Minneapolis Minnesota Real Estate Agent Mike Weiland, Realtor Discusses The 4 Things Every Renter Should Know

Home

Articles

Tips for Home Buyers

0 votes

June 28, 2009, by Mike Weiland in Tips for Home Buyers

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 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. Buyer strength and length of escrow are usually critical to sellers.

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! This information has not been double checked 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.

So the way to make a strong offer today is to get “pre-approved”. This occurs following the verification of all of the details. Now for the final step. Loan approved, but what about the property appraisal? This process takes anywhere from a few minutes to a few days depending on your situation. Something we strongly suggest for all of our clients to have.

It is an advantage to be a renter when competing with buyers who already own their condo because their financing can be dependent on selling their current condo. 2. Play the Game of Nines

Before condo hunting in the Minneapolis Minnesota 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 may utilize this list like a scoring guide in order to rank all the properties you check out. The one with the biggest score wins! This will help to prevent any misunderstanding and maintain a sense of perspective while making comparisons of many condos. When condo hunting in the 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. 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. Think of the condo you are viewing as empty, without furniture. Consider each condo on its underlying merits, not the seller’s decorating skills. Third: 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. Go to the Multiple Listing computer with your agent to make sure that you are getting a COMPLETE list of condos for sale in Minneapolis Minnesota get the condo you really want instead of whatever the agent has chosen to let you take a look at.

In the late 1980’s, condos in Minneapolis Minnesota 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. Today there isn’t always this urgency, unless a condo 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 condo selling before you get your offer to the seller. 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.

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 Minneapolis Minnesota market you can visit my website at www.MikeWeiland.com. Information is available on every school; such as class sizes, % of students that go on to college, SAT scores, etc.

4. Stop Calling Ads!

A word of caution – agents in the Minneapolis Minnesota make the phone ring by creating ads Some of the drawbacks the ad neglects to mention are traffic noise, power lines, and even litigation inside 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 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 toward how well it meets your needs and will point out any drawbacks you should know about.So whether you decide to work with us or not, pick an agent you feel comfortable with and enlist the services of that agent as a buyer’s broker. 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. Question: 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 Minneapolis Minnesota real estate market, we always recommend that you hire your own agent and stick with him or her.

A plethora of data on the subject of selling, buying or investments is out there at no cost about Minneapolis Minnesota property. To obtain full details about the Minneapolis Minnesota real estate market including current condos for sale, property values and more please visit the most complete website online dedicated to everything Minneapolis Minnesota property So please feel free to contact me, Mike Weiland with the Weiland Group of Edina Realty with any of your real estate and mortgage questions and I will be more than glad to answer your questions. Call me on my cell at 612-735-6834 or email me at mike@mikeweiland.com.