1. Contact a Reputable Mortgage Lender
This is a MUST. Yes, it’s a ”buyer’s market” but even in the Twin Cities, you will have a hard time making an offer (much less getting it accepted) without a pre-approval letter from a reputable mortgage lender.
Meeting with a lender will tell you many things:
- what type of loan you should be looking at
- how much of a mortgage you are comfortable with
- how much of a loan you qualify for
- what price range you should look at for your new home
2. Determine what is important to you in a home (besides price point)
- location (narrow it down to 2-3 cities / areas)
- how many bedrooms and bathrooms do you need?
- garage, off street parking, size of yard?
- square footage, basement, one level, split level, two story?
- what are your “must haves” vs “nice to haves”
3. Find a reputable and licensed Realtor in the Twin Cities or near the area that you want to buy a home in.
- Ask friends and family who they have used in the past
- Find someone that you feel comfortable working with – you will spend alot of time together!
4. Have discussions with your Realtor to “get on the same page” about what you are looking for in a home.
- Make sure your Realtor listens to you
- Clarify to make sure everyone is “on the same page”
5. Build the rest of your Real Estate Team (besides your Lender and Realtor)
- Professional Home Inspector
- Title / Closing company
- Insurance Agent
6. Get out and start seeing homes!
7. Make an offer (don’t be afraid to take the plunge)!
8. Negotiations / Counteroffers may occur at this point
9. Offer is accepted!
- Schedule the home inspection (usually within 3 days)
- Schedule Title / Closing (usually done by your Realtor)
- Contact your Insurance Agent to get your binder together
10. Work with your team (lender, title / closing company, insurance agent and Realtor) to get all paperwork together and finally…….
11. Show up on time to the closing
- Sign your name alot
- Collect the keys to your new home!
