Minneapolis Minnesota Real Estate Blog

4 Tips Every renter Should Be Aware of Before buying In Downtown Minneapolis.

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I. 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? 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. 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. 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.

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. 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. 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, 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 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. 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 and not just the condo that the agent "wants" to show you.

At the end of the 80's, properties in Downtown Minneapolis were selling quickly, usually a few days after listing. 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.

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 go to my website found at www.LivingInDowntownMinneapolis.com. Information is available on every school; such as class sizes, % of students that go on to college, SAT scores, etc.

D. No need to respond to advertising.

Take care - the agents in 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.Regardless of who you chose to work with, remember to select someone that wins your confidence. Remember too to find to get a buyer's broker on board. 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”Question: 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. 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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