Minneapolis Minnesota Real Estate Blog

The 4 Things Every Renter Should Know.

Note: You can access the best deals on Downtown Minneapolis condos as well as insider information about privately available condos in Downtown Minneapolis Condos!

1. Don’t Get Pre-Qualified!

Do you want to get the best condo you can for the least amount of money when buying a condo in Downtown Minneapolis? Next, 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 length of escrow are usually critical to sellers.

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! This information has not been double checked 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. 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. It’s VERY POWERFUL and a weapon we recommend all our clients have in their negotiating arsenal.

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. 2. Play the Game of Nines

Before condo hunting in the Downtown Minneapolis 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. I call this “NINE OF THIS AND NONE OF THAT”. You can use this list as a scorecard to rate each property that you see. 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 Downtown Minneapolis, 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. Easily changed surface finishes like carpet, wallpaper, color, and window coverings,the SKIN represents. 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: Don’t Be Pushed Into Any condo

Your agent should show you everything available that meets your requirements. Don’t make a decision on a condo until you feel that you’ve 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. Downtown Minneapolis 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 Downtown Minneapolis 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 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. 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 Downtown Minneapolis 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. No need to respond to advertising.

A word of caution – agents in the Downtown Minneapolis 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. 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 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? 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 Downtown Minneapolis 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 Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis Condo market including current Minneapolis condos for sale, values, and more please visit the most complete website online dedicated to everything Downtown Minneapolis Condos at www.LivingInDowntownMinneapolis.com. Contact Mike Weiland & Elke Stephan with Edina Realty with any of your condo or mortgage related questions today. Call 612-735-6834 or email mike@mikeweiland.com.

P.S. You can access the best deals on Downtown Minneapolis condos as well as insider information about privately available condos in Downtown Minneapolis Condos!