One Level Shakopee Town Home Handicap Accessible

Tom Scott and the Twin City Real Estate team with Remax Advantage Plus in Shakopee recently listed a solid one level Shakopee town home that is handicap accessible. The Shakopee town home is located in the high demand Stone Meadow development in Shakopee. This development is great and the association VERY well run in my opinion. They keep their association dues very low at only $120 per month and the development recently had all their roofs replaced.

This handicap accessible one level Shakopee town home has 2 bedrooms, 2 bathrooms and is close to 1400 sqft. There is a really cool octogonal sunroom off the back of the home that also has easy access to a very private patio. Behind this town home are single family homes with a nice tree line creating a nice break between the homes and lots of privacy.

When you walk in on the main level which features NO stairs  you are greeted by a nice cozy three sided fireplace dividing a formal dining room, which is currently being used as a library, and the living room to the left. The kichten overlooks the dining area and includes lots of cabinets and an eat in breakfast area. Just off the kitchen is the laundry room.

Other features on the main level include a private master bathroom and large walk in closet in the master bedroom and an additional guest room or office. There is another full bathroom for guest to use that is also handicap accessible.

If you would like to set up a showing or want current pricing information, make sure to email me at TomScott@Remax.net or give me a call 612-384-2178

This one level Shakopee town home is a great place to call home! View the virtual tour here

Large Shakopee Rambler Homes For Sale on 1+ acre

If you are looking through the Shakopee MN MLS listings it is hard not to pass on this solid rambler in Shakopee on acreage. 523 Barrington Drive in Shakopee MN has almost 2300 sqft on the main  level alone. This custom rambler sits on just over an acre of park like setting and also features a volleyball court and private water feature. There are many outdoor living spaces as well including a west facing porch, South facing covered porch and East patio for morning sun.

The main level of this Shakopee rambler features a large entry with double doors leading to the great room, four season porch, gourmet kitchen, main level laundry, informal and formal dining rooms, master bedroom and bathroom, additional bedroom and bathroom for guest and also a half bath.

The lower level of this home has storage everywhere! So many rooms for crafts, activities and plenty of room to tuck away all your possessions. There is a theater room in the lower level, game space and a custom built bar. There are also two additional bedrooms and a large bathroom.shakopee homes for sale

If you would like to set up a showing or want current pricing information on this great custom built Shakopee rambler feel free to email us or to call the listing agent Tom Scott at 612-384-2178

 

Incoming search terms:

  • Shakopee

With MN Short Sales, Can Cancelled Mortgage Debt Be Taxed?

Without Qualifying for Exemption, Forgiven Mortgage Debt May be Taxed

I always advise you to talk to your account and or attorney as I am not an attorney or account and can not give you legal advice pertaining to MN Short Sales. With hundreds of thousands of homeowners having negotiated loan modifications, MN short sales or been foreclosed upon during the past year, the Internal Revenue Service (IRS) has issued fresh guidance on how to handle canceled mortgage debt during the tax season.  In its latest guidance, the IRS focuses on several key points that MN homeowners  and former owners need to know, especially pertaining to MN short sales. One guideline is just because a lender wrote off a portion of your mortgage debt  doesn’t mean you automatically qualify for special tax treatment during a MN short sale. To the contrary, there are essential tests you need to pass to qualify: The debt your lender canceled during the MN short sale must have been used by you “to buy, build or substantially improve your principal residence.” Anyone who has had mortgage debt cancellation as part of a loan modification or foreclosure should go to IRS.gov and download Form 982 and IRS Publication 4681 for additional filing details. If you think you may potentially have a reason to call due to an MN short sale or foreclosure you can also call 800-TAX-FORM to request copies. Lenders who write off unpaid mortgage balances typically provide borrowers with a year-end IRS form 1099-C cancellation of debt statement, including the amount of the loan forgiven for the MN short sale and the fair market value of the property. If you’ve had mortgage debt canceled but have never received a 1099-C from your lender, get in touch and request it if you want to avoid federal tax hassles. If you need any help with MN short sales we, the Twin City Real Estate Team with Remax Advantage Plus in Shakopee can help. We work with multiple attorneys in the area that offer free consultations to show you your options if you are considering staying in your home, foreclosures or MN short sales.

