Buyers

There are many steps to consider when selling your home. Here at Dwell Realty Partners, we do our best to make things as easy and stress-free as possible for you throughout the entire process. Click through the tabs below and let us know if you have any questions.

There are many considerations to make when deciding to buy a home. One of these considerations is where to buy. There are many different types of communities within the Twin Cities. We can work with you to understand what all of these communities have to offer. Check out our blog to see some neighborhoods and suburbs highlighted. Another consideration is what type of home to buy.  There are many styles of homes in the twin cities. Some of these styles include single-family homes, town homes, condos, and lofts. There are differences between these styles of homes like amount of maintenance needed, association fees and general cost of living. We look forward to sitting down with you and discussing these difference and what will work best for you!

Single-family homes
This type of real estate normally includes a house, yard and possibly a garage. There is generally more maintenance involved in this type and the cost of ownership can be higher than others. The benefits include full ownership in the property and no common spaces shared with others. Single family homes can have attached garages, detached garages, or no garage. Some single family homes could still be in an association that maintains streets/lawns but most especially close to the cities or in the cities are going to be without an HOA. If you are planning on making a major change or partaking in some construction, it is friendly and neighborly to discuss with those around you, but not necessary.

Single family homes in an association often have rules regarding lawn height, house color, fencing, and other restrictions throughout. There are benefits that the neighborhood continues to look nice and sometimes they will cover maintenance of lawn and snow removal. However, it also can be a hassle to have to get any small project or change approved by an HOA.

Town Homes
Town homes come in both attached and detached styles. This is a common interest type of living, which means that all of the property around your home is shared amongst the community. There is usually an HOA (home owners association) fee included in your monthly cost that can cover lawn care and landscaping, snow removal and exterior hazard insurance. Some HOA dues can also include things like water/sewer, garbage and other utility costs. It is important to pay attention to what each property has to offer in HOA fees. Always check and read thoroughly the rules that the association has set. Sometimes, really tedious things could be a game changer for you and your situation.

Condos 
Condos and lofts are another example of common interest living. They can be a very low maintenance option and tend to be in a more urban setting that can be convenient to our two downtown areas of the Twin Cities. Many times, the condo and loft HOA dues can include many more utilities like heating, cooling, natural gas, trash, recycling, water, sewer, electricity, and basic cable. It is important to find out what is included in the HOA fees at any prospective property. Many downtown condos also include other amenities including pools, gyms, and common spaces.

Condos are fantastic for those on the move and busy. Most have underground, heated parking, there is no exterior work to be done, and you can easily leave and come back with no concern.

A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

For example: If the unpaid balance of a loan is, say, $100,000 and a property sells for $90,000, under a short sale the lender might accept $90,000 as payment in full. This means that the lender must approve any purchase agreement that is submitted to the seller. It can be a wait of 3-9 months but the purchase price is often lower than average.

A foreclosure is the legal action instigated by a lender to end all ownership rights when mortgage payments have not been kept up (known as defaulting). The owner’s right to the property is terminated, and ownership of the property transfers to the institution, which then usually sells it and applies the proceeds to the mortgage debt. The negotiation process with a bank is slightly longer than a standard purchase although prices are often lower than the average.

Homes and financing are closely intertwined. (Financing is the difference between the purchase price and the down payment, commonly referred to as debt or the mortgage.) The good news is that over the years new and innovative loan programs have evolved which require a 5 percent down payment or less. In fact, a number of programs now allow purchasers to buy real estate with nothing down.

While these are really accessible and excellent programs, they are often not as competitive in a competitive market which makes offers harder to be accepted. Talk to your realtor and mortgage lender about different ways to make your offer look competitive.

In addition to a down payment, purchasers also need cash for closing costs (the final costs associated with closing the loan). Several newly emerging loan programs not only allow the purchase of a home with no money down, but also underwrite closing costs.

Not everyone, however, elects to purchase with little or no money down. Less money down means higher monthly mortgage payments, so most homebuyers choose to buy with some cash up front.

Closing costs can vary but often predicted at about 1% of purchase price.

As to closing costs, in markets where buyers have leverage, it may be possible to negotiate an offer for a home that requires the owner to pay some or all of your settlement expenses. Speak with one of our agents for more details.

