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Minneapolis Home Buyers Guide November 23, 2007

Posted by minnesotarealty in MN Realty.
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When you are purchasing a Minnesota home for the first time it can be truly exciting. It can also be incredibly unnerving. There’s a lot of information to grasp in a relatively fast time period. There are numbers and terms to learn and you will have about a million questions!

From a psychological standpoint, whenever you are new information you only retain around 20% of your first exposure to it, so even though you already inquired about something, you may need to ask it repeatedly before the information ‘sinks in’. A good Minnesota Realtor will understand this and use it to bring all the technical terminology to a simpler format so that it can be perceived by you. It is not even a bad idea that you to take notes as you speak with them so you can review it and remember what was said.

As a first time home buyer too, you’ll have the ability to get all the first time home buyer loan programs that people who already own can no longer get! Why is this good news, you ask? Because now you can get approximately thirty-thousand to thirty-five-thousand dollars MORE of a Minnesota home for the monthly fees. These programs are in place basically because the U.S. government wants people to own houses in Minneapolis. They feel that you are a more stable and responsible individual in order to purchase, and manage your own house, so they have made these incentives available to positively influence anyone that’s “on the fence” about their first purchase and to help “grease the chute”!

As for new buyers the first primary question is typically “where do I start?”. Some people get started by searching the Minnesota MLS listings or in the newspaper looking at what’s available and that is a perfect way to observe what’s in your desired location, but now when can you visit them? That’s where I come in. In order to make an appointment to visit the inside of a place for sale, a Minnesota real estate agent must make the arrangements for you, obtain the codes for the lockbox and open the houses up for you. They are is accountable for everyone that enters that house too. Once you begin viewing houses too, consider consulting a loan officer at a lender too, to be positive you are shopping in the price range that you can afford AND qualify for. Many home-shoppers are taken aback when they qualify for more or less than they assumed and were looking at the wrong homes for their income bracket, squandering their own precious time.

Beware too, that a lot of MN Realtors in the business will try to have you sign a contract immediately that says you’ll work with them and only them. You do not need to sign anything like that. They are just attempting to make sure they “lock you in”, but you can always shop Realtors and use whoever you want. Or even question them to see who you like best and who’s gonna serve you best! At the end of the day, they don’t will not be paid until you purchase something using their services and even that is paid of the seller’s pocket, not the buyer’s!