Yes, I know, the media wants you to think that the Twin Cities housing market is horrible but trust me, as a home buyer the time is now to get into your first home or the home of your dreams.

In the Twin Cities, we are getting back to the point of having to act quickly and “pull the trigger” when you do find a home that you love.  The days of being able to take your time are coming to an end – if you find “the house” – GO FOR IT!!!  I have seen alot of multiple offer situations lately from $75,000 houses in Minneapolis to $300,000 homes in Woodbury. 

What happens if you find more than one house of your dreams.  Contrary to popular belief, you can have multiple offers out on multiple houses at once.  A purchase agreement is not binding until it is accepted, signed and a copy is returned to the buyer.  Even then, if you have an inspection contingency, you can still back out up to and during the 3 day (typical) timeframe – for any reason and still be able to get your earnest money back.  However, I caution you on writing more than 2 at one time. 

So, with all that said, what can make your offer stand out from all the others?

• A good pre-approval letter from a reputable lender (I’ve said it many times but this is a MUST)
• An offer price that is based on recent market comparables – lowball offers are ok and justifiable from time to time but don’t make it a practice just because you feel like you should be able to do it.  Trust your realtors opinion on prices.
• Try to limit the contingencies to an Inspection only.
• Don’t ask for too much – the curtains are usually left behind but asking for alot of personal property or for them to do alot of work to the house (outside of fixing anything that is hazardous) is usually not well received.  The home has been used – don’t expect it to look brand new.
• Be flexible on the closing date.
• Put down more earnest money - $1000 is typical or 1%-2% that some banks will want.
• Write a personal letter to the owner telling them who you are and why you love their house – I’ve seen this work!
• Get the offer in FAST – work with your agent to get all the paperwork signed so that it can be turned in ASAP.  If you find yourself in a multiple offer situation,  delaying even a few hours could make the difference.  Some agents will wait for your offer to come in and some will give you a deadline – if you miss the deadline, too bad.

Nothing feels better than getting the call that your offer has been accepted!  If you need a good agent, give me a call!

Jen McKinnon

Realtor/Investor

AGENT REFERRAL NETWORK

MN Real Estate Team – #1 team in MN 2006,2007,2008

612.384.1073

jen[at]mnrealestateteam[dot]com