#98 Monday Morning Mortgage Tip: Emmy Lebert with Dakotaland FCU

Posted by Shane Andersen on Tuesday, August 27th, 2019 at 7:06am.

Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Emmy Lebert from Dakotaland FCU. Today, we talked about the auction process and how that works when you are financing a home that you may purchase on auction.  You can reach Emmy at 605.697.5922 or emmyl@dakotalandfcu.com  Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com

 

Auction Properties

- All right, good morning everybody, Shane here the Brookings Home Team, powered by Century 21. Taking a week off last week, we're back at it today. 8:15, it's Monday morning, and it means it's our Monday Morning Mortgage Tip here with Emmy from Dakotaland. And just before we get going guys, remember to let me know as you're jumping on, give us a heart, give us a thumbs up. Let us know where you're coming from. And if you have any questions for us, please let us know, and we'll answer 'em either now or down the road. So what do you got for us today, Emmy?

- We are going to talk about auction properties this morning considering it 'tis the season. So when you go to an auction property, first of all you're gonna wanna make sure that you are pre-approved before you go. There is no contingencies on auction property so you cannot make it contingent on the sale of your current home or anything like that. And then a lot of the time they do require a down payment of earnest money at the time of sale, so whether it be five, 10, 15, 20% down. Just know that that actually does go towards your loan as well so you don't have to have another additional five percent down or anything like that at the time of loan closing. So that does transfer over. The one thing also too is we do require appraisals however. So if you're appraisal comes back lower than what your purchasing the property for, that difference is gonna be where you're gonna have to have cash in hand.

- So yeah it's important to make sure that you have a rough idea of what it's worth. And if it's appraised for less than what you, or more, am I doing that right?

- Yep.

- Appraised for less.

- Appraised for less.

- Than what you're purchasing it for then you're gonna have to come up with the cash too. And remember, as far as home inspections, you're certainly welcome to do a home inspection generally on these. You have to do it before the auction takes place, and keep in mind you pay a couple hundred dollars for inspection, doesn't necessarily mean you're gonna get that home either. But it cannot be contingent upon a home inspection if you do purchase it. So good information. If they have any questions, Emmy, how can they get ahold of you here?

- You can get ahold of Dani or I at 605-697-5922.

- Perfect. Thanks guys for watching, and be sure to share or tag this video with anybody else you believe would be interested in it as well. And don't forget Cast Out Cancer this Thursday. She's gonna be there. That's what you said, right?

- Yep. With bells on.

- With bells on helping pump gas guys. $0.21 discount. And from the full service treatment. We're gonna pump your gas, wash your windshield and run your money, or your payment in for you too. So all goes to a good cause, Relay for Life. So hopefully we'll see you guys this Thursday. Thanks to Dakotaland. And you get a chance to win one of two $50 Visa gift cards from these guys right here. So thanks for participating, thanks for being a sponsor in this, I really do appreciate it.

- You're welcome.

- So all right guys, thanks again, have a great week, and we'll see you guys Thursday.

- Happy Monday.

 

Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

 

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