First Time Homebuyer Word Truth in Housing

In a past episode of Cash Cab, an Emmy award winning television game show, a taxi full of contestants with stumped by the acronym, FSBO. As a REALTOR® in the Minneapolis/St. Paul north and east metro, I was a bit surprised “For Sale By Owner” eluded them. That is until I remembered the times a glazed look came over my buyer’s eyes when I mentioned escrow and earnest money. These real estate terms are easily be confused with other real estate financial terms like down payment or cash to close. It became apparent to me that a buyer’s confusion is very understandable; after all homebuyers do not buy houses everyday.

• Bloomington
• Hopkins
• Maplewood
• Minneapolis
• St. Paul
• South St. Paul

• Brooklyn Park
• Crystal
• New Hope
• Osseo
• Richfield
• St. Louis Park

• BUYER’S AGENT
• DEEDED ACCESS
• DUAL AGENT
• EQUITY
• ESCROW
• EARNEST MONEY
• EASEMENT
• ENCROACHMENT
• FIDUCIARY
• SHORT SALE
• TITLE INSURANCE

First Time Homebuyer Real Estate Maplewood MN

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What To Do When Your Upside Down

Many Maplewood 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 property in the Minnesota real estatemarket 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 bring money to the closing in order to pay off the remaining balance that you owe. Many home sellers who need to move now are considering the possibility of making their current home available to rent with the hope of buying a new house.

The good news today is that with the tougher mortgage market, rents have increased significantly. It is not uncommon to find renters competing with each other to rent out your home as their is a shortage of quality home rentals available today. Many people are finding that they can more than cover the expenses for retaining the home with these increased rents.

The goal, of course, is to rent the current 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.

Will Rental Income Help Me Qualify?

Lenders have specific guidelines to follow for those Maplewood home sellers who have made the decision to rent out their house 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 right away

Once we meet to discuss your home's current market value 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 renting or selling your current house. The process of getting preapproved 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, VA, conventional, or other types of loans.

Maplewood, MN Community Info

Just a quick 15-minute commute from St. Paul, Maplewood, MN is a great community for first time home buyers as well as move-up buyers. The City of Maplewood, MN is certainly proud to be home to the world headquarter's of 3M corp. Being so close to the city, Maplewood residents find them their neighborhoods amidst a unique blend of lakes, ponds and wooded areas. The city offers an extensive list of things to do. If you are currently looking for a great place to relocate conveniently near St. Paul please call me to help you with your search for Maplewood.

If you want to talk about renting out your current home, please email me for more information.

Casey Anderson
Sales Executive, Licensed Realtor in Minnesota
IBR Realty
caseyanderson@ibrrealty.com
Cell 651-245-1820
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities

Selling a home today in Maplewood can be a big challenge, especially considering that nearly half of the competitive listings are short sales or foreclosures. Market values have been reduced in part because of the low listing prices offered by banks who need to reduce their real estate owned inventory. Roughly half of the closed sales in the curret MN real estate market has resulted from "traditional" home sellers. Are you searching for help to sell your home in Maplewood?

Benefits of Using A Real Estate Agent

It's never been more important to work with a Maplewood real estate agent who understands recent trends in market values. When we come out and visit your property to complete a Competitive Market Analysis (CMA), we will compare your home to all of the recent sales in your neighborhood. We will need to look at all of the homes for sold within the past few 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 house within a reasonable period of time.

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

Will Rental Income Help Me Qualify?

Lenders have specific guidelines for those Maplewood 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.

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 mortgage preapproval is free, and if you decide not to proceed, there is no obligation to borrow money. A good mortgage banker will be able to analyze all of the options available to you such as through MN FHA loans, Conventional, VA, or other types of mortgage financing.

Maplewood Info

A short commute away from downtown St. Paul, Maplewood, MN is a great community for first time home buyers as well as move-up buyers. The City of Maplewood is proud to be home to the world headquarter's of 3M corporation. While being close to the city, the residents of Maplewood are blessed with a unique blend of ponds, lakes and wooded areas even throughout its residential areas. The city makes good use of its natural areas and residents have no shortage of things to do. If you are looking for a great place to live conveniently near the cities you will definitely want to look for homes in Maplewood.

Do You Want To Get Started?

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

Casey Anderson
Sales Executive, Licensed Realtor in Minnesota
IBR Realty
caseyanderson@ibrrealty.com
Cell 651-245-1820
Woodbury, MN 55125
With a focus on Woodbury homes for sale and surrounding communities.