15 Easy Steps to Buying A Home in the Twin CitiesBuying a home is often confusing for those who haven't purchased a home in the twin cities recently. First time buyers are often especially confused so it helps to know what to expect. Though there is a lot that goes into each step, here are basic 15 steps to help you understand the home purchase process. (Most of these apply to NEW CONSTRUCTION homes too!)
Initial Buyer ConsultationAt this VERY IMPORTANT first meeting we will discuss Agency Relationships, a required disclosure in MN. We will also review everything from the time frame of your purchase to the details of your wants, needs and desires for a new home.
We will also discuss the importance of having a MN Buyer's Representation Agreement to protect your interests as a buyer. If you are going to be financing the home and have not already secured a pre-approval, we can assist you in securing a mortgage lender.
Home SearchWe will take the information learned during your consultation and search for all the available homes meeting your established criteria and set up instant alert from the MLS where agents enter their new listings. We can research all types of homes for you including For Sale by Owners, new construction, expired listings, withdrawn listings and "pocket listings" (homes not on the market yet).
Schedule showingsAfter we have determined which homes best meet your criteria, we will schedule showings.
Review a Competitive Market Analysis (CMA)This information gives the buyer the assurance that he is offering the seller a competitive price for his home. This is especially useful if the buyer hasn't been looking long enough to feel comfortable with the home's value or in multiple offer situations.
Secure Additional Home Purchase InformationPrior to writing an offer, we will contact the listing agent to determine if there is anything else we should know about this property sale before sitting down with a buyer to write an offer.
Discuss Price and Contract TermsThe price is only one facet of an offer to a seller. We will discuss the other terms such as closing date, contingencies, tax assessments, title search, and closing costs associated with your new home purchase.
Prepare OfferWe will prepare your offer to be submitted to the listing agent with all necessary contingencies and disclosures in place to protect the buyer's home purchase. Discussing terms and preparing an offer on a home generally takes one-two hours (contracts can be complicated, you'll want to ask questions).
Negotiate the OfferWhile our goal is to prepare a strong offer the first time, it may become necessary to further negotiate on the buyer's behalf to get the sales price and terms/contingencies he requires.
Schedule Home InspectionsWe will schedule and consult for any and all home inspections. We will discuss with the buyer any adverse findings uncovered during the home inspection.
Negotiate Repair RequestsIt may become necessary to request further compensation from the seller on behalf of the buyer if undisclosed problems or expensive repairs are uncovered as the result of a home inspection.
Coordinate ClosingWe will forward all necessary paperwork to a Title Company of your choice and coordinate closing.
Coordinate Continuous CorrespondenceThis keeps the transaction moving forward by communicating with the lender, (appraiser if required), title company and listing agent to make sure all the stipulations in the contract are being satisfied.
Schedule Final Walk-ThroughThe final walk through is set up just before closing and gives the buyer a chance to walk through the home to ensure the home is reasonably in the same condition it was in when the offer was made and any agreed repairs have been completed.
Review Final DocumentsOnce the lender has prepared the loan package, a HUD-1 Statement will be sent to the Buyer's Agent for review. We review this document to make sure basic offer details have been recorded properly. Once the lender and agent have reviewed, the title company (or attorney) forwards it to the buyer for review.
Attend Closing with BuyerThis gives our buyers the added comfort of knowing they will have an advocate present during the closing if something unexpected should arise.
Thanks for reviewing the 15 Steps to buying a home in the Twin Cities. Contact Sarah Marrinan today at (651) 964-0289 to get started with the home buying process!
Check out the additional Home Buying Tips.
If you have a home to sell, these 7 steps will help you!
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