It has never been more important to enlist the help of a Lake Elmo real estate agent who studies recent trends in Twin Cities market values. When we come out and visit your property to complete a Competitive Market Analysis (CMA), we will compare all of the features of your home to the competing homes for sale 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 home listing within a reasonable period of time on the market.
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, 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 expenses for the home through their renter's income.
Lenders have specific guidelines to follow for those Lake Elmo 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.
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 is usually free and contains no loan obligation. A good lender will be able to examine all of the options available to you such as through MN FHA loans, Conventional, VA, or other types of mortgage financing.
With just a little over 8,000 residents residing amidst private neighborhoods and farmland, Lake Elmo has the feel of a small town despite its proximity to Saint Paul. Located in Washington County, homeowners in Lake Elmo have a brief commute to most of the major employers of Saint Paul, MN. Much of Lake Elmo is part of the Stillwater school district. If you're looking to buy or sell real estate in Lake Elmo, please don't hesitate to give me a call.
If you want to learn more about selling your Lake Elmo home call me. I will arrange a time to come out and complete a competitive market analysis for free. We will discuss your options based on today's market. Feel free to send me an email or call me.
Sales Executive, Licensed Realtor in Minnesota
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities.