We are pleased to announce we are now offering property management and rentals! We have a licensed Realtor on staff who is experienced and active in this area and happy to help! If you have a property that is vacant and you want help finding a tenant, we can help! If you have a property you would like help with managing day to day operations, repairs, collect payments, etc., we can help with that too! We have had a lot of questions and requests for these services over the years and we are happy we are now able to provide this service in our community! Feel free to give us a call anytime with questions or stop by to hear about what options are available. The best time to reach our property manager in person is Tuesday and Thursday mornings. Or call, anytime, 218-263-4411 Johnson Hometown Realty!
Phoenix, Arizona – Joe Jump and Jill Barrett with Johnson Hometown Realty were both recently recognized by Broker★Agent Advisor with the highest honor as 7 Star Agents.
“Joe Jump and Jill Barrett have met or exceeded criteria established by Broker Agent Advisor relevant to experience, reputation, and achievement and having demonstrated every quality characteristic of a superior real estate professional are hereby recognized and honored for exemplary service to their community and as a credit to the real estate profession,” said Chad Golloday of Broker Agent Advisors.
Joe Jump is receiving his 2nd recognition at this level and recently earned his Broker’s license in real estate.
Jill Barrett is a 3-time 7 Star Award recipient and also holds the highly regarded GRI (Graduate Realtor Institute) recognition in real estate.
“We are truly honored to work with these two agents who excel not only in how much business they each do, but more importantly in the quality and care they provide for each of their clients. They truly are top notch experienced agents that are very knowledgeable, dependable and professional. Congratulations to Joe Jump and Jill Barrett and thank you for being a part of our team at Johnson Hometown Realty and for providing such great service to our community,” said Marcy Johnson, from Johnson Hometown Realty.
Joe Jump and Jill Barrett are Minnesota licensed Realtors with Johnson Hometown Realty in Hibbing, serving the Iron Range area and beyond.
Joe can be reached at 218-929-0198 or firstname.lastname@example.org
Jill can be reached at 218-969-5780 or email@example.com
Joe & Jill can also both be found on Facebook!
Home financing translated into English that a normal person can understand….Part Seven
In the past we have looked at FHA, DVA, USDA, Conventional, and 203K Renovation loans as well as the mortgage assistance programs offered by AEOA and KOOTASCA. These are all bank or mortgage company lending programs and one of them will work well for most buyers. However, there is another option – owner financing – usually accomplished through the well-known and capable contract for deed.
A contract for deed, or C.D., is a financing tool that can allow buyers who don’t qualify for traditional lending options to purchase property. However, both buyers and sellers incur risk with this method of transferring real property and both buyers and sellers should seek legal advice before entering into a purchase agreement using contract for deed financing. Under a C.D., the buyer makes regular payments to the seller until the amount owed is paid in full or until the buyer finds another means to pay off the balance. The seller continues to hold legal title to the property until the debt is paid off. If the buyer defaults on the payments, the seller can repossess the property.
Many buyers view a C.D. as an easy way to buy property, and it can be a valid vehicle for purchase, but there is more to a C.D. than many people realize. Before getting excited about a contract, a buyer needs to ask and answer at least 5 questions:
- How much are you offering for the property?
- How much of a down payment are you willing to make?
- How much will your monthly payments be?
- What interest rate are you willing to offer on the unpaid balance?
- How long will the contract run?
The main advantages of a contract for deed include:
*No bank scrutiny
*Bad credit is not necessarily a problem
*An appraisal may not be necessary
*Quicker closing date is often possible
The main disadvantages of a contract for deed include:
*There is a risk of title issues if any clouds exist or develop during the contract
*Generally down payments are higher with a CD than with traditional financing
*Generally interest rates are higher with a CD than with traditional financing
*The length of a contract is negotiable, but typically shorter is preferred over a longer period. The national average is 5 years
*At the end of the contract period, the balance is due in full. If the buyer cannot pay the “Balloon” payment when it comes due, he risks losing the property and all money invested.
* Many sellers do not want to wait for their money so they reject a C.D.; Also sellers that have a mortgage on their property probably cannot accept a C.D. even if they would like to.
Throughout this blog series we have been telling buyers to make sure they are working with a good, knowledgeable lender. With a contract, no lender is involved, so in this case buyers need a Realtor with knowledge and experience dealing with a contract for deed. Both buyer and seller need to get legal advice before signing a purchase agreement that includes a C.D. And both buyer and seller should work with a good title company and/or attorney to draft the C.D. after an agreement has been reached.
Check our website at www.johnsonhometownrealty.com to see any of our previous financing blogs, and stop in to visit us at 2402 First Avenue, Hibbing or call us at 218-263-4411 anytime with questions! A big thank you to Vicki Carlson and Keri Clark of Sellman Title Company for their input on this topic!
How to Find Us!
