Buying or selling a home?  

RE/MAX Select Properties can help.

Purchasing a home intimidates many people, but with a little up-front planning, it's not very complicated. I like to provide buyers with an outline of the whole deal so they'll understand exactly what to expect. These are my nine steps to buying a home.

Step 1 – Get ready to buy a home
There are several things you should consider before you search for a home. It's likely that you'll want to assemble an index of features you need, get a feel for what school districts and neighborhoods you'd like to live in, and start working on your budget. Ensuring your mortgage payment is around 30 percent of your monthly income is a good rule to adhere to.

Step 2 – Talk to a real estate agent that knows the area you are looking to move into.
This is where I come in. I can plan a time to get together so we can talk about your real estate needs and get an idea of your plans for the future. We'll talk about everything from neighborhoods, school districts in the area, the mortgage industry, to any other economic factors that could potentially affect your purchase today or in the future.  In addition, I'll help you get started on your loan. There are some very good mortgage professionals in the area and  that we can refer you to. They can help you figure out which type of loan is best for you, as well as help you get approved.

Step 3 – Begin house-hunting
After our first meeting we will give you a Home Buyers Booklet, outlining the home buying process. We will visit about what you are looking for in your new home. We will schedule appointments to view the homes at times that are convenient for you. When we tour homes, I'll call attention to good features and bad ones, and  listen to your  likes and dislikes as this will help me select homes for you to look at in the future. Usually, buyers update their wish list as we tour houses and some things become more essential than others. If that happens,    

Step 4 – Get a feel for the market
An agent's knowledge of the local and surrounding area housing market crucial in your home search. And I can assure you I'm informed of all the neighborhoods and schools, Some properties are in higher demand and do not last long on the market.  As we tour properties  we will visit about the list price verses  what the home may sell at.  IF the property is "priced to sell,." it may trigger multiple offers in a hot market. As experienced agents we can help you with questions and concerns you have to put the best offer on the table and safeguard you with conditions to meet your needs.

Step 5 – Making an Offer 
When  you decide to make an offer on a property we  use the standard Minnesota Realtor Association Forms  to create your real estate purchase offer.  The offer will be tailored with your needs in mind, including some contingencies, such as getting financing, completing the inspection, and a clean title.

Upon submitting your purchase offer, you'll need to present "earnest money."  and it typically is credited to your down payment or closing costs.  Many loans require a  30 to 45 days closing time frame  This allows sufficient time for your mortgage financing.

Step 6 – Negotiate

Market conditions will play a big part in how  the sellers respond to an offer and there could be more than one offer, known as Multiple Offer Condition. Either way we will consult with you on the best avenue to achieve the results you are hoping for,  working within your financing budget.  And at the end of the day, we'll put together a contract that's best for you. 

Step 7 – Get financing pre-approved when starting your home search...Sellers will take your offer seriously.
As we kick off your home search you will also receive your loan pre- approval from your lender, this will give you the parameters outlining the top purchase price, loan type, and other items to negotiate such as seller assisting with closing costs. You will need the pre-approval letter in hand when making an offer as sellers do not want to take their property off the market for a buyer that isn't sure of their financing, second if you are bidding against another buyer a pre-approval letter lets the seller know you are ready to go! 

Step 8 – Offer accepted ...to Closing Day
Once your offer is accepted we will send the Purchase Agreement to your lender.  You will need to contact your lender to get a list of things they may need from you. Your mortgage lender will supply you with a Loan Estimate (LE) of closing costs within three days of getting your application. This estimate is based on the loan amount, and RESPA requirements  order that it has to include all closing costs and be within a precise range of accuracy.  Please keep in mind the underwriting loan process has become more detailed and the lender has a required checklist to go through. The faster you respond the more likely closing will be on time.

During this time frame we will have the HOME INSPECTION if you elect one,  The home appraisal and title work will be completed  and the loan underwriter will ask for verification of employments, rents, and such. It's is important not to open up new credit cards or make new purchases on credit that may change your qualifications.  Do not change jobs, overdraft your account or deposit cash from weddings, garage sales and such. Lenders need to verify everything so when in doubt visit with your lender or myself as we are here to guide you through the process. 

Step 9 – Closing Day is  Move in Day
You made it!  The Closing day is a big day, we will do one final walk through of the property to ensure everything is in working order and the property is cleared out.  We will meet with the lender and closing title company to sign papers and review documents. Once you have signed and closed you will receive the keys to your new home and property! Now you can move into your new home.

Step 10- Realtor Resource

Even  though we have closed and completed all the necessary steps to help you make your move, we are even more excited when we hear from you to assist with remodeling questions, refinancing questions, or that you have a friend, relative, or someone you know looking to make a move and you would like us to help them through the process. As your Realtor Resource we are happy to update your home valuation for you at any time just give us a call.