Shakopee MLS Listings vs Home Prices

Shakopee Home PricesShakopee MLS listings have dwindled as I wrote yesterday, but I was curious to find out exactly how much home prices in Shakopee were affected.At the height of the Shakopee real estate market it was hard to find a Shakopee home for under $200,000. The average home prices for Shakopee townhomes was over 193k in 2006. Today Shakopee home prices have slipped and the average sales price for a townhome is just over $110,000! When looking at the Shakopee MLS listings this morning I looked closer at the market and homes ARE SELLING. There are 268 “active” Shakopee MLS listings available today, and the reason I use quotations is because of the 268 “active” Shakopee MLS listing there are 60 homes that show as active, but have pending contracts on them, not including the 73 Shakopee homes with pending offers waiting to close. So currently today there are 208 active homes on the Shakopee MLS and 133 homes with contracts. There are a few things I see, 1) Shakopee home prices hopefully will stabilize soon 2)  there are not a lot of GOOD MLS listings out there 3) Home are selling!

If we take a close look at Shakopee Home Prices higher values are harder to come by. Of the 268 active Shakopee MLS listings:

45 homes are under $100,000

110 homes are under $150,000

215 homes are under $300,000

only 15 homes are over $500,000

Click here to find what are the four most expensive listings for sale in Shakopee?

Here is a link to search all Shakopee MLS Listings and Homes For Sale

Shakopee Real Estate Inventory Low

It seems within the last few weeks the Shakopee real estate inventory has dropped to recent lows. Last time I check all Shakopee MLS statistics there were only 265 Shakopee homes for sale. Typically the Shakopee MLS seems to generally support 300-325 Shakopee homes for sale on average, but I would attribute the low Shakopee real estate inventory due to less forecloses coming on the market and also a lot of sellers that may not NEED to sell, just staying put for the time being.  I am hearing from many buyers being frustrating with the lack of good quality Shakopee homes for sale on the market. It seems there is either a lot of unrealistically high homes on the Shakopee MLS for sale or there is a lot of plain junk homes out there. Banks keep saying they will be “releasing” more inventory, but I have heard that since the first of the year. Although we may be in a buyers market overall where many properties sit on the market, I have also seen many Shakopee real estate transactions with multiples offers. Make sure when looking on the Shakopee MLS you contact Shakopee real estate agents to find out if the home has any contingencies. Many buyers run into this frustrating situation and feel they are being lied to because many homes that are for sale on the Shakopee MLS can actually have contracts on the, but still show as active listings. My advice if you are looking to buy a home for sale in Shakopee is to be patient, act fast and be realistic. You Shakopee real estate agents know the market and can help put together a market analysis to advise you what a good price may be to come in at. Sometime even going over list price may be needed to get your offer accepted.

Handicap Accessible MN Townhomes For Sale

Finding a handicap accessible MN townhome is not an easy task. Many MN townhomes are just are not made to be 100% handicap accessible. Sure, even if you look at the MN MLS you might search using terms such as one level living or all living facilities on one level, but that doe not necessarily make the MN townhomes for sale handicap accessible. To me a true handicap accessible MN townhome will have switches accessible, wider door ways that are accessible via wheelchair, wider hallways and one large detail, NO STAIRS outside. So many “one level townhomes” have a stair or two to get in. I recently had a conversation with someone about how hard this can be if you are in a wheelchair.

If you are considering looking at MN townhomes and need a good, quality built true handicap accessible townhome, we have the perfect place for you. We will be listing a Shakopee townhome this week that has everything I said above and is such a good neighborhood with such wonderful people there. I may be a bit partial being my Mother used to live in the neighborhood before she passed away. Anyway feel free to give me a call on the home, it is at 1935 Boulder Pt in Shakopee and we will be listing the townhome soon for $175,000. This handicap accessible townhome is a 2 bedroom, 2 bathroom one level MN townhome with about 1400 sqft. It includes a two car garage, sunroom, gas fireplace and a nice layout. Feel free to contact me if you would like to set up a showing.

New Federal Program available for Homeowners on the Brink of Foreclosure

                On the brink of foreclosure?  The federal government has issued a new program that would give up to $50,000 dollars in “interest-free, forgivable loans” secured by liens against the existing home.  The loans would only be available to those in danger of foreclosure due to unemployment, underemployment or medical issues.  For all that apply, only 1,405 Minnesotan homeowners will be chosen from the pool of eligible applicants.  Applications will only be accepted through July 22, 2011.

