more people who need and want my services and to help them buy and sell real estate; you know, homes, houses, land, builders, farms, lots mostly in residential real estate, and mostly in Eagan, MN and the surrounding area. That is where I am currently centered, and I have considerable market and neighborhood knowledge although I have also bought and sold homes in many areas of  Minneapolis and Saint Paul, MN. I do most of my business in the “south of the river area” of Saint Paul, because I also live and work in this area, just off Dodd in the Burr Oaks Addition of Eagan, you should come and visit Burr Oak Park sometime ( more about parks and recreation at some other time).

So the question is: am I an “UNWANTED REALTOR”? Maybe people don’t want to work with ME!! Or could it be that I am so good at helping people find their homes, that I am out of buyers and I need to find more? We all are aware of the fact that in this business of real estate there is more about the relationship between a Realtor and their clients than meets the internet, or I mean eye. But getting eye to eye with the people who can and will use my talents is the challenge that faces all Realtors, and therefore we need to work on ways to meet new and exciting people, and I am hoping if you are actually reading this article you may be one of those people or know of someone who can put me to work helping them buy or sell real estate.

I have been helping people buy and sell homes for a number of years, and with a couple different brokers. My current broker, RE/MAX Advantage Plus (RE/MAX Broker of the Yr 2008) and The Minnesota Real Estate Team are really working hard and provide me with all the tools and support that help me give better service to my buyers and sellers. The results are in for 2009 and The Minnesota Real Estate Team is the #2 RE/MAX Team in sales volume in the United States……#2, and we sold over 700 homes in 2009. Give us a try sometime - no rush or push - just contact me about getting started, because it is easier than you think, and a lot less hassle than most would believe.  That is where my expertise, education, and professional back ground pay off for most of my clients.  Some of my past client’s comments posted on the tab in the right margin, I thank each and every one of them for giving me their business.

Are you next? It is really is easy, give me a call or contact me here – dan [at] danvigdal [dot] com  to schedule a meeting over a cup of coffee to discuss the details of your real estate needs.

Oh, got to go, the phone is ringing

There are many great opportunities in Eagan, MN and the Eagan area for those who are considering purchase of an investment property.  The market is good for investors in general with the market price adjustments that have taken place in the past few years, but the Eagan area homes for sale have some added benefit to offer an investor.

When I write about the Eagan area, what is that exactly?  That would be Eagan, Mendota Heights, Inver Grove Heights, Apple Valley.  And that area is immediately adjacent to the Minneapolis/St Paul International Airport which with all the companies that have operations in and around the airport make this area very attractive to all the employees who work at those companies.  Hotels, rental cars, cargo and freight, customer service agents, mechanics, TSA security and of course the list goes on and is a major part of the economy in the surrounding area.   There are also other areas for those people that work at the MSP airport such as Bloomington, Richfield, South Minneapolis, St Paul Highland Park – Groveland areas are also very easy commutes for those that work at MSP airport, and many people who work at the airport do also live in those areas and have an easy commute.

So what would make Eagan and the surrounding area more attractive to investors who are looking for rental property would be the additional amounts of industry and employees that work in the Eagan area and would be attracted to a nice rental property in their own back yard.  Major industry and employers such as Thomson Reuters (West Pub), Lockheed Martin, Blue Cross Blue Shield of Minnesota, US Postal Service, United Parcel Service, Coca-Cola Midwest Bottling, Ecolab and the list goes on, the unemployment rate for Eagan is still below 6.0% as of December 2009 as opposed to the season adjusted average for the State of MN at 7.4%.

With jobs and a good economy, there is plenty of demand for good rentals in the Eagan area.  Combined with the recent market adjustment to the price of homes, town homes and condos in the Eagan area there are more reasons than not to consider finding a rental property in the Eagan Area.

If you are interested in learning more about investment property, I would suggest that you consider joining us for one of our FREE Investment Property Seminars that is put on each month by members of our group at Investment Property Guys.com . Just go to the website and find the link to the seminars.  You can sign up online under the seminar tabs or just contact me and I will get you registered for that seminar.  They are on my events calendar on my Eagan Area Homes website as well.

The location of this seminar is at Cornerstone Mortgage 436 Gateway Blvd, Burnsville, MN 55337.  Your co-host for this event is Rob Bonahoom is an expert financial adviser for many of our active investors.

The seminar is FREE and open to anyone thinking about real estate property investment.

And when you are ready to make that investment into some rental property, just contact me and I can give you a hand with your search and purchase of some great investment property opportunities right here in Eagan, MN and the surrounding communities.