What Do Minnetonka Homes for Sale Buyers Pay

By
Real Estate Sales Representative with The Exceptional Home Team

Acquiring Minnetonka homes for sale is one of the rewarding decisions a person can have. One of the basic things to consider before deciding to buy Minnetonka homes for sale is to know your long-term goals. 

Nowadays, the Internet is widely used in searching for new Minnetonka real estate. You can see many home listings such as those on the Minnetonka MLS, neighborhood and home photos. In this way, you can have many choices that would fit within your budget and a location that is convenient for you. For example, you want to choose a Minnetonka home that is: near your workplace, near your children’s school, a location that is nearest to supermarkets, hospitals, etc. Most likely you already have in your mind an idea of what type of Minnetonka homes for sale you want to own. In buying a new Minnetonka home, there are several things that need to be prepared and considered. Primarily, these involve both the purchase price and the closing costs. You might ask, “Do I pay to use a Realtor?” The answer is: No. A home buyer doesn’t have to pay when there is a commission being offered by the seller. 

Most of the fees you pay as a buyer are accumulated when acquiring the loan.  Those fees are roughly 3%. There’s usually an administration fee for whichever broker the home buyer is using.  All brokers have a processing/administrative fee.  This fee can range from $250 to $500. Other than that, there are a handful of other misc expenses collected by the title company which include: property and transfer taxes, title insurance, homeowner’s insurance, recording and doc prep fees.  Often the premium for the homeowner's insurance is paid at the time of closing.  All of these fees are commonly referred to as "Buyers Closing Costs".

When buying Minnetonka homes for sale, you can most likely expect to pay prior to closing, the property inspection (to be done by a reputable inspector) *your Realtor should be able to give you a few names as referrals for the inspection of your Minnetonka homes for sale.  Home inspection fees can vary by size of the property, however, should run between $300-500.  The other check you can expect to write when buying a Minnetonka home is for the earnest money.  This is a check written at the time of the purchase agreement and IS CASHED.  This check is often 1-2% of the sale price.  The check is most often written out to the listing company.  It is deposited into the brokers trust account and held until closing.  Your mortgage person will ask you about this amount to show the funds as a credit on their list of fees towards your funds due at closing of your Minnetonka homes for sale.

There are also normal fees in moving, whether it’s a moving truck and some other things to be considered and there’s a $500 Target run in there somewhere. The good news is, some fees are shared by the buyer and the seller, like the property tax and association fees. This gives home buyers of Minnetonka homes for sale a lesser down payment in acquiring a new home. Your Realtor should explain all of the fees to help you understand and prepare for it ahead of time. 

It is very important for you to be knowledgeable in buying a new home so you won’t be stressed too much about the processes you have to go through. Choosing Minnetonka homes for sale should also be worth all your hard work and you won’t regret in the end about acquiring it. 

Posted by

- Christy Kimbrel with Keller Williams Premier Realty Lake Minnetonka Market Center

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Buying or selling a home can be complex. That's why an experienced real estate agent can help you go through the process and answer your questions, from helpful financing calculators to complete and thorough real estate information.

I have been selling homes in the twin cities area since 2001. I thought I had seen it all, UNTIL now. :) My job changes daily. It involves peoples largest investment and I would love to be a resource to keep them in touch with the market.

http://www.minnetonkaareahomeexpert.com/ - For Homebuyers
http://www.theexceptionalhometeam.com/ - For Sellers

To get in touch with us, The Exceptional Home Team, simply give us a call. It will be our pleasure to serve you.

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