Downtown Minneapolis Condos Real Estate Agent Mike Weiland Discusses The 4 Things Every Renter Should Know.
I. Don’t Get “Pre-Qualified!
If you're looking to get the very best Downtown Minneapolis Condos you're capable of getting for the least amount of money you'd like to spend, then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a Downtown Minneapolis Condos seller.
In the past it was our policy to suggest to potential Downtown Minneapolis Condos buyers that they try to get qualified for a loan before they apply for it. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you “pre-qualified” and issues a certificate that you can show to a seller. When dealing with certificates that hold no value, sellers are becoming more wise, so let me explain why! None of the information has been verified! Oftentimes-unknown problems surface! Glitches on the credit report due to any number of reasons both accurately and inaccurately, down payments that have not been in the clients’ bank account long enough, etc,some of the problems I’ve seen include recorded judgments, child support payments due.
When you're "pre-approved," your Downtown Minneapolis Condos offer is seen as coming from a stronger starting position. This occurs following the verification of all of the details. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few minutes to a few days depending on your situation. Something we strongly suggest for all of our clients to have.
It is an advantage to be a renter when competing with buyers who already own their property because their financing can be dependent on selling their current property.
2. Play the Game of Nines
Before Downtown Minneapolis Condos hunting in our market, develop a list of about 9 items you want in your new location Then make a list of the nine things you don’t want. I call this “NINE OF THIS AND NONE OF THAT”. You can use this list as a scorecard to rate each property that you see. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you’re comparing dozens of Downtown Minneapolis Condos. When condo hunting in the Downtown Minneapolis, consider the contrast between something called "SKIN AND BONES". Such as the location, view, size of lot, noise in the area, school district, and floor plan,the BONES are things that cannot be changed. The SKIN represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the house with good BONES, because the SKIN can always be changed to match your tastes. Think of Downtown Minneapolis Condos you are viewing as empty, without furniture. Consider each condo on its underlying merits, not the seller’s decorating skills. 3. A good agent will show everything available that will meet your requirements. You should not make a decision on a condo until you have seen enough to pick the best one. Go to the Realtor database computer with your agent to make sure that you are getting a COMPLETE list of Downtown Minneapolis Condos for sale and not just the condo that the agent "wants" to show you.
In the mid 2000's, Downtown Minneapolis Condos were selling quickly, usually a few days after listing. In that kind of market, agents advised their clients to make an offer ON THE SPOT if they liked the condo. At that moment, it was a sage opinion. Only Downtown Minneapolis Condos that are very under priced, and you'll know the ones that are, usually have this sense of urgency. But keep in mind, if you wait to long there is always a chance of the condo selling before you get your offer to the seller. If you really like a condo, get an offer written and make sure your agent writes in the proper clauses to get you out of the offer.
Let's not forget that when making your consideration, also remember to do research into the SCHOOL DISTRICTS that are located in the same area. For more information about schools in the Downtown Minneapolis Condos market you can visit my website at www.LivingInDowntownMinneapolis.com. Information is available on every school; such as class sizes, % of students that go on to college, SAT scores, etc.
D. Stop Calling Ads!
Take care - the agents in Downtown Minneapolis Condos market create ads solely to make the phone ring! Many of the condos have some drawback that’s not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What’s not mentioned in the ad is usually more important than what is. For this reason, we want you to be very careful when reading ads. Remember that the person writing the ad is representing the seller and not you in most cases! The most important thing you can do is have someone on your side looking out for your best interests. Your own agent will critique the property with an eye towards how well it meets your needs and will point out any drawbacks you should know about.So whether you decide to work with us or not, pick an agent you feel comfortable with and enlist the services of that agent as a buyer’s broker. Then you become a client with all the rights, benefits, and privileges created by this agency relationship, and you’re no longer just a shopper. Did you know that many Downtown Minneapolis Condos are sold WITHOUT A SIGN ever going up or any internet presence at all? These “great deals” go to those people who are committed to working with one agent. When an agent hears of a great buy, who do you think he’s going to call? His client, who he has a legal obligation to work hard for you, or someone who just called on the phone and said “keep your eyes open”? To get the most bang for your buck, buy property in the Downtown Minneapolis Condos real estate market, we always recommend that you hire your own agent and stick with him or her.
There is a lot of free information available to you about buying, selling or investing in Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current Minneapolis condos for sale, values, and more please visit the most complete website online dedicated to everything Downtown Minneapolis Condos. Contact Mike Weiland & Elke Stephan with Edina Realty with any of your real estate or mortgage related questions by filling out the form below.
P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.
