The Home Buying Process

Buying a home is undoubtedly considered one of the biggest investments you’ll ever make.  The road towards home ownership can at times seem daunting and even stressful (especially to first-time home buyers).  That’s why here at Viking Real Estate, whether you’re looking to buy a house in Mankato, North Mankato, Eagle Lake, St Peter, St Clair, Lake Crystal, Madison Lake, Nicollet, Janesville their surrounding areas, or beyond, you can feel confident that our local agents know exactly how to help you navigate the waters from beginning to end.

To help start your smooth sailing, here are some of the steps you can expect during your home buying adventure in southern minnesota.

Buying a home in Mankato or its surrounding areas is likely to be the largest financial decision of your life and having a confident, trusted real estate adviser by your side should be at the very top of your list.  At Viking Real Estate we have your best interests at heart and we prioritize our action steps according to your needs.

From day one, we meet with you to discuss the criteria you expect for your dream home, the locations you want to live, your financing options and the offer process.  We want to assure you feel completely confident in us and comfortable with the entire real estate buying process.

Choosing the right lender should be the next step in your home buying process. We understand that choosing someone to handle this important financial aspect can feel scary and vulnerable, but as your trusted Realtor® we are able to advocate helping you to find and choose a lender with a proven track record, who is competitive on rates, communicative, and available.

If you haven’t done so already, take a look at your credit history and your credit scores.  You want a great lender, but to get the best rates, you’re going to want to tidy up your finances a bit.  A great lender can also help offer guidance on any type of credit score issues you may be facing.  Don’t rule anything out.  Whether you believe you have a large or small problem, the right lender can help you repair your exact situation and get your ready to be approved for a home loan.

A benefit of starting with a great lender is that they can assist in help you to determine exactly what you can afford.  Your lender can also help you get pre-approved for your mortgage, and provide a pre-approval letter, which can act as a bargaining chip when it comes time to write up an offer on a home you love.  Knowing what you can afford helps us, as your trusted real estate agent, to look for properties that take both your desires and your full budget into account.

Once you have your purchasing power in mind, we can begin to talk about your wish lists and “must-haves”.  Ultimately we want to hone in on properties that have the greatest potential for being “the one”.  Understanding what’s critical versus something you might like, but could do without, will help your selected Viking Real Estate agent be able to present and ultimately show homes that could potentially be your future home.

Once you know what your purchasing power is, talk with your real estate agent about your ideal home. Come up with a few “musts,” as well as “wants” you’d ultimately be willing to compromise on. Think bigger than just the color of the kitchen or the floor plan, advises Hattaway.

For instance, do you want to be within walking distance of restaurants? Do you want space between you and your neighbors? Or is proximity to a good school the most important factor?

Once you’ve found the right home, your Viking Real Estate agent will walk you step by step through making your offer.

Your offer will include things like the offering price, any good faith deposits, a requested settlement date, financing and any inspection contingencies.  With a competitive market analysis in-hand and copy of the seller’s Property Disclosure statements, we’ll help guide you through reviewing these important components, as well as evaluate the current market conditions in order to arrive at a price that feels right and aligns with your financial goals.

When your purchase offer is accepted by the sellers, you’ll be able to continue working with the lender you have chosen to get final approval.  Your lender may have some requirements for you to meet such as paying certain property taxes, or homeowners insurance policies for the first year at the time of closing.  Don’t worry, these items will be fully discussed by your lender, and certainly your Viking Real Estate agent of Mankato is here to help make the entire buying process as seamless as possible – don’t hesitate to ask how we can help.

The time between your contract being signed, your mortgage being approved and the closing date there is a period of due diligence.

This time is allotted for all the final paperwork to be drawn and it usually includes an official appraisal on the property: which is what your lender requires to confirm that the home is worth what you’re going to be paying for it.  In addition to this it is typical that an inspection of the home is completed.  This typically involves hiring a home inspector to take a very close look at the home from top to bottom to determine if it is in need of any repairs. Typically the inspector will check items such as the roof, heating systems, cooling systems, water heater, plumbing, appliances, electric, foundation, structure, etc.  If the inspector discovers anything of consequence, the buyers have the opportunity to negotiate with you (the seller) to cover any costs of certain repairs or they can also ask for concessions.

Once all of the above steps are completed, the next step is the closing table.  This final meeting is when the deed to the home is officially transferred from the seller to you (the buyer).  Be prepared to sign a lot of papers in an office but the end result is helping you to walk away from the closing table with the set of keys to your beautiful new home!  Your selected Viking Real Estate agent will be right there to help you every step of the way.