Burnsville Home Sellers: Should You Rent It Out or Sell It?

Many Burnsville home sellers are faced with the problem of being "upside-down" on their mortgages. The fact is that in order to sell your home in the  market today you need to pay off your mortgage in order to convey clean title to your buyer. Unless you want to arrange a "short sale" with your mortgage lender, this means you may bring money to the closing table to pay off the remaining balance owed. Many home sellers who need to move now are considering the possibility of renting out their current home in order to buy a new one.

Rising Rents in Burnsville

The good news today is that with the tougher housing market, the amount you can get for rent has increased significantly. Renters find that they are competing with each other to rent out a Burnsville home as their is a shortage of quality rentals available today. Many people are finding that they can more than cover the expenses for owning the home with the increased amount of rents.

The goal, of course, is to rent out the current home long enough to allow the real estate market to recover in terms of values. Hopefully within a few years the value of your rental home will rise sufficiently to sell it for enough to pay off the mortgage. The key to accomplishing this is to see if you will qualify for a new mortgage if you have rented out your current home.

Do lenders count the rental income on my old house?

Lenders have specific guidelines for those Burnsville sellers who have decided rent out their home in order to buy another. Depending on the equity that you have in your home, a mortgage lender may or may not consider the rental income you receive when they qualify you for the new mortgage. The only way to know this is to call a lender to get preapproved.
Getting preapproved for a mortgage

Once we meet to discuss the value of your old home it is critical that you go through the process of getting prequalified for a home loan. Your MN mortgage lender can help you discover whether you should rent out or sell your current house. The process of getting preapproved is free, and if you decide not to proceed, there is no obligation to borrow money. A good mortgage lender will be able to analyze all of the financing options available to you such as through MN FHA loans, Conventional, VA, or other types of mortgage financing.

As the sixth largest city in the Twin Cities metropolitan area, Burnsville is a popular bedroom community to both St. Paul, Minneapolis, and neighboring suburbs. While experiencing an explosion in population from 1970 through 2000 to over 60,000 residents, Burnsville is now fairly well built-out and its total population has stabilized over the past ten years according the 2010 census. Larger employers in the community include Independent School District 191, Fairview Ridges Hospital, as well as Pepsi Cola but most homeowners work in the Twin Cities. Burnsville has plenty of homes for sale both for the Minnesota first time home buyer as well as the move up buyer.

If you want to talk about renting out your current home, please take a moment to call or email me for more information.


Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124 www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale

Buying Dakota County Foreclosures

Want To Buy A Dakota County Foreclosure?

Are you thinking about buying a foreclosure in Dakota County? Whether you own a home now or are a MN first time home buyer, you should learn the basics before going out to buy. While there are many great values in Dakota County foreclosures you should be prepared for how to negotiate your offer.

Dakota County Info

Dakota County, located in the southeastern portion of the Twin Cities area, is the third largest county in MN. The larger cities of the county include Burnsville, Apple Valley, Eagan, and Lakeville. The county seat for Dakota County is in Hastings,MN. As one of the fastest growing markets in the Twin Cities area, the population has more than doubled since the 1980 census. Minnesota first time home buyers benefit from affordable home prices in the area as well as the Dakota County First Time Buyers Program.

Foreclosures are Bank-Owned

A Dakota County foreclosure can be a great value because as an REO (real-estate-owned), the bank is responsible for paying all the maintenance costs. As opposed to a property offered as a short sale, the selling bank has a big motivation to get the listing off of their books. Since there are many buyers in competition with you, you might be surprised at what you will need to offer in order to get the property. In the lower price ranges it has turned into a sellers market meaning that many foreclosures sell for well above the listing price! Knowing what to offer for the foreclosure is critical in terms of being successful with your purchase.

Factors in Buying Foreclosures

There are 2 major factors to consider what you will want to make as an offer to purchase. The first factor is to consider how long the property has been on the market and the second is the general property condition. A foreclosure listing that has just been listed for sale is apt to sell for near the listing price, while a bank that has a home that has been on the market a long time may be willing to negotiate for deep discounts. Also, a listing that is in poor overall condition may not be able to be financed with traditional mortgage financing so the bank may have to reduce the price far enough to attract cash buyers. I can help you work through these factors as we search for Dakota County foreclosures.

Financing and Foreclosures

If you are planning on financing the purchase of a foreclosure there are some critcal things to know. First, the house itself must be in acceptable condition to the lender n order to qualify for most mortgage loans. Properties that are in poor condition will either require a cash offer or special financing such as FHA 203k. Selling banks will also tend to limit the amount seller paid concessions towards the closing costs of your home loan. In most cases the selling bank will limit their contribution to 3 per cent of the selling price, or 2 per cent if you are an investor. Additionally, a selling bank will never look at your offer if it includes a financing contingency for the sale of a home and never if you do not provide a letter of financing preapproval along with your offer.

