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Home Buying in Rochester : Real Estate Advice

  • All68
  • Local Info9
  • Home Buying14
  • Home Selling6
  • Market Conditions2

Activity 29
Thu Jan 26, 2017
Roxannusc asked:
second pre approval lender from a local bank. The Realtor conveniently had just the loan officer to call. I explained to the loan officer that I just need a second pre approval from…
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Fri Apr 29, 2016
5400weatherstone asked:
Thu Jan 7, 2016
Ryani72 asked:
I am a teacher with a stay-at-home wife and 4 kids, so we qualify for many income driven programs when it comes to mortgage payments and/or loan interest programs, but are there downpayment…
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Sat Nov 28, 2015
Frank Hough answered:
Yes, a single family home in Rochester MN should be a great investment. The rental market here is hot and we have seen rents increase by 30% - 40% over the past five years.

Additionally, it appears that local housing prices are going up quickly now. We can tell this from the local absorption rate which shows whether it's a buyers or sellers market. The absorption rate for Rochester is currently about 2.2 months, which shows that it's very much a seller's market. A balanced market has an absorption rate of 5 - 7 months according to the national association of realtors. A low absorption rate is an indicator that housing prices will be going up.

www.rochestersellers.com
... more
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Sat Nov 28, 2015
Frank Hough answered:
Great question. In the past 12 months the average sold price per finished square feet in Rochester was $159.33. This information came from our local MLS. The cost looks so high because this is only per finished square feet, and most new construction in our market has unfinished basements.

www.rochestersellers.com
... more
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Thu Oct 1, 2015
Josh Lund answered:
Hello Carolann,,
Good afternoon.
Are you still in the market to purchase a home? If so, I would love to see if we can help you out. We can do loans down to 600 Credit Score. We also don't need 3 trade lines like many banks require. I would like to see if I can help you out with a home mortgage. I will try and make this a very easy process. Please let me know how to help out.
Thanks much.
Josh Lund
MN District Branch Manager
NMLS # 387408
Gold Star Financial Group
Mobile: 612.802.3265
Office: 952.884.5442
eFax: 877.666.0007
jlund@goldstarfinancial.com
... more
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Thu Sep 10, 2015
Lois Marris answered:
It's tough to forecast an annual appreciation rate for this neighborhood because the homes vary quite a bit in age, price and condition. It is a vibrant area, close to downtown Rochester with an active neighborhood association. The 61 homes sold to-date in 2015 have ranged in price from $19,900 to $153,900 with an average Days on Market (DOM) of 65 days and an average sales price of $108,978. That's a bit higher DOM and a lower average sales price than some other downtown Rochester areas, such as Kutzky Park, but is still very good, healthy sales activity. During the same time last year (Jan-Sept), Slatterly had 53 homes sell ranging in price from $34,200-$163,200, 53 DOM and average sale price of $103,573.

Homes in the Slatterly Park area are usually built between 1920-1960 with some as old as 1890 and some as recent as 1970s. Most homes have about 1200-1800 finished square feet but you will find some large American Four Square style homes here too.

If you just compare the average sales price it seems Slatterly homes have increased in value year-over-year but sales price is always just part of whole story. That average sales price gets artificially pulled down too easily when one of these lovely older homes gets neglected for too long and then is sold for the price of the lot.

The neighborhood association has done wonders for the area and pride of home ownership shows in most homes. I personally love this area and the classy older homes. For more information on the Slatterly Par area you can visit our blog at http://davidandloismarris.com.realproserver.com/Blog/Slatterly-Park-Neighborhood . You’ll find links to the association website and more information on the park, schools and crime reports.
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Fri Aug 21, 2015
Ajlmama answered:
This website might help:

http://www.ci.minneapolis.mn.us/www/groups/public/@regservices/documents/webcontent/convert_267078.pdf
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Tue Aug 11, 2015
Josh Lund answered:
Hello dc.53527,
Good afternoon.
I think that specific area is going to go up 5 to 15% in my opinion. The Mayo Clinic and new construction downtown are the drivers here increased values. Are you still in the market to buy a home? If so, I would love to see if we can help you out. Do you have a realtor yet? If not we have preferred ones we can get you in contact with. I would like to see if I can help you out with a home mortgage. I will try and make this a very easy process. Please let me know how to help out.
Thanks much.
Josh Lund
MN District Branch Manager
NMLS # 387408
Gold Star Financial Group
Mobile: 612.802.3265
Office: 952.884.5442
eFax: 877.666.0007
jlund@goldstarfinancial.com
... more
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Fri Jun 27, 2014
Joel Johnson answered:
I'm going to assume there's a fully executed offer, including the counteroffer. And that there was an inspection contingency addendum as part of the offer. AND that you're giving adequate notice to the seller per the inspection contingency. AND you have your own agent. IF ALL the above is correct - you simply need to have your agent initiate a Cancellation of Purchase Agreeement, sign it and return to seller. You will receive your earnest money (if held by seller's broker). ... more
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Mon Apr 7, 2014
Dan Tabit answered:
Kim,
If you don't need your income to qualify, you may be able to qualify for an FHA loan in just your husbands name. FHA will consider scores as low as 580, but not all FHA lenders work with that, so you may have to look around.
If you do need both incomes to qualify, you should take some time to fix your credit. The basics are; pay all bills on time, pay down balances to 1/3 or less, do not close any accounts or pay off old collections unless your loan officer suggests it. Save up all you can, down payment helps.
... more
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Sat Nov 23, 2013
Doug Herdahl answered:
I highly suggest that you call the title company that was used in the title search and closing when the home was sold.

Or you may call a real estate attorney such as: OHLY LAW OFFICE
www.ohlylaw.com/‎
1850 N Broadway, Rochester, MN 55906
(507) 289-4529
... more
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Wed Jul 3, 2013
Gary and Ellen Klein answered:
Some condos such as Boulder Ridge have wt/ht restrictions on pets. In Boulder Ridge the fees are less than 200
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Sat Jun 22, 2013
steveshay_2000 answered:
This person did not ask to buy a house in a safe neighborhood. They asked if this was a safe neighborhood. It is possible they want to avoid safe neighborhoods.
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Tue Apr 16, 2013
Russ Douville answered:
A couple thoughts here. First 610 might be a workable score for a mortgage, but higher is better, and paying off the "one thing" may improve the score and make qualiying easier. The second thought is that there may assistance to help with down payment and/or closing costs, or even seller contributions. So you can hold on to "your" money for the down payment, or use your money to pay the "one thing", and use assistance and seller contributions to pay the down payment and closing costs.

This is really over simplified, but I just wanted to get you thinking about options. You should talk to a mortgage lender or two and have them look in more detail at your situation.
... more
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Tue Apr 16, 2013
Russ Douville answered:
If you have money for the down payment on the "new" home, and you have a renter lined up for the "old" home, you should consider talking to a local lender near the new home.

From your question it seems you have the abilty to pay higher interest, so you should have the ability to make the mortgage payment. And if you have a signed lease on the "old" property, the full payment on that one shouldn't have a huge affect on your debt ratio. If it's possible to structure a mortgage deal for you it would be considerably less costly than using the investor option. ... more
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Wed Feb 27, 2013
Sherri Sherpy answered:
I know it was not part of your question, but just a quick note on financing (it may be worth its weight in gold):

Be sure to close on the sale of your current home before the purchase of your new home or be prepared to qualify with BOTH mortgage payments.

Best wishes to you, Erik!
... more
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