When applying for a mortgage, or refinancing for that matter, make sure you don't forget to check the Good Faith Estimate (GFE) document!  This is a document, standardized to be the same for all lenders, containing all of the costs associated with getting that loan.  Items covered in that document are: Origination fees, including: Discount Property appraisal Credit report Lender's inspection Mortgage insurance application Assumption Mortgage broker fee Tax-related service fee Application Commitment Rate lock Processing Underwriting Wire transfer Closing costs or prepaids, including: Abstract or title search Title examination Document preparation Notary Attorney Title insurance Recording City/county tax stamps Transfer tax Survey Pest inspection Condominium application Prepaids for inter... 12/22/2011

How did your day go today?  Did you get together with family or friends and have a nice feast?  Did you say "Happy Thanksgiving" to a few people?  Well, it is the Holiday Season again and I would like to remind everyone that while many of us are here struggling to sell real estate there are people overseas fighting for us who are "roughing it" a bit more than most of us are. If you would like to send a holiday greeting card to an American soldier you can send a card to: Holiday Mail for Heroes P.O. Box 5456 Capitol Heights, MD 20791-5456     Postmark your holiday card to this address no later than Dec. 10. Cards postmarked after Dec. 10 will be returned to the sender. If you would like to send a thank you, get well, Christmas, or other holiday card to an injured soldier you can send one... 11/24/2011

SW Rochester MN Local Real Estate Market Statistics for February 2011: Summary Statistics   Feb-11 Feb-10 % Chg 2011 YTD 2010 YTD % Chg Absorption Rate 8.35 8.86 -5.76 7.98 8.23 -3.04 Average List Price $326,336 $314,499 3.76 $304,439 $311,632 -2.31 Median List Price $259,900 $265,000 -1.92 $239,900 $259,000 -7.37 Average Sale Price $236,452 $233,629 1.21 $224,680 $241,981 -7.15 Median Sale Price $204,950 $214,750 -4.56 $193,000 $222,000 -13.06 Average DOM 201 161 24.84 203 148 37.16 Median DOM 179 162 10.49 172 133 29.32 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%. ... 03/11/2011

SE Rochester MN Real Estate Market Statistics for February 2001: Summary Statistics   Feb-11 Feb-10 % Chg 2011 YTD 2010 YTD % Chg Absorption Rate 8.85 6.34 39.59 8.65 5.98 44.65 Average List Price $131,803 $136,954 -3.76 $128,901 $133,714 -3.60 Median List Price $115,000 $124,850 -7.89 $117,900 $122,900 -4.07 Average Sale Price $87,364 $109,144 -19.96 $90,495 $102,874 -12.03 Median Sale Price $56,000 $102,000 -45.10 $70,000 $104,000 -32.69 Average DOM 70 141 -50.35 105 123 -14.63 Median DOM 68 40 70.00 85 51 66.67 SE Rochester MN Real Estate continue to decline. Both listing and sale prices have continued to lower from last year, but the average days on the market have been reduced by 50% which means last year listing prices were too high for the market and by sellers reducing prices to... 03/11/2011

NW Rochester MN Real Estate Market Statistics for February 2011 Summary Statistics   Feb-11 Feb-10 % Chg 2011 YTD 2010 YTD % Chg Absorption Rate 6.34 6.73 -5.79 6.15 6.31 -2.54 Average List Price $164,234 $178,149 -7.81 $162,176 $175,018 -7.34 Median List Price $149,900 $159,900 -6.25 $149,900 $159,900 -6.25 Average Sale Price $161,464 $145,499 10.97 $156,587 $153,036 2.32 Median Sale Price $154,500 $145,000 6.55 $139,000 $147,450 -5.73 Average DOM 138 156 -11.54 137 142 -3.52 Median DOM 96 77 24.68 96 93 3.23   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 listi... 03/11/2011