Get Pre-qualified

The first step in the home buying process is to get prequalified for financing. This simply means that you talk with a local lender who will review your credit, income, etc. In this discussion they can tell you what types of MN first time buyer programs you might be qualified for. This first step can usually be done right over the telephone and most lenders will even do this with you when you are off from work.

Ready to Find A Foreclosed Home?

If you are planning on buying a Dakota County foreclosure please send me an email or give me a call. There are many great foreclosure values out there but knowing which one takes some time and expertise. I would very much like to help you in your search for the ideal house!

Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale

Ready To Buy A home in South St. Paul?

Do you want to learn about how you go about buying a home in South St. Paul? Learning how to buy a home can be confusing for many buyers, especially for the MN first time home buyer. As this process can be quite complext I would like to take a moment to share with you some simple tips of how to help you accomplish your goal.

How To Buy A home in South St. Paul

Most MN home buyers begin their process of buying a home on the web, of course. There are many internet sites to begin this but a good location for you to start is to use the MLS search engine on my website. There are thousands of websites out there but you will soon find that many of them lack some of the important details you need when finding a home. The large national websites, for example, do not show the county property taxes for each home which is one of the most critical factors when estimating what your monthly payments will be.

Search for a home in South St. Paul on my website

When you start for your search for homes in South St. Paul on my website you will find all of the property listings from all of the real estate companies. Through the use of the Multiple Listing Service (MLS), my property website will offer you complete details from every company. One of the other things I can do is to set up an advanced search for you so that I can email listings in your price range as they come available.

Get Preapproved To Buy A home in South St. Paul

How will you know what price range you should be hunting for? In order for you to know the amount of monthly payments you will have for a home in South St. Paul you will need to get preapproved for mortgage financing. Getting through the preapproval process is the critical first step for how to purchase a home in South St. Paul Since there is no cost or obligation when you get prequalified by one of our local MN mortgage lenders, you should do this right away so that you can clear any roadblocks there might be in the process of getting a home loan.

Let's go look at homes!

After you have been preapproved by one of our trusted local mortgage lenders I will take you to available listings in your price range. I recommend that we look through at least 15 or 20 of these before you make your offer to buy one. By searching extensively you will get educated on homes that are a excellent value for you to buy. When a home comes available meeting your needs you will want to be ready to make your offer since properties at a good value sell fast.

After the purchase agreement, and before closing

Once you have decided to make your offer it usually takes about 30 or longer before you go to your loan closing to finalize the purchase of your home. During this time your lender will collect all of the necessary documentation they require from you to complete your loan commitment. They will almost always order an appraisal on the home you are buying to make sure the price of the home you are buying is in line. They will also order a title policy from a title company to make sure the title to your new home is clean.

Closing on your home

After your loan has been fully approved you will be ready to close on the purchase of your new home. At the loan closing everyone gets together to sign documentation, exchange funds, as well as to exchange house keys, etc. Once you’ve closed on your home you are ready to move in!

South Saint Paul: Community Information

Just a little bit south of Saint Paul you will find a city with 20,000 residents called South Saint Paul. Steeped in Minnesota history, South St. Paul is one of the original meat packing districts in the U.S. Because South Saint Paul is located in Dakota County first time buyers can may well benefit from the Dakota County first time home buyer program. With a good Park and Rec program available in South Saint Paul it seems there's always something to do! Due to an ample supply of affordable housing now available this is an ideal location for the MN first time home buyer. Are you ready to search for homes in South Saint Paul? Please take a moment to give me a call or send me an email!

Are you ready to start the process of searching for homes? Just give me a call or send me an email and I am looking forward to helping you find your dream home!

Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124 www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale

The Hunt For West St. Paul homes For Sale

Finding homes in West St. Paul

There are a few different ways to find homes for sale in West St. Paul that I would like to tell you about. Since most Minnesota home buyers start their search for homes on the internet these days, I am finding that far too many miss out on all of the possible opportunities to search for the right home. In this post I’ll share with you the benefits and challenges to each of the methods for finding homes for sale in West St. Paul.

Finding West St. Paul homes For Sale On The Web

One of the first places to start is to go to my website to search for all of the available homes from all of the local brokers, with all of the details available. Large national websites leave out much of the important details such as property taxes due to the size of their websites. The issue is that when buying a homes in West St. Paul the property taxes are one of the largest factors which impact your monthly mortgage payments so why would you want to search for West St. Paul homes without such an important detail? Please got to my website and start searching for West St. Paul homes listed on the market today.

