Minneapolis Minnesota Real Estate Blog

I. Don’t Get “Pre-Qualified!

Do you want to get the best house you can for the least amount of money when buying a home in [Profile.market3]? 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. Buyer strength and length of escrow are usually critical to sellers.

In the past it was our policy to suggest to potential 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. Sellers are aware that such certificates are WORTHLESS, and here’s why! None of the information has been verified! Oftentimes-unknown problems surface! 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,some of the problems I’ve seen include recorded judgments, child support payments due.

So the way to make a strong offer today is to get “pre-approved”. This happens AFTER all information has been checked and verified. Now for the final step. Loan approved, but what about the property appraisal? This process takes anywhere from a few minutes to a few days depending on your situation. It’s VERY POWERFUL and a weapon we recommend all our clients have in their negotiating arsenal.

Since you are currently renting a home and don’t have a home to sell you may be at an advantage when competing with other buyers because many buyers must sell their current home before they are able to get financing for another. 2. Play the Game of Nines

Before house hunting in the [Profile.market3] 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. I call this “NINE OF THIS AND NONE OF THAT”. You may utilize this list like a scoring guide in order to rank all the properties you check out. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you’re comparing dozens of homes. When house hunting in the [Profile.market3], consider the contrast between something called "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 house with good BONES, because the SKIN can always be changed to match your tastes. We always recommend that you imagine each house as if it were vacant. Consider each house on its underlying merits, not the seller’s decorating skills. Third: A good agent will show everything available that will meet your requirements. You should not make a decision on a house until you have seen enough to pick the best one. Your agent may not provide the complete list of homes for sale. By sitting with him at the Multiple Listing computer you can ensure for yourself that he will. [Profile.market3] and not just the home that the agent "wants" to show you.

At the end of the 80's, properties in [Profile.market3] Usually a few days after listing,were selling quickly. In that kind of market, agents advised their clients to make an offer ON THE SPOT if they liked the house. That was good advice at the time. Today there isn’t always this urgency, unless a home 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 house, 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 [Profile.market3] 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 [Profile.market3] market create ads solely to make the phone ring! Many of the homes 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. This is why we think it prudent for you to take great care when going over advertisements. Not you in most cases,and remember that the person writing the ad is representing the seller. The essential thing for you is to have someone on your side looking out for you. Your own agent will critique the property with an eye toward 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 homes are sold WITHOUT A SIGN ever going up or an AD EVER BEING PUT IN THE PAPER? People who stick to a sole agent are the ones who find the fantastic deals out there. When an agent hears of a great buy, who do you think he’s going to call? 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”? So, to get the best buy on a property in the [Profile.market3] 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.

A plethora of data on the subject of selling, buying or investments is out there at no cost about [Profile.market3] real estate. To obtain full details about the [Profile.market3] real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything [Profile.market3] 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!