Here are NE Rochester MN 2011 Monthly Statistics for February: Summary Statistics   Feb-11 Feb-10 % Chg 2011 YTD 2010 YTD % Chg Absorption Rate 6.82 7.45 -8.46 6.96 7.13 -2.38 Average List Price $240,158 $243,530 -1.38 $230,573 $235,560 -2.12 Median List Price $199,900 $199,900 0.00 $179,850 $193,200 -6.91 Average Sale Price $148,477 $188,300 -21.15 $150,364 $181,461 -17.14 Median Sale Price $117,800 $177,000 -33.45 $121,400 $172,250 -29.52 Average DOM 183 138 32.61 151 155 -2.58 Median DOM 94 121 -22.31 89 121 -26.45   Overall we still see a drop in average and median prices of homes in the NE Rochester MN market. The good news is the inventory is being sold faster than it is comming on the market which is necessary for the the stability of the market. Also the Days that homes are on t... 03/11/2011

12 Tips for Hiring a Remodeling Contractor 1. Get at least three written estimates. 2. Get references and call to check on the work. If possible, go by and visit earlier jobs. 3. Check with the local Chamber of Commerce or Better Business Bureau for complaints. 4. Be sure that the contract states exactly what is to be done and how change orders will be handled. 5. Make as small a downpayment as possible so you won't lose a lot if the contractor fails to complete the job. 6. Be sure that the contractor has the necessary permits, licenses, and insurance. 7. Be sure that the contract states when the work will be completed and what recourse you have if it isn't. Also remember that in many instances you can cancel a contract within three business days of signing it. 8. Ask if the contractor... 03/07/2011

Understanding Capital Gains in Real Estate When you sell a stock, you owe taxes on your gain-the difference between what you paid for the stock and what you sold it for. The same is true with selling a home (or a second home), but there are some special considerations. How to Calculate Gain In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate this: 1. Take the purchase price of the home: This is the sale price, not the amount of money you actually contributed at closing. 2. Add adjustments: 􀂃 Cost of the purchase-including transfer fees, attorney fees, inspections, but not points you paid on your mortgage. 􀂃 Cost of sale-including inspections, attorney's fee, real estate commission, and money you spent to fix up your ho... 03/07/2011

20 Low-Cost Ways to Spruce Up Your Home Make your home more appealing for potential buyers with these quick and easy tips. 1. Trim bushes so they don't block windows and cut down on light. 2. Buy a new doormat. 3. Put a pot of bright flowers (or a small evergreen in winter) on your porch. 4. Put new doorknobs on your doors. 5. Put a fresh coating on your driveway. 6. Edge the grass around walks and trees. 7. Keep your garden tools out of site. 8. Be sure kids put away their toys. 9. Buy a new mailbox. 10. Upgrade the outside lighting. 11. Use warm, incandescent light bulbs for a homey feel. 12. Polish or replace your house numbers. 13. Clean your gutters. 14. Put out potpourri or burn scented candles. 15. Buy new pillows for the sofa. 16. Buy a flowering plant and put it in a window yo... 03/07/2011

Moving Tips for Home Sellers 1. Give your forwarding address to the post office, usually two to four weeks ahead of the move. 2. Notify your credit card companies, magazine subscriptions, and bank of the change of address. 3. Develop a list of friends, relatives, and business colleagues who need to be notified of the move. 4. Arrange to have utilities disconnected at your old home and connected at your new one. 5. Cancel the newspaper. 6. Check insurance coverage for moved items. Usually movers only cover what they pack. 7. Clean out appliances and prepare them for moving, if applicable. 8. Note the weight of the goods you'll have moved, since long-distance moves are usually billed according to weight. Watch for movers that use excessive padding to add weight. 9. Check with your condo ... 03/07/2011

What You Net When Closing on a House 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, 507-990-1721. 03/04/2011

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. 5. Repairs. Determine what the requested repairs will cost and whether you're willing to do the work or would rather lower the price by that amount. 6. Contingencies. See what other factors the buyer wants met before the contract is f... 03/04/2011