Search for West St. Paul homes Via Email

If you're serious searching for a West St. Paul homes, send me an email and tell me the specifics of the type of property you want. I can create advanced searches that will tell you not only what is available on the market via email, but also what has just become available. You will be instantly notified via email with new property listings that meet your advanced search critieria whenever they become available. Since I need to know the paramaters (such as 3 bedroom homes in West St. Paul between $150,000 and $200,000), please send me a brief email so we can begin the process of finding you a home!

A bit of education can go a long way, doesn’t it? If you can get exactly what you need via email such as my customized search why would you need anything else? The Guesswork and Luck strategy involves searching for properties the large national websites which don't contain all the property details. Without utilizing a customized search to finding the listings that you want, I find that far too many home buyers rely on the strategy of Guesswork and Luck offered by the large national websites.

The city of West Saint Paul is located just south of the state capitol of Minnesota, Saint Paul. The city name is actually derived from the fact that it is on the west bank of the Mississippi River. As a fully developed inner ring suburb of St. Paul, the population of West St. Paul has remained stable at about 19,500 over the past 20 years. Located in Dakota County, Minnesota first time home buyers can benefit from the Dakota County First Time Hom Buyer's Program. If you're interested in buying or selling a home in West Saint Paul please don't hesitate to give me a call.

First Step: Get Preapproved For Mortgage Financing

One of the most important factors in buying a home these days is to get preapproved for a loan. Some buyers leave this detail it to the very last minute Most buyers leave it to the last minute But it’s very important, especially for the MN first time home buyer to get preapproved for financing before buying a home. Please email me and I will help you with getting started in the process with a Minnesota mortgage banker.

Looking For West St. Paul homes?

Please invest the time to properly understand the strategy you are using to search for possibly the largest investment that you will ever make. I encourage you to be proactive and to take control of the property search strategy! Please take a moment to visit my website and find all of the available West St. Paul.


Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale

West St. Paul Rental homes: Is It Better To Buy or Rent?

West St. Paul Rental homes: Advantages of Buying vs. Renting

If you are in the hunt for West St. Paul rental homes, hold on for a moment and consider the differences between renting homes versus owning. Since it is more expensive today to rent homes than to buy one isn’t it at least worth it to consider saving some money by buying a home?

West St. Paul Rental homes: Is It Worth The Cost?

West St. Paul rental homes, of course, usually have the advantage that you can get out of a lease arrangement within 12 to 24 months. I want you to remember that this advantage comes at a cost, however, , in that your rental payments will often exceed those of a house payment. Additionally the security deposit may well be in excess of the necessary down payment cost required for buying a West St. Paul homes after considering all of the down payment assistance programs available for first time home buyers. Finally, perhaps the highest cost in renting a homes is the fact that you are helping someone else buy their home with your rent payments, versus buying your own home.

Benefits To West St. Paul Rental West St. Paul

Still, the advantages of renting may be worth it to rent if you will be moving again to a another city at the end when your lease expires. I tend to think that if you buy a home today you should plan on staying in it for a few years while the market develops.

Benefits To Buying West St. Paul homes

With all of the programs available to the MN first time home buyer today, it is hard to know where to start in terms of listing the benefits. The State of Minnesota now offers special loan programs through its Minnesota Housing Finance Agency to offer reduced interest rates as well as down payment assistance. Additionally many communities today offer additional down payment assistance loans or grants that both reduce what you need for cash to close as well as reducing your monthly payment.

First Step: Get Preapproved

The first step in the home buying process s to get preapproved for your home loan. This means that you meet with a local mortgage lender who will review your financial situation. In the prequalification application they can tell you what types of MN first time buyer programs you might be qualified for. This first step can usually be done right over the telephone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.

West Saint Paul Community Info

The city of West Saint Paul is located just south of the state capitol of Minnesota, Saint Paul. The city name is actually derived from the fact that it is on the west bank of the Mississippi River. As a fully developed inner ring suburb of St. Paul, the population of West St. Paul has remained stable at about 19,500 over the past 20 years. Located in Dakota County, Minnesota first time home buyers can benefit from the Dakota County First Time Hom Buyer's Program. If you're interested in buying or selling a home in West Saint Paul please don't hesitate to give me a call.

If you have not yet considered buying a homes I would like the opportunity to talk with you about the benefits of both renting versus buying. Please take the first step which is to call or email me.


Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale

How To Rent Out Your Inver Grove Heights Home

Many Inver Grove Heights home sellers are challenged with the unfortunate problem of owing more on their home than what they can sell it for. The fact is that in order to sell your home in this market you need to be able to pay off your entire mortgage loan in order to sell it. Unless you want to arrange a "short sale" with your mortgage lender, this means you will have to bring money to the closing table to pay off the remaining mortgage owed. As a result many home sellers in Inver Grove Heights who want to move are considering the possibility of renting out their current home in order to buy a new one.

