SW Rochester MN Real Estate Market Statistics are getting better overall. SW Rochester MNhas always claimed a higher price per sqft than most other areas of Rochester MN. Even though the inventory is a bit high at eight months it has decreased from last year by 5.75%. Less inventory means less choices for buyers and less competition for sellers. Already seller have on average raised thier prices from last year and are now starting to see a small increase of average sale prices. Hopefully this stays the course but the … (0 comments)
NW Rochester MN Real Estate Market is showing good signs of recovery! Average Sale price is 2% higher than last year meaning sellers are getting better prices for their homes than they were at this time last year. This is also because people who are selling thier homes are listing them for 7% less than they did last year. This proves that by listing closer to the market price you can yield a higher sale price for your home. The higher homes are listed above the market value the longer … (0 comments)
To find out how much money you'll net from your house, add up your closing costs and subtract them from the sale price of the house. Closing Costs for Sellers: Mortgage Payoff and outstanding Interest Prorations for MN real estate taxes Proration for utility bills, condo dues, and other items paid in arrears Closing Fees charged by closing specialist Title Policy Fee Home Inspection Attorney's Fees Survey Charge Transfer tax or other government registration fees Brokerage commission For an excel spreedsheet that will auto-calculate these for you contact Dan Kingsley, The Real Estate Ranger, … (1 comments)
dan kingsley: Things to Know about about Real Estate Purchase Agreements
- 03/04/11 07:00 AM
Things to Know about about Real Estate Purchase Agreements 1. The closing date. See if the date the buyer wants to take title is reasonable for you. 2. Date of possession. See if the date the buyer wants to move in is reasonable for you. 3. The earnest money. Look for the largest earnest-money deposit possible; since it is forfeited if the buyer backs out, a large deposit is usually a good indication of a sincere buyer. 4. Fixtures and personal property. Check the list of items that the buyer expects to remain with the property and be sure it's acceptable. … (0 comments)
1. Get estimates from a reliable repairperson on items that need to be replaced soon, such as a roof or worn carpeting, for example. In this way, buyers will have a better sense of how much these needed repairs will affect their costs. 2. Get a pre-sale home inspection so you'll be able to make repairs before buyers become concerned and cancel a contract. 3. Gather together warranties/guarantees and manuals on the furnace, appliances, and other items that will remain with the house. 4. Fill out a disclosure form provided by your sales associate. Take … (1 comments)
The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You'll need this for income tax purposes and when you sell the home. The Truth in Lending Statement summarizes the terms of your mortgage loan. The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms. The deed transfers ownership of the property to you. Affidavits swearing to various statements by either party. For example, … (5 comments)
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier's check. The title company or other entity conducting the closing will tell you the required amount for: Downpayment Loan origination fees Points, or loan discount fees, you pay to receive a lower interest rate Appraisal fee Credit report Private mortgage insurance premium Insurance escrow for homeowners insurance, if being paid as part of the mortgage Property tax escrow, if being paid … (3 comments)
Mortgage term. Mortgages are generally available at 15-, 20-, or 30-year terms. The longer the term, the lower the monthly payment if the same amount is borrowed. However, you pay more interest overall if you borrow for a longer term.. A fixed rate allows you to lock in a low rate for as long as you hold the mortgage and is usually a good choice if interest rates are low. An adjustable-rate mortgage (ARM) is designed so that interest rates will rise as interest rates increase; however they usually offer a lower rate in … (0 comments)
SW Rochester MN Local Real Estate Market Statistics for February 2011:
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