Home & Real Estate Buying Process – Minneapolis St. Paul, MN
Every real estate transaction is complex and takes time. Along the road to a successful purchase of any home listed by Northstar MLS, situations can develop that cause the sale to fall apart and fail. Even worse, problems with a home that were missed before the closing date can plague homebuyers for years to come. It’s no wonder that buying a home is one of the most stressful and worrisome events in most people’s lives. At our top REMAX Realty team, we’ve assisted countless homebuyers with their transactions, and have helped them avoid problems. Our experienced, creative, and professional Realtors and agents have extensive insights into the problems that can arise in any real estate transaction, and are always working to help eliminate those problems. Each transaction is unique, but some of the advice we often give our home buying clients include these tips:
- Know Your Credit Status – Credit issues for homebuyers are often a source of concern and credit problems can create obstacles to home ownership. Today, it’s easy for homebuyers to get their own credit reports and scores. Credit reports can be obtained at no charge, once a year, from the three major credit reporting agencies. FICO credit scores are also available at no charge from several sources. Getting FICO credit scores may require signing up for a service that monitors your credit. The monthly fees for this service are reasonable, and you can cancel them at any time. The wise homebuyer will check credit reports and FICO scores before even beginning a search for a home to buy. Click here for the official government website where you can get your free credit reports. To obtain FICO scores, search Google for "free FICO scores." Before signing up, read the information on any site offering free FICO scores carefully.
- Get Pre-Approval from a Lender – With your credit information in hand, you can begin the process of getting pre-approved for a mortgage. A pre-approval from a lender is a powerful tool in getting offers accepted by sellers. You’ll know how much you can borrow, at what interest rate from that lender. While not a guarantee that you’ll get the loan, it’s solid information about your qualifications for that loan. Our REMAX agents can help you find a trusted mortgage lender, or you can work with your own bank or other lender.
- Choose an Experienced Agent – An experienced professional Realtor or real estate agent associated with a major real estate broker can be the homebuyer’s best ally. Choosing and engaging a buyer’s agent is an important step in a trouble-free transaction. The professional, licensed agents at The Minnesota Real Estate Team have helped thousands of homebuyers find their new homes.
- Find Properties Matching Your Needs – Today, it’s easy to look for real estate in the Twin Cities metro area. Our property search tools to homebuyers to help them find and preview homes listed by Participants of the Northstar MLS of Minnesota. With the Broker Reciprocity web site search, you can also search by entering the Minnesota MLS number of the listing. Pick Twin Cities communities, your price range, and other criteria, and you’ll see previews of most homes listed in the Minneapolis St. Paul area that match your needs. Your buyer’s agent can show you any homes you find. Our agents are members of Northstar MLS, and we are happy to help you with all of your real estate searching needs.
- Arrange Showings of Homes – Our experienced agents will be happy to show you homes that interest you, and will take the time to learn your plans and may be able to suggest other homes that will suit your needs. We’ll take all the time you need, and show you as many MLS listed homes as necessary to help you find your ideal home. In the process, we’ll point out the features of each home, along with helping you identify any problems.
- Make an Offer – Once you find an MN MLS listing that matches your goals, your buyer’s agent will help you evaluate your offer for the home. This can be a complex decision, and your agent will help you understand all elements of your decision. Frequently, offers and counteroffers include details that your agent will help you to understand.
- The Home Inspection – An essential element for every home purchase should be an inspection of the home by a professional home inspector. The buyer pays for this inspection, and the inspection can be great learning opportunity for the MN home buyer. In most cases, you’ll be able to accompany the inspector, who will point out issues to you. After the inspection, you’ll receive a detailed report from the inspector. Making the home purchase contingent on a satisfactory inspection is a choice you should make. If deficiencies are found, they can be negotiated with the seller. Deficiencies should be corrected or the selling price should be reduced. Your agent will assist in these negotiations.
- Communications Are Essential – Once your offer to an MN MLS listing is accepted, and both parties are satisfied with the terms, you’ll pay earnest money, a small percentage of the price of the home, which is held in escrow until the closing of the transaction. During that escrow process, you’ll work with your lender to finalize the mortgage, and a title search will be done to make sure the title is clear. During this time, it’s essential to keep in touch with your agent and your lender. Any issues that arise need to be taken care of promptly to avoid delays in the closing date. Our team of professional, licensed agents will stay in touch with you throughout this period, keeping you informed of progress and working hard to resolve any problems. You will be asked by your lender for a seemingly endless list of documents during the loan approval process. Patience will be a real virtue.
- Getting to the Closing – As the closing date approaches, the amount of communication will increase. A smooth closing is always everyone’s goal. There will be disclosures to read, closing fees to finalize, and many more details. This is one place where your buyer’s agent is invaluable in explaining all the details and helping to resolve any issues. Our seasoned REMAX agents have extensive experience in the closing process, working often with Trademark Title Services throughout all of their Twin Cities office locations.
- Attention to Details – Most problems that can ruin a real estate transaction can be eliminated by proper planning and attention to the details of the transaction. This is another area where your professional buyer’s agent from our REMAX team makes the difference. As we mentioned, our licensed agents have the ability to gather all the detailed information about properties listed at MN MLS, and thus, send you the newest listings to have hit the market. By anticipating and dealing with issues that develop through the searches and eventual transaction, your agent’s skills, creativity and experience will help keep your transaction on track and moving toward a successful, on-time closing.
Helping Real Estate Property Buyers in Minneapolis St. Paul
While the complexities of real estate transactions can be confusing to buyers and sellers alike, they’re all in a day’s work for our professional REMAX Realtors and agents. They understand every element of your transaction and will apply their knowledge, experience, and training to creatively help solve any problems that may develop during the process. Throughout every transaction, their communications with you will be frequent and your agent will always be ready to answer your questions, explain complex issues, and move the transaction steadily toward the closing date. Helping homebuyers initially browse real estate listed with Participants of the Northstar MLS Minnesota, and then taking them through the process of buying and closing the home of their dreams is our constant goal of our REMAX agents. Please don’t hesitate to contact us to begin your journey to a new home soon.