Timeless Advice for Minnesota First Time Home Buyers

MADISON, Wis. - March 22, 2013 - PRLog -- Most things change as time marches on. Automobiles become quieter and more fuel efficient. Technology moves at a break neck speed to provide more features and advancements. Medical procedures get better at spotting problems and prolonging life. However, with all the changes some things remain the same. Human interaction, hard work and paying attention to the little details are still important. For those same reasons, some advice about buying a home for the first time never changes.

Low Ball Offers Rarely Work

Most new buyers believe that a seller will accept any offer just to get rid of a home. Most of the time, this is not the case. A seller will usually need to pay off an existing mortgage. And most sellers would like to recover some of the money they have spent on the purchase, maintenance and updates of the home. Getting good information from a real estate agent about the actual value of the home will save buyers time and frustration when putting together an offer.

Learn about the Mortgage and Real Estate Process

It is not necessary to become an expert in real estate and mortgage financing in order to purchase a house. However, it is wise to understand the basics. You should realize what is involved for the real estate agent, the mortgage lender and the seller. There are a few things about a real estate contract that you must be aware of as well as the proper financing.

A contract should be written to give you, the buyer, and a fair opportunity to purchase the home at a reasonable price. This means that the home can be inspected by a certified inspector to check for deficiencies and an appraiser can review the home to determine its value. If either the appraiser or inspector finds a significant issue with the home, then the contract should provide you with a chance to change the price or walk away from the deal.

Use a Real Estate Agent

A real estate agent is a great asset for the Minnesota first time home buyer. They have access to the correct contract templates for your area. They also can access all of the homes in your area and give you a chance to see what is available in your price range. Yes, it is possible to find a home that is for sale by owner and work out an agreeable contract. But, it is much harder than using an agent.

Consider the Price of Maintenance

The cost to maintain a home will vary from property to property. A MN home that is less than 3 years old should be in good shape and have modern appliances as well as good plumbing, electrical and insulation. An older home may be much cheaper to purchase than a newer home, but it may need a new roof within the next two years or a water heater or a number of other items. As long as you are financially prepared to cover replacement costs of these items as they occur, buying an older home could be right for you.

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