Minneapolis Minnesota Real Estate Blog

The Most Important 4 Things Every Renter Should Know Before Buying Any condo in Downtown Minneapolis

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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 Downtown Minneapolis? 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 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. Sellers are aware that such certificates are WORTHLESS, and here’s 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.

So the way to make a strong offer today is to get “pre-approved”. This occurs following the verification of all of the details. 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. Two. 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. Then make a list of the nine things you don’t want. 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”. 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. 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. 3. A good agent will show everything available that will meet your requirements. You should not make a decision on a condo until you have 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 Downtown Minneapolis and not just the condo that the agent "wants" to show you.

At the end of the 80's, properties in Downtown Minneapolis 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. 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.

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 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!

A word of caution – agents in the Downtown Minneapolis make the phone ring by creating ads Some of the drawbacks the ad neglects to mention are traffic noise, power lines, and even litigation inside 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. Remember that the person writing the ad is representing the seller and not you in most cases! 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 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? 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 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”? To get the most bang for your buck, buy 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. 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 me, Mike Weiland with Edina Realty with any of your condo or mortgage related questions today. Call 612-735-6834 or email mike@mikeweiland.com.

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