Minneapolis Minnesota Real Estate Blog

Downtown Minneapolis Condos - The Most Important 4 Things Every Renter Should Know Before Buying Any Condo

I. Don’t Get “Pre-Qualified!

Do you want to get the best Downtown Minneapolis Condos for sale you can for the least amount of money? Be sure you are in the optimal position from which to negotiate. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Buyer strength and time before the sale is complete are usually critical to sellers.

In the past it was our policy to suggest to potential Downtown Minneapolis Condos buyers that they try to get qualified for a loan before they apply for it. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you “pre-qualified” and issues a certificate that you can show to a seller. When dealing with certificates that hold no value, sellers are becoming more wise, so let me explain why! This information has not been double checked Oftentimes-unknown problems surface! Some of the problems I’ve seen include recorded judgments, child support payments due, glitches on the credit report due to any number of reasons both accurately and inaccurately, down payments that have not been in the clients’ bank account long enough, etc.

When you're "pre-approved" for Downtown Minneapolis Condos, your offer is seen as coming from a stronger starting position. This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few minutes to a few days depending on your situation. Something we strongly suggest for all of our clients to have.

It is an advantage to be a renter when competing with buyers who already own their condo because their Downtown Minneapolis Condos financing can be dependent on selling their current condo.

2. Play the Game of Nines

Before condo hunting in the Downtown Minneapolis Condos market, make a list of nine things you want in the new place. Think of nine things you don't want in a condo, then write them down. “NINE OF THIS AND NONE OF THAT”,I call this You can use this list as a scorecard to rate each property that you see. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you’re comparing dozens of condos. When condo hunting in the Downtown Minneapolis, keep in mind the difference between “SKIN AND BONES”. Such as the location, view, size of lot, noise in the area, school district, and floor plan,the BONES are things that cannot be changed. The SKIN represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the condo with good BONES, because the SKIN can always be changed to match your tastes. Think of the condo you are viewing as empty, without furniture. Consider each condo on its underlying merits, not the seller’s decorating skills.

3. Don’t Be Pushed Into Any condo

Your agent should show you all the Downtown Minneapolis Condos available that meets your requirements. You should not make a decision on a condo until you have seen enough to pick the best one. Your agent may not provide the complete list of condos for sale. By sitting with him at the Multiple Listing computer you can ensure for yourself that he will.To get the condo you really want instead of whatever the agent has chosen to let you take a look at.

In the early 2000's, properties in Downtown Minneapolis Condos were selling quickly. In this type of market, agents recommended that their customers place an offer instantly if they were interested in the condo. At that moment, it was a sage opinion. Only condos that are very under priced, and you'll know the ones that are, usually have this sense of urgency. But keep in mind, if you wait to long there is always a chance of the condo selling before you get your offer to the seller. If you really like a condo, get an offer written and make sure your agent writes in the proper clauses to get you out of the offer.

Let's not forget that when making your consideration, also remember to do research into the SCHOOL DISTRICTS that are located in the same area. For more information about schools in the Downtown Minneapolis Condos market you can visit my website at www.LivingInDowntownMinneapolis.com. Information is available on every school; such as class sizes, % of students that go on to college, SAT scores, etc.

4. Stop Calling Ads!

Take care - the Downtown Minneapolis Condos agents in make the phone ring by creating ads Many of the condos have some drawback that’s not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What’s not mentioned in the ad is usually more important than what is. For this reason, we want you to be very careful when reading ads. Not you in most cases,and remember that the person writing the ad is representing the seller. The most important thing you can do is have someone on your side looking out for your best interests. Your own agent will critique the property with an eye towards how well it meets your needs and will point out any drawbacks you should know about.So whether you decide to work with us or not, pick an agent you feel comfortable with and enlist the services of that agent as a buyer’s broker. Then you become a client with all the rights, benefits, and privileges created by this agency relationship, and you’re no longer just a shopper. Did you know that many condos are sold WITHOUT A SIGN ever going up or an AD EVER BEING PUT IN THE PAPERQuestion: These “great deals” go to those people who are committed to working with one agent. When an agent hears of a great buy, who do you think he’s going to callQuestion: His client, who he has a legal obligation to work hard for you, or someone who just called on the phone and said “keep your eyes open”? To get the most bang for your buck, buy Downtown Minneapolis Condos property. Our highest recommendation is find yourself an agent you're comfortable with and stick with him or her for all your real estate market needs.

There is a lot of free information available to you about buying, selling or investing in  Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan with Edina Realty with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.