I live in this neighborhood and my family and I feel safe here. We are conveniently located to downtown, parks and Mayo Clinic. There is a great mix of young and old! A really good informational website for Crime and Fire Incident Reports for Rochester, MN and Olmsted County is www.rochester911.com.... more
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
Of course they are, everyone needs a place to live, so single family homes are a good investment in the stability they provide for your self and your family. Also a buyer must consider the area they live in. The Rochester area will have plenty of growth and with that will come plenty of jobs and business opportunity. I have 25 years of experience in rental and investment properties. I can guide you through this if you are the first time buyer or f you are an experienced buyer. Give me a call at 507-259-8217
or email... more
In order to be able to sell a mortgage off in the secondary market, lenders must ensure lendees meet specific guidelines. If a lendee happens to be outside of those guidelines, some banks might offer an 'in house' loan that they keep. Typically these loans come with higher interest rates and shorter terms. Another option buyers have besides conventional financing is purchase money mortgages, where the seller finances the loan and the buyer gets a deed, or contract for deed where the seller finances the loan but holds title until the contract is satisfied. Your best bet at this point would be to talk with a lender to see what your conventional options are.
It all depends on what the agreement your husband works out with his parents says. Since they are loaning the money, they have the right to demand to be put into title, but they may not care. Whether or not your name is on the title, you will hold a marital interest in the property. Meaning that because you are married, you hold a half interest in all of your husband's real estate and he holds a half interest in all of yours.
Make sure you have a dynamite real estate agent explain to you the differences between joint tenants and tenants in common, and once you understand them, work with the title company that closes your sale to make sure you enter title for the new house in the appropriate manner.
Good luck in the upcoming purchase. Let me know if you need help in locating a real estate agent in Rochester to help you - I am more than happy to pass along a name for you.
Coldwell Banker Burnet
licensed MN Real Estate Broker... more
I sympathize with your frustrations and your situation! My guess is HUD is in overload and the "file" is sitting somebody's desk. One idea to fast track your issue is to call your local Congress person. This is the kind of thing they love to do for their constituency and maybe they can get a higher level access for answers and priority that we can't get going through HUD's required process for Realtors.
Coldwell Banker Burnet Realty... more
1- How long has the subject property been on the market? If there are no other buyers knocking on their door and you are the only game in town, then the seller would be more open to the idea of a contingent sale.
2- How aggressively are you planning to price your home? If you can show the sellers that you mean business and want to get this done asap, then you have a better chance.
Best of luck,
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.... more
I am not a Rochester agent but I have access to their MLS.
354 Elton has association fees of $317 a month. The unit is currently rented so you would have to wait for the renters lease to expire before taking possession. While it doesn't say so in the listing, previous listings in the building say 'no pets'. An Rochester agent could check to see if that is still applicable.
362 Elton has association fees of $362 a month. This is also rented out so you would need to wait for the lease to expire on order to move into the unit. This listing says "no pets".... more
In my experience if they say they have another offer they have another offer. You are correct though in that you never know for sure.
You should be listening to your agent's advice too because he/she knows more of the situation, but in multiple offers you should offer whatever amount you are willing to pay to get it - if the offer was $1000 more and they got it and you didn't, would you be disappointed? Also keep in mind that type of financing (cash, conventional, FHA) can be worth more to a seller than the highest price.
Look at the comparables, talk to your agent, do a gut check of your feelings and then make the best offer you are comfortable with.... more
Go to the HUD websites, get approved or find out if your broker is HUD approved, has a NAID, etc. These properties can be fun, as you bid on them. The thing is that you can tweek things like commission and such to get your offer to be the best bottom line in order to get accepted. There are books/manuals online regarding HUD homes and they are worth the money. I find these to be the best, and if you have an investor they will love you for finding these homes!... more
I know what I look for when looking for an agent, when I am looking for a referring Realtor for a client:
I generally send an email to five agents in that area. The first agent that responds gets +20 points
The first one that responds with helpful information gets +10 points
After that I ask them for 2-3 referrals from clients within the last year
I ask for listing and sales activity for the last 5 years
Those items get me 80% of the way in making a decision... more