8 Steps to buying your home in Maple Grove

Eight steps to buying your home in Maple Grove


1. Decide to buy.

There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run. If you are paying rent, you very likely can afford to buy. Currently the housing market is a bit of a seller’s market,meaning that inventory is low and home values are on the rise. Fortunately, interest rates are still low. This makes first-time home-buying in Maple Grove very affordable.

2. Secure financing.

Choose a loan officer (or mortgage specialist) and complete a loan application. The lender will pre-approve you for a loan amount based on your income and your debt.  You will receive an approval letter that you will want to share with your REALTOR. Determine what your comfort level is and stay within your budget . The lender will explain the loan process to you and will help you decide which loan is the best for your situation.

3. Select your REALTOR.

 It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase, double checking paperwork and assuring deadlines are met. A buyer’s agent will be able to educate you on the market and guide you to find a home based on your wants and needs. Your REALTOR will be able to negotiate on your behalf and solve any problems that may arise. 

4. Find your home.

Questions to ask yourself:

1. How much space do I need and why?
2. Which is more critical: location or size?
3. Would I be interested in a fixer-upper?
4. Is neighborhood stability and priority?
5. Would I be interested in a condo, new construction, or a single family home?
6. What features and amenities do I want? Which do I really need?

5. Make an offer.

When searching for your dream home, you were just that-a dreamer. Now that you're writing an offer, you need to be a businessperson. You need to approach this process with a realistic perspective of your market. The three basic components of an offer are price, terms, and contingencies .Price-the right price to offer must fairly reflect the true market value of the home in Maple Grove.  Your agent's market research will guide this decision .

6. Perform due diligence.

Unlike most major purchases, once you buy a home, you can't return it if something breaks or doesn't quite work like it's supposed to. That's why home owner's insurance and property inspections are so important.

A home owner's insurance policy protects you in two ways: Against  loss or damage to the property itself and liability in case someone sustains an injury while on your property

The property inspection should expose the secret issues a home might hide so you know exactly what you're getting into before you sign your closing papers.

7. Close.

The final stage of the home buying process is the lender's confirmation of the home's value and legal statue, and your continued credit-worthiness. This entails an inspection , appraisal, title search, and a final check of your credit and finances. Your agent will keep you posted on how each if progressing, but your work is pretty much done.

On closing day, with the guidance of a settlement agent and your agent, you'll sign documents that do the following:  Pay the seller, pay your closing costs and transfer title to you.

8. Protect your investment.

Attention to your home's maintenance needs is essential to protecting the long-term value of your investment. 

Karen Pelkey

REALTOR®  Keller Williams Classic Realty Northwest

612-414-2888

www.KPelkey.com

If you are looking to buy or sell in the Minneapolis Metro, let me be your expert!

 

Why you need a REALTOR® when buying a home in Maple Grove

Why You Need A REALTOR®

A licensed real estate professional provides much more than the service of helping you find your ideal home. Realtors® are expert negotiators with other agents, seasoned financial advisers with customers, and superb navigators around the local neighborhood. 

They are members of the National Association of Realtors® (NAR) and must abide by a Code of Ethics and Standards of Practice enforced by the NAR.

 A professional Realtor is your best resource when buying your home In Maple Grove.

Let a REALTOR be your guide  when looking for your home.

• A knowledgeable Realtor can save you endless amounts of time, money, and frustration.

• A knowledgeable Realtor knows the housing market inside and out and can help you avoid the “wild goose chase.”

• A knowledgeable Realtor can help you with any home, even if it is listed elsewhere or if it is being sold directly by the owner in Maple Grove.

 • A knowledgeable Realtor knows the best lenders in the area and can help you understand the importance of being pre approved for a mortgage. He or she can also discuss down payments, closing costs, and monthly payment options that suit you.

•  A Realtor in Maple Grove is an excellent source for both general and specific information about the community such as schools, churches, shopping, and transportation—plus tips on home inspections and pricing.

• A knowledgeable Realtor is experienced at presenting your offer to the seller and can help you through the process of negotiating the best price. By bring objectivity to the buying transaction, he or she can point out the advantages and the disadvantages of a particular property in Maple Grove. 

And the best thing about your Realtor is that all this help normally won’t cost you a cent. Generally speaking, When Buying a home in Maple Grove, the seller pays the commission to your Realtor. 

Karen Pelkey

REALTOR®  Keller Williams Classic Realty Northwest

612-414-2888

www.KPelkey.com

If you are looking to buy or sell in the Minneapolis Metro, let me be your expert!