                This program is supposed to reduce the number of foreclosures in the state by 5% or more, which is a step in the right direction considering the 25,673 foreclosures last year in Minnesota.  This will help current Minnesotans in foreclosure, but it is too late for people who have had difficulties from 2007-2010.  The program was created by HUD, which allocated over $50 million to use in Minnesota over the next two years.

                The main purpose of this new program is to help homeowners weather the downturn in the economy, but the program does reserve the right to cut off funding if a recipient’s income returns to original levels made two years prior.  Loans given to property owners will be forgiven by 20% every year, making the loans completely curable in five years.  However, government has set forth certain qualifiers to become eligible.  These qualifiers include:

  • Being unable to make mortgage payments for the past three months or longer.
  • Living in the house.
  • Have faced an income decline of at least 15% because of unemployment, underemployment, or medical issues.
  • Households of four within the Twin Cities must make less than $100,800 annually.

Once the July 22 application deadline is reached, applicants will undergo a more thorough screening process to become eligible for one of the 1,405 chances to receive a loan.  Given the unique nature of this program, many believe it is a one-time opportunity, so make sure to apply if you are an eligible homeowner!

If you would like to discuss your options, Tom Scott of Remax Advantage Plus and the Twin City Real Estate Team work with local attornys that would offer a free consultation and legal advice. Depending on your situation, the attorney may choose to work with you at no additional cost as they are also compensated by the bank during a short sale if you elect that as an option.

You can reach us at 612-384-2178 or TomScott@Remax.net

Shakopee Foreclosures? Use the FHA 203k loan program

Like many other MN Homes, Shakopee foreclosures are just as prevelant. To  purchase some of those detressed foreclosure properties you need a LOT of $$$$ to repair the MN homes to bring them up to par, because the banks won’t lend the money to buy the house until the repairs are complete. I recenlty had a client use a great program for Shakopee foreclosures. The program is called the FHA 203k loan program and I used Wells Fargo in Shakopee to do the MN FHA 203k loan program we just closed on. There are a few other companies that do the MN FHA 203k loan program, but not all loan officers do, so make sure to check if you are looking in a price range that may need repairs.

More MN FHA 203k Loan Program Information

  •  The downpayment requirement for an owner-occupant (or a nonprofit organization or government agency) is only 3.5% of the purchase price and repair costs of the property.

The MN FHA 203k loan includes the following steps:
A potential homebuyer locates a fixer-upper and executes a sales contract after doing a feasibility analysis of the property with their real estate professional. The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent on loan approval based on additional required repairs by the FHA or the lender.

Find an approved MN FHA 203k loan officer

-Submit repair bids from A LICENSED CONTRACTOR, if you are not licensed, you CAN NOT do the work.

The appraisal is performed to determine the value of the property after all repairs are completed, they don’t need to be completed prior to closing, but they do the appraisal as if those repairs were completed.

If the borrower is approved through the loan officers underwriting , the loan closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs and the allowable closing costs. The amount of the loan will also include a reserve of 10% to 20% of the total remodeling costs and is used to cover any extra work not included in the original proposal.

At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.

The remodeling can begin after closing.

Escrowed funds with the title company on MN homes are released to the contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10% of each draw is held back; this money is paid after the lender determines their will be no liens on the property.

If you would like more information about the FHA 203k loan program, a good loan officer familiar with the process or Shakopee foreclosure list make sure to contact me.

Search all Shakopee Foreclosure Listings

Smaller Shakopee Homes and Real Estate For Sale

Smaller Shakopee homes for and real estate for sale should be a consideration especially after the economy that we went through and still are in. Although you may long for a nice large piece of Shakopee real estate or one of those new construction two story Shakopee homes for sale with lots of square footage, that may not necessarliy be the best option depending on you and your family. If you have a larger family, you may want or NEED that space to have at least some of your “own. Most empty nesters tend to downsize and many other people are getting a smaller Shakopee homes for sale. Even with Shakopee new construction the builders have tapered down the massive 5000 sqft Shakopee homes for sale. There are some advantages when you downsize and there’s nothing wrong with getting a home on the Shakopee real estate market that is smaller. We at Remax Advantage Plus in Shakopee and the Twin City Real Estate have a list of reasons why this is a good option.

