Real Estate guru Mike Weiland gives you excellent advice on what happens between contract and closing when purchasing Lofts Minneapolis

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November 4, 2010, by Mike Weiland in Tips for Home Buyers

Real Estate guru Mike Weiland gives you excellent advice on what happens between contract and closing when purchasing Lofts Minneapolis

It is best not to use this as an excuse to try and get a better deal on Lofts Minneapolis, but it can be a great way to get the seller to help with the cost of some of the repairs that may be needed to be completed for closing.

If there are repairs that need to be completed on Lofts Minneapolis you are buying, you will want to get some estimates on the costs for these repairs and weigh the costs of having them done before the closing as opposed to doing them at a later time yourself.

When your inspections are out of the way, it is time to have the appraisal of your Lofts Minneapolis scheduled. The lender needs to be contacted and informed that the appraisal needs to be ordered.

The appraisal is one of the costs that will have to be paid up front (along with any inspections that need to be done on the property.) The quicker all these steps take plac,e the quicker you can close on the Lofts Minneapolis.

Keep in mind that the lender may have repair requirements that need to be completed to process the loan. After the appraisal of Lofts Minneapolis, the lender will let you know what has to be repaired before you can get the loan for your loft.

If you are not working with a Realtor, it is best to contact your mortgage broker or lender once a week just to make sure they are not missing any documentation that you may need to get them, and that the process is moving ahead smoothly on your Lofts Minneapolis.

Once a week you will also want to contact your escrow officer (closer) that is in charge of closing Lofts Minneapolis at the title company.

At this time you will also want to call your insurance agent and inform him or her you will be buying a Lofts Minneapolis and will need some coverage for the closing of the loan. While the hazard insurance for the structure is paid through your homeowners association, many lenders now require that you have insurance for the interior fixtures (like cabinetry) and personal belongings: an HO6 policy. The title company will send you a form that you will fill out with your insurance information, but it is a good idea to contact your insuarance agent up front and get the wheels moving as fast as possible.

Whenever the title company or the lender calls you requesting information, get it to them in a timely manner. The quicker you respond, the quicker the loan process will take place for your Lofts Minneapolis.

You can generally expect a closing to take about 30 days from the time an offer is accepted. If you have all your ducks in a row you can move the closing forward about a week. But that is about the quickest you can expect the closing to happen on Lofts Minneapolis.

You can talk with your mortgage broker to get a more exact time line for your specific situatioin, as well as ask for their average closing time on Lofts Minneapolis.

There are a lot of people involved in any singlepurchase of Lofts Minneapolis but by understanding the order in which things take place, it will help you to make sure you will get the keys to your property in a timely manner and that you will have made the process as easy as possible.

There is a lot of free information available to you about buying, selling or investing in Minneapolis Condos or Lofts Minneapolis. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LoftsMinneapolis.com dedicated to everything Downtown Minneapolis Condos. Contact Mike Weiland & Elke Stephan of The Weiland Group with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Lofts Minneapolis including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LoftsMinneapolis.com.