So you want to buy a condo or a home in the Twin Cities? Congratulations! As first-time homebuyers, the process can be a little overwhelming, so we’re here to break it down for you in 11 simple suggestive steps.
- Locate and meet with a REALTOR®. Specifically, a local Minneapolis- St Paul real estate buyer agent will be able to answer your questions and explain the home-buying process. Education is important.
- Meet with a mortgage lender/loan officer. Obtaining mortgage preapproval will enable you to better understand the parameters of your condo or home search. You may want to ask your loan officer question pertaining to the mortgage process.
- Make a wants/needs list. How many rooms do you need? Are you looking for a single-family home, townhome, or a condo? Maximum number of bedrooms and bathrooms? What are your locations of interest?
- Begin the home search. Contact your real estate agent to set-up property showings. Visit properties that meet your criteria. Take notes so you can discuss it in detail again later.
- Submit a purchase agreement. Think you found the one? Work with your agent to submit an offer. Your real estate agent has access to the latest technology pertaining to estimate property values, etc.…
- Receive an agreement/acceptance of your offer. You may want to go to dinner and celebrate!
- Private home inspection. Important note: A private home inspection is not requirement, but electing for a private home inspection contingency may be a wise decision.
- Property appraisal and title ordered. Specifically, your mortgage lender will take care of this step.
- Start packing. Contact the local utility companies.
- Take a final walk-thru of the property prior to closing. If you have any last-minute questions, now is the time to ask.
- Close.Congratulations! You are now a homebuyer! Time to spread the word and prepare for your housewarming party! Your Minneapolis St Paul home buying experience was successful.
Please feel free to contact RE/MAX Results– Shannon Lindstrom, REALTOR® if you have questions and/or wish to set-up an appointment to discuss the home-buying process.