Selling Your Home in Rochester MN
If you are thinking about selling, or are ready to sell your house, First Homes can assist you in the process. Below is a list of the steps to take:
- Contact First Homes if you are interested in selling your home. First Homes can send you additional selling procedure information directly.
- Fill out a "Notice of Intent to Sell" and mail it back to First Homes.
- Schedule a meeting with First Homes at your home to review home condition and provide pre-sale assistance, explanation of process and services provided during sale, and explanation of items that must be sold with the home.
- Schedule and pay for a home appraisal to determine current market value of the home. As outlined in the lease (Article 10), the Formula Price is determined based on the current market appraisal.
- Repair all items identified in the inspection. Repairs not covered by builder’s warranty are paid for by home owner.
- Provide copies of any applicable permits if any work was completed on the home that required a building permit from the City to ensure the work has been properly inspected and completed.
- First Homes can market the home on its website for 30 days and contacts pre-qualified buyers on the waiting list and its qualified lender partners. After 30 days, First Homes places the home "on the market" with First Homes Realtor by listing the home on the Multiple Listing Service (MLS). The property may be listed on MLS sooner to move the sale.
- At the time of the sale, the net proceeds to the home owner are the Formula Price minus:
- the balances of all loans against the property (including those deferred until sale);
- any delinquent ground lease fees;
- seller paid closing costs.