Once you have undergone the preapproval process to buy your Minnesota home, you will be ready to start looking at homes that you have found on internet searches.

Buying a Home in Minnesota Step 3: Find the House of Your Dreams

When you work with a real estate agent to find a home you will be investing quite a bit of time with them while looking at homes. You will want to be respectful in terms of scheduling showings. Make sure to allow ample time for your agent to schedule home showings and to clear their calendar to meet with you.

You might look at fifteen or twenty homes before making an offer. I encourage buyers to view at least this many prior to making an offer on one to purchase. By looking at enough homes you will get a feel for what the market bears in terms of price. Beware that some price ranges or properties might sell quickly, which is yet another reason that you got preapproved earlier in step 1.

Some tips during your house hunting:

1) Pay attention to the taxes and homeowner’s association dues (if any) on properties. The property tax amount will have a significant impact on your monthly payment.

2) If you are looking at homes in the upper end of your price range, be sure to consult with me prior to making an offer. High property taxes and/or association dues can make the difference as to whether or not you will qualify for the home.

3) Note the property condition. If you are using a Minnesota FHA program or VA financing the property may require home repairs prior to closing on your loan. As importantly if you find a home that has significant problems such as missing a kitchen or bathroom, etc., any type of financing may become problematic. Most traditional financing programs are not suited for big “fixer-uppers”.

4) Beware of unrealistically low offering prices from short sales. Just because a property seller is offering a low price does not mean that the lien-holder (their bank) will agree to sell it for that price. Short sales can have attractive pricing that skews the market but is ultimately unrealistic.

5) Ask me for specific financing details on properties that you find. I will quickly reply with a closing cost worksheet that details the payment and cash required to close that you might expect.

6) Be ready to buy! Once you find your dream house you definitely want to be in a position to buy. Time is of the essence and if your offer comes in too late you might miss out on the opportunity. This is another reason it is very important to get preapproved to buy a Minnesota home as we talked about in step 1.

Finding the right home in your price range will probably take some time. Be prepared to spend a month or two or three until you find just the right one. After finding your dream home, you’ll be ready to write an offer on the home as I discuss in Step 4.