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Rob Phyle's Blog

By Rob Phyle | Agent in Apple Valley, MN
  • How To Rent Out Your Inver Grove Heights Home To Move

    Posted Under: General Area in Inver Grove Heights, Market Conditions in Inver Grove Heights, Financing in Inver Grove Heights  |  October 18, 2011 6:36 PM  |  457 views  |  No comments
    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 available.

    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.

    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 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.

    Community Info: 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 you’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.

    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

 
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