How to Buy a Condo or Loft Downtown Mpls
Many folks interested in buying real estate downtown Minneapolis, first-time home buyers especially, sometimes lack the knowledge to determine what they can afford when it comes to buying a condo or loft and often inquire how the purchasing process actually works. Below is a list of steps outlining how the condo purchase process works:
- Start by getting pre-approved by your bank or a mortgage broker. Understanding what you can afford gives you a starting point and a price window to search within.
- Find a Realtor that specializes in the market of real estate you are interested and be sure it is someone you feel comfortable with. I usually suggest to line up an interview to make sure it is the right fit. Talk to your Realtor about what you are and are not looking for in a property. You DO NOT want to run around to every condo on the market in Minneapolis. Depending what you are looking for your realtor should help you narrow down what fits your needs and wants without spinning your wheels. I always offer our “Buyers Concierge” which lists questions that will help identify what it is the buyer is looking for. DRG Buyers_Concierge (Updated 11-2009) Email this form to me at Mike@DrgMpls.com or fax to 612-777-8020 (Attention: Mike Seebinger), if you are interested in interviewing myself for the position of your Realtor.
- Now the shopping begins! This is the fun part. Once you’ve been pre-approved for a loan and you have found your downtown condo specialist, your realtor will then begin showing you properties within your parameters.
- Take notes while on the showings. Think about the location (1st and foremost), building amenities, take into consideration future value, the unit floor plan and of course the list price.
- Once you’ve found the condo or loft you would like to buy have you Realtor run a market analysis to determine what the condo or loft is actually worth.
- Assuming the numbers from the market analysis look good “let’s make an offer”! Your Realtor should now go through the offer paperwork, known as the Purchase Agreement, and explain the contract in detail. If you had any unanswered questions going into the offer process this will be a good time to get them answered. If you still have questions you can always have a lawyer review it as well.
- Your downtown Minneapolis Realtor will then submit the offer to the Listing (Selling) agent who will then contact the seller to review the offer and the negotiations begin.
- At the point where the buyer and seller have come to an agreement regarding the price and conditions the deal is now legally binding unless there are other conditions written into the contract.
- Typically the buyer will now schedule their inspection and next the appraisal. The Seller will also give the buyers the condo documents containing the rules, regulations, by-laws, articles of incorporation and budget. The buyer will have 10 days to review and rescind their offer if anything in the documents does not sit well with the buyer (pet limits in condos, unhealthy looking budget, ect.)
- After your loan has final approval and all contingencies are removed the buyers have the right to a final walkthrough of the property to insure that everything is the way the contract stated (bank deals can be different in this regard).
- Closing Time!! It is time to move. The buyer is allowed occumpancy after the buyer and seller meet with their respective title company or lawyers to exchange the property keys for payment. The title of the property is then switched over from the seller to the buyer and the buyer is then given entry and ownership to the property.
Buying a condo or loft downtown Minneapolis is an exciting process. It can also be a stressful and complicated process so it’s important to hire a Realtor you are comfortable with and trust. As you know, buying real estate is one of the largest investments you will make.
I would love the opportunity to sit down and answer your questions. If you are considering buying or renting downtown Minnepaolis please contact me with time and phone number or email most convenient to reach you. Feel free to also fill out the form on right hand side of this page.