Many Inver Grove Heights home sellers are faced 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
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 will bring money to the closing table to pay off the remaining balance
owed. As a result many home sellers who need to move are considering the
possibility of making their current home available to rent with the hope of
buying a new house.
Rising Rents in
Inver Grove Heights
The good news today is that with the tougher real estate 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 rentals
available today. Many home sellers in this position are finding that they can
more than cover the expenses for retaining the home with these higher rents
The goal, of course, is to rent out the current home long enough to allow the
Inver Grove Heights 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.
Lenders have guidelines for the Inver Grove Heights 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.
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 preapproved for a mortgage loan. Your MN mortgage
lender can help you discover whether you should rent out or sell your current
house. The process of preapproval is free, and if you decide not to proceed,
there is no obligation to borrow money. A good lender will be able to examine
all of the options available to you such as MN FHA loans, VA, conventional, or other types of loans.
Inver Grove Heights
If you are looking for a short commute from your Twin Cities home to St.
Paul, you will want to include Inver
Grove Heights in that search. Located in northern Dakota County 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, Hilltop
Elementary, and Pine Bend Elementary. First time home buyers may find Inver
Grove Heights especially affordable if they qualify for the Dakota County First
Time Buyers program. Whether or youâ€™re an experienced home buyer or buying for
the first time the community of Inver Grove Heights has a lot to offer.
If you would like to discuss the reality of renting out your current home,
please email me for more information.
Broker Associate, Realtor
Coldwell Banker Burnet
7741 147th St W.
Apple Valley, MN
Visit my website
to find Minnesota homes for sale