Minneapolis Minnesota Real Estate Blog

1. Don’t Get “Pre-Qualified!

If you're looking to get the very best condo you're capable of getting for the least amount of money you'd like to spend in Minneapolis Minnesota? Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller.

In years past, we always recommended that buyers get “pre-qualified” by a lender. 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! None of the information has been verified! 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," 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. Depending on the circumstances, the entire process can take anywhere from just a few minutes to a few days. Something we strongly suggest for all of our clients to have.

Since you are currently renting a condo and don’t have a condo to sell you may be at an advantage when competing with other buyers because many buyers must sell their current condo before they are able to get financing for another. Two. Play the Game of Nines

Before condo hunting in the Minneapolis Minnesota market, develop a list of about 9 items you want in your new location Then make a list of the nine things you don’t want. “NINE OF THIS AND NONE OF THAT”,I call this You may utilize this list like a scoring guide in order to rank all the properties you check out. The highest final rating is the winner! This helps avoid confusion and keeps things in perspective when you’re comparing dozens of condos. When condo hunting in the Minneapolis Minnesota, keep in mind the difference between “SKIN AND BONES”. The BONES are things that cannot be changed such as the location, view, size of lot, noise in the area, school district, and floor plan. 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. We always recommend that you imagine each condo as if it were vacant. Consider each condo on its underlying merits, not the seller’s decorating skills. Third: A good agent will show everything available that will meet your requirements. Don’t make a decision on a condo until you feel that you’ve seen enough to pick the best one. Go to the Multiple Listing computer with your agent to make sure that you are getting a COMPLETE list of condos for sale in Minneapolis Minnesota get the condo you really want instead of whatever the agent has chosen to let you take a look at.

In the late 1980’s, condos in Minneapolis Minnesota Usually a few days after listing,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. Today there isn’t always this urgency, unless a condo is drastically under priced, and you’ll know if it is. Remember the dangers of waiting too long; the property could be sold before your bid arrives. 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.

Don’t forget to check into the SCHOOL DISTRICTS of the area you’re considering. For more information about schools in the Minneapolis Minnesota market you can go to my website found at www.MikeWeiland.com. Information is available on every school; such as class sizes, % of students that go on to college, SAT scores, etc.

D. Stop Calling Ads!

A word of caution – agents in the Minneapolis Minnesota market create ads solely to make the phone ring! 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 PAPER! Question: 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”Question: To get the most bang for your buck, buy property in the Minneapolis Minnesota real estate market, we always recommend that you hire your own agent and stick with him or her.

A plethora of data on the subject of selling, buying or investments is out there at no cost for the Minneapolis Minnesota real estate market. To obtain full details about the Minneapolis Minnesota real estate market including current condos for sale, property values and more please visit the most complete website online dedicated to everything Minneapolis Minnesota property So please feel free to contact me, Mike Weiland with the Weiland Group of Edina Realty with any of your mortgage questions and I will be more than glad to answer your questions. Call me on my cell at 612-735-6834 I can be reached by email at mike@mikeweiland.com.

P.s. For instant access and unlimited free Downtown Minneapolis Minnesota condo search complete the form below to begin your search now!