Increased Cash Flow

 If you’re spending less on your monthly mortgage payment, you are likely to have money leftover every month to reallocate for other investments, hobbies or desires. Maybe with less of a mortgage payment you can save for a fun family vacation!

More Time For You

Save another bill and getting rid of the in home cleaning service if you are too busy to clean.Having less fewer rooms and smaller spaces cuts down on the time  needed to clean and maintain your Shakopee home. Smaller Shakopee homes can reduce the time spent on housework and busy tasks, leaving more time in the day to do something else more enjoyable and fun.

Lower Utility Bills

 It costs a lot less to heat  and air condition a smaller Shakopee home than larger home with more square footage. Typically in spacer homes you don’t see vaulted ceilings which have a lot of dead air to heat to cool.Less square footage decreases the amount of energy expended. Reducing energy is better for the environment and helps to keep your home green.  Having a smaller Shakopee homes also make it less expensive when replacing air conditioning units and furnaces.

Taxes

Typically having a smaller Shakopee homes for sale have less taxes amounts. Imagine if you have a large Shakopee home with taxes of $4,500 per year instead of a smaller Shakopee homes with taxes of only $1,800 per year. Over a ten year period of time that adds up to $27,000! If you compound that with an 8% interest per year compound it would almost add to $41,500!

Reduced Consumption

Want to be green? If there is no place to put it, you’re much less likely to buy it. That means less money is spent on clothing, food and other goods.

 Minimized Stress

 My favorite is less stress! Having that large nut to crack every month can make life a lot easier. Less responsibility, less taxes, less housework, increased cash flow and greater flexibility to do the things you want to do equalall reduce stress. Shakopee home owners who have successfully downsized sometimes appear happier when they’re no longer overwhelmed by the demands of a larger Shakopee home.

Shakopee Builder Looking For Feedback | Enter to win $50 gift card | F & B Construction

A local Shakopee builder, F & B Construction, recently sold their model home in Spring Lake Estates just south of Shakopee about 4 miles down Marschall Rd. We would like to actively hear what consumers are looking for in their floor plans. We recently sold a rambler that was about 1881 sqft on the main level with a office and two bedrooms on the main floor.

F & B construction builds quality homes that last.  They won’t be the cheapest Shakopee  builder short term when you compare F & B Construction to national builders like Lennar Homes in Shakopee, Ryland Homes in Shakopee or Mattamy homes in Shakopee, however they will not cut corners with the quality of their work.

F & B Construction uses top quality materials like Marvin Integrity windows, finished on site flooring, plywood subflooring instead of chip board, thicker gauge siding and custom cabinets from a local cabinet maker in Jordan MN. They take pride in everything they do and have numerous happy customers. Even when comparing against national builders, they are still competitive. Standard features F & B Construction includes when building a home is a concrete driveway, flooring allowance adequate for REAL hardwood floors, garage door openers, knockdown ceilings, an appliance allowance, fully painted home and a fully sodded yard. Ihave seen many Shakopee builders charge additionally for these items. F & B Construction uses all the same sub contractors so you know your home will be built by the same people every time.

While not using “box cabinets” or a prefabricated hardwood you have more flexibility to choose the stain colors for you home. If you can dream it, F & B Construction can build it. They have floors plans to choose form, alter or create your OWN CUSTOM PLAN.

A client told F & B Construction how an energy audit was done on their home and if that home had gone through the qualifying, it would have been rated an energy star home. F & B Construction does not need the reassurace of paying to qualify as an energy star home, they just build homes right.

Please fill out or contact form  and mention this blog to register for a chance to win a $50 Bonfire gift card. Note what you would like to see that is missing with Shakopee builders today. Is it that laundry hamper you grew up with, larger mudrooms, bonus rooms, different layouts, better quality products. Then mention what style of home you would like to see built.

F & B construction can build home anywhere within the metro area and would love to opportunity to sit down to earn your business and show you what sets them apart.

***registrations will be taken through July 31st, 2011 and the winner will be contacted via email on August 1st, 2011***

Incoming search terms:

  • f and b construction