2402 1st Ave., Hibbing MN 218-263-4411
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We are pleased to announce the addition of Rena Freeman to our team at Johnson Hometown Realty. Rena is a MN licensed real estate agent specializing in property management and
Rena was born and raised in Chisholm, MN and is a graduate of the University of MN, Duluth
with a double major in Mathematics and Teaching Mathematics. She also has her Master’s
Degree in Differentiated Instruction from Concordia St. Paul. After teaching for 7 years in the
Twin Cities and 3 years at Greenway High School, Rena earned her MN real estate license in
Rena and her husband moved back to the Iron Range to raise their two girls and currently reside in Hibbing. She enjoys running the Mesabi Trail, fishing, playing pickle ball with her husband and crafting and baking with her children.
“We are excited with the services we can now offer our community by adding a property management division,” said Marcy Johnson Broker of Johnson Hometown Realty. “Rena is experienced, intelligent and very people and detail oriented. Anyone looking for someone to help lease their rental properties or who would like someone to help take the pressure off of the day-to-day management of a property they own should give Rena a call.” Rena Freeman 218-969-3561.
Congratulations to Realtors Jill Barrett and Joe Jump for being honored as 7 Star Real Estate Agents.
They have both “exceeded the criteria in the areas of experience, reputation, and achievement…. having demonstrated every quality characteristic of a superior real estate professional and are recognized and honored for exemplary service to their community and are a credit to the real estate profession.”
We are truly honored to have them on our team at Johnson Hometown Realty and know that they both go way above and beyond in providing excellent service and care to their clients and their client’s need.
Minnesota REALTOR® Jill Barrett was recently awarded the highly acclaimed national Graduate REALTOR® Institute (GRI) designation. In completing the required curriculum, Jill Barrett, of Johnson Hometown Realty in Hibbing, MN joins other top REALTORS® in the residential real estate industry from across the nation who hold this designation.
“I am a proponent of lifelong learning, and I am always searching for more information and methods to do things better, so spending the time to get the GRI designation was a great decision,” said Jill Barrett. “Real Estate is not “sales” to me, it is all about relationships and making the process of buying or selling real estate as smooth as possible for my clients; helping them to achieve their goals. The GRI will help me to achieve mine!”
Jill earned the GRI designation by attending a specific, intensive series of classroom instruction, covering a variety of subjects including professional standards, legal issues, sales and marketing, finance and risk reduction, technology and social media.
With this achievement, Jill has made the commitment to provide a high level of professional service by securing a strong educational foundation of knowledge and skills to better navigate the real estate market and serve prospective clients and customers.
The Institute is designed to educate practitioners about local, state and national real estate practices that affect them, their clients and customers. Only members of the REALTOR® Association may earn the GRI designation. The REALTOR® Institute is more than twenty-five years old and has graduated thousands of REALTORS® nationally.
The GRI designation indicates to the public that the designation holders are members of the National Association of REALTORS® who have obtained a professional educational foundation on which to base their services.
Obtaining the GRI designation is a beneficial way for a REALTOR® to advance their professional image. The extra measure of knowledge and prestige achieved by completing this course work is a tool that will advance a career in real estate in attracting and building new business.
“Jill has been an amazing addition to our team at Johnson Hometown Realty,” said Jill’s broker, Marcy Johnson. “She goes above and beyond to provide excellent service and care to her clients. You really are not going to find a better agent to take care of your real estate needs. This designation, which is rare, is an example of the hard work and dedication Jill is committed to in making transactions go smoothly for her clients.”
Additional information about the Institute and other educational opportunities for professional real estate agents may be obtained by contacting the Minnesota Association of REALTORS® at 800/862-6097 or www.mnrealtor.com/mn-education-information under “Designations.”
In order to get a home built in 2020 you are going to need to get busy in a hurry, because you will need to acquire at least four things well in advance:
- A Building Site
- A Design/Floor Plan
- A General Contractor
- The building site needs to be accounted for before you can make any real progress in any of the other areas, so get on that now. There are currently lots available in and around every town on the Iron Range so contact a Realtor, find out what is available and start looking! And remember, the perfect home in the wrong place will always be in the wrong place….
- You probably have many ideas in mind about your dream floor plan, and perhaps even a few samples drawn out on paper. You need to take your ideas to an architect or a builder who can help you with blueprints and suggestions and estimates. This process can take time and needs to be thoroughly addressed.
- Which brings us to financing. You cannot go forward without the money coming from somewhere. Make sure you can qualify for enough; make sure your preferred lender can/will do a construction loan; find out how much your out-of-pocket expenses will be; and know what your monthly payments will be when all is said and done.
- Finding a contractor who is available when you need him may be the most difficult part of the entire process. Many of the good ones are already booked for this year. Keep in mind that most lots will require dirt work (i.e.driveway, site prep), connection to or creation of water and sewer facility, power brought in, as well as everything else required to construct a home from the bottom up. A good general contractor will arrange for all of the necessary tradesmen, permits and etc, but it all takes time (and money).
If you have questions about any of this, or if you would like information about the real estate end of the process, stop in or call one of the professionals at Johnson Hometown Realty. We are Here to Help!! 218-263-4411