Inver Grove Heights Home Sellers: Is Renting A Good Option?

The good news today is that with the tougher mortgage market, rents have gone up significantly. Renters find that they are competing with each other to rent out a Inver Grove Heights home as their is a shortage of quality home rentals available today. Many home sellers in this position are finding that they can more than cover the expenses for owning the home with the increased amount of rents. The goal, of course, is to rent the old home out long enough to allow the real estate market to recover in terms of values. Hopefully within a few years the value of your rental home will rise sufficiently to sell it for enough to pay off the mortgage. The key to accomplishing this is to see if you will qualify for a new mortgage if you have rented out your current home.

Rental Income
Lenders have guidelines for the Inver Grove Heights sellers who will rent out their home to buy another. Depending on the equity that you have in your home, a mortgage lender may or may not consider the rental income you receive when they qualify you for the new mortgage. The only way to know this is to call a lender to get preapproved.

Once we meet to discuss the value of your old home it is critical that you go through the process of getting preapproved for mortgage financing on another home. Your mortgage broker can help you decide whether you should rent out or sell your current house. The process of getting preapproved is generally free and contains no loan obligation. A good lender will be able to examine all of the options available to you such as MN FHA loans, Conventional, VA, or other types of mortgage loans.

Inver Grove Heights Community Info

If you are looking for a home with a short commute to downtown St. Paul, take a moment to consider finding it in Inver Grove Heights, MN. Conveniently located in the northern section of Dakota County, Inver Grove Heights is just a short commute to downtown St. Paul. The school system in Inver Grove Heights include Simley High School, Inver Grove Heights Middle School, Salem Elementary, Pine Bend Elementary, and Hilltop Elementary. MN first time home buyers may find Inver Grove Heights particularly affordable if they qualify for the Dakota County First Time Buyers program. No matter what type of home you want the community of Inver Grove Heights has a great deal to offer you.

If you would like to discuss the reality of renting out your current home, please email me for more information.

Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale

Selling Your Eden Prairie Home Today

If you are selling a home in Eden Prairie today you will find it can be quite a challenge, especially considering that nearly half of the competitive listings are short sales or foreclosures. Home values have been coming down in part because of the low listing prices offered by banks who need to reduce their real estate owned inventory. About half of the sales in today's market has come from traditional home sellers. Are you in the search for help to sell your home listing in Eden Prairie?

 

Benefits of Using A Realtor To Sell Your Eden Prairie Home

Perhaps it has never been more important to use a Eden Prairie real estate agent who understands the recent trends in Eden Prairie market values. When we come out and visit your property to complete a Competitive Market Analysis (CMA), we will compare all of the features and benefits of your property to the competing homes for sale in the area. We need to look at all of the houses that have sold within recent months to analyze what the actual sales prices have been. In so doing we can estimate what type of price a home buyer might pay for your home listing within a reasonable period of time on the market.

The challenge for many sellers today is trying to get enough for their home to pay off the existing mortgages on their home. If a property seller owes more on their home loans than what we can sell it for we will either need to discuss paying down the mortgage, going through the process of a short sale, or listing the current house for rent and in order to move to another one. With the quickly rising rents in today's market, sellers are quite often finding that they can cover all of the resulting expenses for the house through their renter's income.

Lenders have guidelines for the Eden Prairie sellers who will rent out their home to buy another. Depending on the equity that you have in your home, a mortgage lender may or may not consider the rental income you receive when they qualify you for the new mortgage. The only way to know this is to call a lender to get preapproved.

Get preapproved before listing your home for sale

Once we meet to discuss the value of your old home it is critical that you go through the process of getting prequalified for a home loan. Your mortgage lender can help you decide which of the options are best whether selling or renting out your current home. The process of preapproval is generally free and contains no loan obligation. A good mortgage banker will be able to analyze all of the options available to you such as MN FHA loans, Conventional, VA, or other types of mortgage loans.

Eden Prairie City Info

Located just twelve miles southwest of Minneapolis, Eden Prairie is a popular commuter city to the Twin Cities. Growing now to over 60,000 residents, the city has more than tripled in size over the last 30 years. In addition to Minneapolis employment, Eden Prairie has businesses such as Digital River and CH Robinson which are headquartered here. Eden Prairie has been listed in Money Magazines "Best Places to Live" in America over the past 5 years. With historical low interest rates and plenty of affordable housing, this is a popular place for MN first time homebuyers and move up buyers alike. If you are considering buying a home in Eden Prairie please give me a call.

Are You Ready To Talk?

If you want to learn more about selling your Eden Prairie home call me. I will work with you to complete a market analysis of your home for free. We will discuss your options available in the market today. Feel free to send me an email or call me.


Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale