Minneapolis Minnesota Real Estate Blog

The Most Important 4 Things Every Renter Should Know Before Buying Any Home in Edina Minnesota.

1. Don’t Get “Pre-Qualified!

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Do you want to get the best house you can for the least amount of money when buying a home in Downtown Minneapolis Minnesota? 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. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller.

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. When dealing with certificates that hold no value, sellers are becoming more wise, so let me explain 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. Now for the final step. Loan approved, but what about the property appraisal? Depending on the circumstances, the entire process can take anywhere from just a few minutes to a few days. It’s VERY POWERFUL and a weapon we recommend all our clients have in their negotiating arsenal.

It is an advantage to be a renter when competing with buyers who already own their home because their financing can be dependent on selling their current home. Two. Play the Game of Nines

Before house hunting in the Downtown Minneapolis Minnesota 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 highest final rating is the winner! This helps avoid confusion and keeps things in perspective when you’re comparing dozens of homes. When house hunting in the Downtown Minneapolis Minnesota, consider the contrast between something called "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 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: Don’t Be Pushed Into Any House

Your agent should show you everything available that meets your requirements. You should not make a decision on a house 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 homes for sale in Downtown Minneapolis Minnesota and not just the home that the agent "wants" to show you.

At the end of the 80's, properties in Downtown Minneapolis Minnesota 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 home. 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. But keep in mind, if you wait to long there is always a chance of the house selling before you get your offer to the seller. 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.

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 Minnesota 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 Downtown Minneapolis Minnesota make the phone ring by creating ads 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. 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.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 homes 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: To get the most bang for your buck, buy property in the Downtown Minneapolis Minnesota area. 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. Downtown Minneapolis Minnesota real estate. For complete information about the Downtown Minneapolis Minnesota real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Downtown Minneapolis Minnesota real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your questions. Call me on my cell at 612-735-6834 or email me at mike@mikeweiland.com.

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