5 Ways to Speed Up Your Sale Understand these are 5 general ways to speed up your sale. If you have worked with a full-time professional Realtor and together you have analyzed your best course of action for your specific situation this information may not be applicable. Your agent is your best source of real estate information. 1. Price it right. Set a price at the lower end of your property's realistic price range. 2. Get your house market-ready for at least two weeks before you begin showing it. 3. Be flexible about showings. It's often disruptive to have a house ready to show on the spur of the moment, but the more often someone can see your home, the sooner you'll find a seller. 4. Be ready for the offers. Decide in advance what price and terms you'll find acceptable. 5. Don't refu... 02/28/2011

10 Ways to Make Your House More Salable 1. Get rid of clutter. Throw out or file stacks of newspapers and magazines. Pack away most of your small decorative items. Store out-of-season clothing to make closets seem roomier. Clean out the garage. 2. Wash your windows and screens to let more light into the interior. 3. Keep everything extra clean. Wash fingerprints from light switch plates. Mop and wax floors. Clean the stove and refrigerator. A clean house makes a better first impression and convinces buyers that the home has been well cared for. 4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows. 5. Put higher wattage bulbs in light sockets to make rooms seem brighter, especially basements and other dark rooms. Replace an... 02/28/2011

4Things to Do Before You Sell 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 the time to be sure that you don't forget problems, however minor, that might create liability for you after the sale. If you would like more information about what you need to do call the Real Estate Expert, ... 02/28/2011

Understanding Agency   It's important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transactions. Ask your salesperson to explain what type of agency relationship you have with him or her and with the brokerage company. 1. Seller's representative (also known as a listing agent or seller's agent). A seller's agent is hired by and represents the seller. All fiduciary duties are owed to the seller. The agency relationship usually is created by a listing contract. 2. Subagent. A subagent owes the same fiduciary duties to the agent's principal as the agent does. Subagency usually arises when a cooperating sales associate from another brokerage, who is not representing the buyer as a buyer's representative or operating in a nona... 02/28/2011

Sponsored by:    More than 2.3 million homeowners faced foreclosure proceedings last year and millions more are headed into foreclosure this year.  How many foreclosed homes are in your market?  Are you frustrated trying to find foreclosures through Google Search?  Would you like to learn how to use special financing to purchase these homes with as little money out of pocket as possible?  Join us to learn exactly how to find foreclosures in your area and  how to obtain financing that will help you purchase with the least amount of money out of pocket!   •q  Fannie Mae HomePath Loans •q  HUD $100 Down Payment Loans •q  FHA 203k Rehab Loans •q  VA Vendee Loans •q  Title Issues to Avoid •q  Successful Closings •q  How to Find Foreclosures in Your Area •q  Benefits of Working with a REAL FI... 02/24/2011

Buying or Selling a House: Tips for Packing Like a Pro 1. Develop a master "to do" list so you won't forget something critical. 2. Sort and get rid of things you no longer want or need. Have a garage sale, donate to a charity, or recycle. 3. Don't throw out everything. If your inclination is to just toss it, ask yourself how frequently you use an item and how you'd feel if you no longer had it. 4. Pack like items together. Put toys with toys, kitchen utensils with kitchen utensils. 5. Decide what if anything you plan to move yourself. Precious items, such as family photos, valuable breakables, or must-haves during the move, should probably stay with you. 6. Use the right box for the item. Loose items encourage breakage. 7. Put heavy items in small boxes so they're easier to lift. Keep ... 02/24/2011

What Could Keep You From Your Closing 􀂃 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, the sellers will often sign an affidavit stating that they have not incurred any liens on the property. 􀂃 Riders are amendments to the sales contract that affect your rights. For e... 02/23/2011

Common Closing Costs for Buyers 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 as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you. 􀂃 Deed recording fees 􀂃 Title insurance policy prem... 02/23/2011