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The Home Buying Process... Fun and Stress-Free!
Finding the right home in the Minneapolis and St. Paul area
The very first thing you NEED to know is that our services to all buyers are free. We do not charge a fee to help you with the entire process. We'll accept the Seller's MLS payout as our fee... So relax, and let our qualified team of professionals help you find the perfect home.
Most buyers in the Minneapolis and St. Paul area start exploring and researching homes long before they contact a professional. We realize that, and it is the reason we've made our site rich in content and tools.
You can set up your own account on our site that lets you search every home for sale on the Multiple Listing Service (MLS). You can manage your favorites, save special searches, get matching properties emailed directly to you as they come on the market, and even forward to your favorite social media platforms.
Our web site lets you research just about every possible detail about Twin Cities real estate... the area, cities, suburbs, schools, neighborhoods, and so much more.
Then the fun starts! Actually touring the homes you want to see. It is a changing process and it is fun to see how it will lead you to the home that's perfect for you.
We'll help make recommendations, set up showings, give you our opinions and help provide you with information about the properties, as well as negotiate the best offer when we find the perfect home. Once we find your home, we'll write the offer with you and negotiate the best possible terms and price. We'll also assist you with a home inspection, getting pre-qualified with your lender, inspections, appraisals, and the closing. Finally, we'll be there at the closing with you, and congratulate you on your new home:)
We'll be honest with you and share our experience in the market about the properties you are interested in but we don't believe that being "pushy" gets anywhere. There is no place for that in how we do business. We'll find a home in your time frame when you feel completely comfortable!
The Top 15 Mistakes Made By Home Buyers
We're here to help you with the entire process! And, although there is no substitute for doing your homework (start by asking your family and friends who have recently moved for their experiences) the following list of common mistakes Most Buyers make may be helpful.
1. Thinking You Get A Lower Price By Buying Home Through The Listing Agent
The commission is pre-set between the agent representing the seller and the seller. In an exclusive right to sell agreement the commission is the same no matter who sells the property. The fact is the listing agent is obligated to disclose all information received from conversations with a buyer to the seller. When we work with you as a buyer agent we can save you money by disclosing to you, information that a seller agent can not. Your buyer agent can also give you advice on market conditions and comparable homes. Remember: The seller's agent is working for the seller. The seller expects them to get top dollar! A buyer agent owes the buyer his loyalty and is paid by receiving part of the seller agent’s commission. There is no cost to the buyer!
2. Thinking You Don’t Need An Agent To Buy A New Home:
Builders love buyers not represented by an agent for many reasons: 1) the builder then controls the sale; 2) buyers generally do not possess expert knowledge of the market or insider information, so critical in negotiating an offer; 3) builder sales agents are not required to be licensed Realtors and therefore not required to follow a code of ethics; 4) builder contracts are written to protect the builder, buyers do not have an agent to help explain and amend the contract; 5) buyers are not receiving advice from their agent on option pricing vs. cost, financing options, or construction quality. Hiring an agent will not cost buyers additional money because agent commissions are built into builder pricing and are a condition of offering properties through the multiple listing service. Not using an agent only saves the builder money.
3. Not Having A Great Realtor:
It probably goes without saying, a great Realtor knows of properties available in addition to the traditional MLS selection. They network with other top agents; send direct mail to target neighborhoods; and maintain contact with past clients in their database, providing you with the best home, at the lowest price, with the best terms, in the shortest amount of time.
4. Buying For Immediate Needs And Not Future Needs:
Buying real estate in our area is a large investment, you must make certain you think ahead to what your needs will be over the next 3-5 years. A slightly higher investment today may save you thousands in the future. Even if it seems the investment is a stretch at the time, spend just a little more for that extra bedroom, room for an in-home business, or enough land for an addition or improvement. The extra investment can save money in the future.