Buying and selling real estate is a complex matter. At first it might seem that by checking local ads or online sites you could quickly find the right home at the right price.

Here at Dwell we have access to the most up to date listing service and can tell you if a property is active or if it is under contract. While zillow does this as well, they are often not up to date and you can end up falling in love with a property that is not available at all.

But a basic rule in real estate is that all properties are unique. No two properties — even two identical models on the same street — are precisely and exactly alike. Homes differ and so do contract terms, financing options, inspection requirements and closing costs. Also, no two transactions are alike.

In this maze of forms, financing, inspections, marketing, pricing and negotiating, it makes sense to work with professionals who know the community and much more. Contact our office so that we can set you up with the perfect Realtor for you!

Searching
A home search can be a large task. This is where Dwell Realty Partners can really help! Our knowledgeable agents can use they’re expertise to search the market for exactly what you are looking for. Interested in looking as well? You can use our online search tool to search all of the current listings in the Twin Cities and surrounding areas. You can search single-family homes, town homes, condos and lofts.

Showings
Your Dwell Realty Partners agent can take you to all of your favorite search listings. This is a time where you can see the homes in person, get a feel for the neighborhood and consider all of the positives and negatives that may come with each listing. As you are touring each home, you will begin to get an even better idea of what your search priorities are. Your agent can help to point out the high and low points to every listing and help you get one step closer to your perfect home!

Our agents work to point out resale factors as well. We understand that this might be the “perfect” house for you but is it the “perfect” house for a large portion of people? Factors that you might not consider at first glance are road frontage, highway noise, stairs throughout, and layout.

When you first start looking, talk out loud with your agent about what you like and dislike. This is a really good way to help your agent understand your wants and needs, as well as to continue help searching for you.

When it comes to making and negotiating an offer, your Dwell Realty Partners agent will put their experience and expertise to work for you! They can help you form an offer that not only gets you the best possible deal, but that protects you as a buyer. Our agents are highly trained and have the knowledge you will need to get the done and help you understand every step along the way.

Some negotiable items in an offer are of course price point and closing date. However, there are many other items as well. Earnest Money which is your upfront money is a negotiable piece. Some will negotiate more money and some will negotiate that the earnest money is non refundable.

Inspection is also a huge negotiation tool. It is our belief that unless a VERY specific circumstance, all buyers should get a home inspection. This protects you from the unknown of the home. As much as you can see in a showing, there are many things (roof, plumbing, radon levels) that can’t be seen during a showing and need an expert home inspector.

Inspections are one of the most important parts of your home buying journey. Your agent will have a couple of recommendations for you. The inspection is usually within the first 2-5 days and is a thorough deep dive into your home with a certified inspector. They will look from roof to sewer and everything in between. The inspection is an upfront cost that is usually around $1000. You will then get a report that tells you every detail regarding the house that the inspector is able to inspect.

Your agent will then be able to negotiate items further either forcing the sellers to fix something, or lowering your purchase price to fix it on your own after closing.

The essential idea behind various forms of real estate insurance is to protect owners in the event of catastrophe. If something goes wrong, insurance can be the bargain of a lifetime. This is something we will help you with prior to the closing on your new home.

What kind and how much?
There are various forms of insurance associated with home ownership, including these major types:

Title insurance
Purchased with a one-time fee at closing, title insurance protects owners in the event that title to the property is found to be invalid. Coverage includes “lenders” policies, which protect buyers up to the mortgage value of the property, and “owners” coverage, which protects owners up to the purchase price. In other words, “owners” coverage protects both the mortgage amount and the value of the down payment.

Homeowner’s insurance
Provides fire, theft and liability coverage. Homeowners’ policies are required by lenders and often cover a surprising number of items, including in some cases such property as wedding rings, furniture and home office equipment.

Its time to sign on the line! Closings bring together a variety of parties who are part of the “transaction” process. For example, while the history of property ownership has been checked, it’s possible that the records contain errors, unrecorded claims or flaws in the review itself, thus title insurance is necessary. At closing, transfer taxes must be paid and other claims must also be settled (including closing costs, legal fees and adjustments). In most transactions, the closing agent also completes the paperwork needed to record the loan. Then, the keys are yours and its time to move in!

Your agent will be able to connect you with a title officer that will then finalize the process for you.

After closing you receive your keys and it is time to move in.