4 Things Every Renter Should Know.

Note: For a free Downtown Minneapolis Downtown Minneapolis condo Buyer eBook that covers the Downtown Minneapolis condo buying process from beginning to end click here.

I. Don’t Get “Pre-Qualified!

If you're looking to get the very best Downtown Minneapolis condo you're capable of getting for the least amount of money you'd like to spend in Minneapolis Minnesota? 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 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. Sellers are aware that such certificates are WORTHLESS, and here’s why! None of the information has been verified! 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.

When you're "pre-approved," your offer is seen as coming from a stronger starting position. This occurs following the verification of all of the details. 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. Something we strongly suggest for all of our clients to have.

Since you are currently renting a Downtown Minneapolis condo and don’t have a Downtown Minneapolis condo to sell you may be at an advantage when competing with other buyers because many buyers must sell their current Downtown Minneapolis condo before they are able to get financing for another.

2. Play the Game of Nines

Before Downtown Minneapolis condo hunting, make a list of nine things you want in the new place. Think of nine things you don't want in a Downtown Minneapolis condo, then write them down. “NINE OF THIS AND NONE OF THAT”,I call this You can use this list as a scorecard to rate each property that you see. The highest final rating is the winner! This will help to prevent any misunderstanding and maintain a sense of perspective while making comparisons of many Downtown Minneapolis condos. 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 Downtown Minneapolis condo with good BONES, because the SKIN can always be changed to match your tastes. Think of the Downtown Minneapolis condo you are viewing as empty, without furniture. Consider each Downtown Minneapolis 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 Downtown Minneapolis 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 Downtown Minneapolis condos for sale you really want instead of whatever the agent has chosen to let you take a look at.

Just a few years ago, Downtown Minneapolis condos 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. Today there isn’t always this urgency, unless a Downtown Minneapolis condo is drastically under priced, and you’ll know if it is. Remember the dangers of waiting too long; the property could be sold before your bid arrives. If you really like a Downtown Minneapolis 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 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 Minneapolis Minnesota market create ads solely to make the phone ring! Many of the Downtown Minneapolis 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. 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 Downtown Minneapolis 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”Question: To get the most bang for your buck, buy property in the Downtown Minneapolis condo market, we always recommend that you hire your own agent and stick with him or her.

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 with any of your Downtown Minneapolis condo or mortgage related questions today. Call me at 612-735-6834 or email mike@mikeweiland.com.

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 Tags: downtown minneapolis condos, condos for sale in downtown minneapolis, minneapolis condo, minneapolis condos for sale, condo for sale downtown

Article's Author

Mike Weiland
The Weiland Group of Keller Williams Realty
Minneapolis, MN

Contact Mike Weiland