5. Failing To Move Fast:
There are two parts to this: first, the best properties on the market move quickly so if you want one of the best properties, you need to set up a system that will keep you immediately informed when homes become available; second, don’t wait to make your offer and make counter offers quickly. Taking too much time is to the seller’s advantage, and gives the seller more time to solicit offers from other prospective buyers who might make a higher offer on what could have been your home.
6. Getting Financing To Match Your Ownership:
Regardless of your purchase, your financial terms must be consistent with your ownership. If you are not going to stay in the property long, then it may be to your advantage to get variable rate financing, so you can have the lowest interest rate during your time of ownership, plus it will probably be an assumable loan, which is a good selling point, when you want to sell. If long-term ownership is ideal for you, get a fixed rate loan so you can lock in on today’s low market rates for the next 30 years. Your Real Estate professional can help you explore the many financing options available for the best match.
7. Don’t Let Decorating Make Your Decision:
Paint, carpet, spit and shine are great, but don’t turn down a home with lots of potential just because of a little dirt, decorating not to your liking, or some needed handyman repairs. Sometimes “sweat equity” adds the most value to your home.
8. Making Too Low Of An Offer:
We are not saying to offer full price, we want you to get a good deal. Circumstances may dictate that a low offer might be the best strategy. Sometimes people think that a large reduction in price necessitates a good deal. That is not always the case. If a property is priced right, the full price can be a great deal. Market knowledge is more important than a low offer. Too many homes are lost over the buyer’s unwillingness to move a little on price, terms, and concessions. Think about this; $5,000 in today’s loan market increases your monthly investment by about $25. This is a small price to pay for getting a home that is perfect for you. Follow good professional advice if you really want the property.
9. Not Using Real Estate And Mortgage Professionals:
Everyone knows a friend, relative, or even a friend of a friend who is a licensed real estate agent or loan officer. Most are not top professionals in their field. In today’s litigious marketplace if you are not using experienced professionals it can cost you thousands of dollars. Problems can often be avoided with precise attention to details that only a full-time, experienced real estate professional understands. Your real estate professional will also assist you in finding other top professionals in their respective fields; all are necessary to facilitate a smooth transaction.
10. Not Getting A Professional Inspection:
Your real estate agent can point out obvious defects, the appraiser, whether FHA, VA, or Conventional can also point out some defects. You should always hire a certified home inspector who puts on overalls and crawls below, in, and above your future investment to write a complete report. The home inspection not only ensures that the home you are buying is sound, but also educates you about preventive maintenance and general care of your home; saving you dollars in the future.
11. Not Differentiating Needs, Wants, and Dreams:
First, write down the minimum requirements for your next home, then write down those items you would like to have but could live without. Last, write down those items that you would be surprised to find. Once they are written down, it is easier to communicate them to your real estate professional, making it easier for him to help you find the perfect home. In most cases, an experienced real estate professional familiar with the homes for sale (market inventory) can help you get the basic requirements, and also some of those exciting hard to find features.
12. Looking for a house without getting pre-approved by a lender:
Many properties in today's market actually require that buyers are pre-approved before touring. When you are pre-approved, you are effectively a cash buyer. This makes it much easier to negotiate with the seller. Do not mistake pre-approval with pre-qualification; pre-qualification is only the first step in gaining pre-approval. Ask your Banker or one of us at the Jim Berg Team for details.
13. Not shopping for home insurance until you are ready to move:
If you wait until the last minute, you will be rushed in finding insurance. Allow time to shop around and get the best deal.
14. Signing documents without knowing why:
Do not wait until the last minute before reading the documents; there probably will not be time. Try to get copies of all documents early on in your home search so that you can peruse them at your leisure. Many buyers, even when they read everything, do not understand all the meanings and that is where a good Realtor can help you understand what it is that your getting into.
15. Not knowing your rights and obligations:
If you do not know your rights, then you can be taken advantage of. If you do not know your obligations, you may inadvertently cause friction between yourself and those with whom you are about to enter a contract. Both your REALTOR and Lawyer are great sources of information concerning this; make use of their expertise and resources.
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