Minneapolis Minnesota Real Estate Blog

In today's litigious society, condo sellers and real estate professionals in [Profile.market3] should take preventative steps to avoid after-the-sale problems which are experienced statewide in the real estate industry, according to leading industry professionals.

Learning about a condo and the area surounding [Profile.market3], disclosing all factors affecting a condo's value and obtaining a thorough inspection as well as a warranty plan are among the steps which can help reduce potential law suits.

Real estate professionals and condo sellers should be aware of a neighborhood's zoning -- one of the factors which can affect a condo's value in the future.

It is important to be informed about certain residential properties which can also be zoned for other uses such as commercial or multifamily housing. In a residential neighborhood for example, an adjacent lot which is later converted into an automobile body repair shop will most likely lower the value of surrounding single-family condos.

Other factors which can affect a [Profile.market3] condo's value include nearby projects in the planning stages and environmental hazards. Real estate professionals should check with local officials about future projects such as a new freeway or re-routing of streets which can increase traffic and noise.

'Real estate professionals and sellers in [Profile.market3] should always disclose to the buyer this type of information about the area as well as any known environmental hazards such as a nearby landfill.

At the time a seller lists a condo for sale in [Profile.market3], the real estate professional should be thoroughly aware of its condition and any problems to avoid future surprises during negotiations or after the close of the sale.

Termite and condo inspection should be used in every transaction. A condo inspection not only reveals defects in a condo that can be addressed before closing the sale, but it can give buyers a comfort level, knowing what they're getting and reinforcing their decision to buy.

Another important tool to help reduce after-the-sale problems is a condo warranty plan. condo warranties are a good perk and give real estate professionals an opportunity to follow up with the condoowner who has had a positive experience and is usually happy.

Most litigation arises from anger caused by resentment building up from smaller problems. condo warranties help keep anger down, so if a larger problem occurs, the condo buyer is more likely to call the seller and real estate professional to discuss the problem rather than file a lawsuit.

Before condo warranties, most real estate professionals and sellers received calls within the first six months about broken dishwashers, disposals, water heaters and leaking roofs on rainy days. Now, however, most calls are regarding problems about zoning issues and non-permitted add-on rooms.

The following points which are perhaps more important than price when selecting a condo warranty company and plan:

1. Consider the financial stability of the company.

2. Read the contract carefully and note what items are covered.

3. Check how fast the company services calls.

4. Check how the company handles claims which are in dispute.

Be knowledgeable about the condition of the property in [Profile.market3], disclose any known problems to the buyer and provide a warranty plan for unexpected mechanical breakdowns after the close of escrow. Taking these necessary steps will prevent after-the-sale problems and help limit future liability.

There is a lot of free information available to you about buying, selling or investing in [Profile.market3] real estate. For complete information about the [Profile.market3] real estate market including current condos for sale, property values and more please visit the most complete website online dedicated to everything [Profile.market3] real estate. 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 or email me at mike@mikeweiland.com.

P.s. We will sell your condo in 39 days, guaranteed!  For a free, no obligation over-the-internet market evaluation of your condo, complete the information below.  We will provide your market analysis via email within 24 hours!