The Importance of Using a Real Estate Agent to Sell Your Home

Many homeowners incorrectly believe that they can successfully sell their home without using the help of a Minnesota real estate agent.  However, many homeowners spend hundreds of dollars trying to sell their property on their own to no avail.  As a result, these individuals often suffer from undue stress and frustration and will end up turning to a Minnesota realtor at the end of the day.  You can avoid these pitfalls by using a realtor from the very start.

Trained, Licensed & Experienced

A Minnesota real estate agent is required to accumulate a certain number of hours before they can take their real estate exam.  The skills and knowledge that they acquire can directly contribute to the success of your property listing.  A Minnesota realtor is also required to continue their education, which allows them to stay up-to-date on real estate matters. 

Using someone who is well-experienced in the real estate market allows you to sell your home faster and for more money.  Many people do not realize the funds that the average homeowner throws away on a real estate deal when they try to sell their home on their own.  It is a known fact that a Minnesota realtor can assist a homeowner in getting more money for their property, as they will properly price your home and will use their skilled negotiation tactics to get you the highest offer.  Their expertise can get you to the closing table successfully.

Understands the Housing Market

A Minnesota real estate agent works day in and day out in your specific area.  They know the pertinent trends that they have to pay special attention to and know how to evaluate market data.  This helps to properly list and market your home. 

Is Familiar with Effective Marketing Channels

A Minnesota realtor will know what forms of advertisement will work for your particular home.  They have listed hundreds of homes and are familiar with the most effective marketing channels out there.  No time will be wasted in getting you the foot traffic that you need to get your home sold.

Has the Right Connections

Getting prospective buyers to show up at your doorstep is important and a Minnesota real estate agent can assist you with that task.  They have multiple connections in the real estate market that can lead to quality referrals and a signed contract.  A Minnesota realtor with great rapport and proficiency is an invaluable asset to you.

Gets the Job Done

Once you hire a Minnesota real estate agent, you can rest easy knowing that your property is in good hands.  They will handle all of the paperwork, phone calls, appointments, marketing and negotiations on your behalf.    This means that you can go on about your daily business without worrying about having the time to do all of this on your own.  Getting the job done right is a top priority for a Minnesota realtor and they will work hard to meet this goal.  Hiring a real estate agent is the best decision that you can make.

Step-by-Step Guide for First Time Homebuyers

A Minnesota realtor is able to provide you with the assistance that you need when searching for your first home.  Attempting to buy a home without professional help can lead to many missed opportunities.  This is why so many people turn to a Minnesota real estate agent for the right support. 

Get Prequalified

In order to submit a bid on a home, you will need to have a prequalification letter.  Many sellers will not entertain an offer unless a contract is accompanied by this document.  You can ask your Minnesota real estate agent if they can refer you to a loan company in order to make the process easier. 

Obtaining a prequalification letter allows you to know your loan limits, interest rate and expected monthly mortgage payment.  This is pertinent data that aids in a home search. 

Make a List of Your Needs

Depending on your particular budget, you will want to make a list of the essential features that you are looking for in a home. You should take the time to distinguish between wants and needs, so that you can stay within your budget and to find a home within a reasonable amount of time.  You will have to decide on the:

• ·         Number of bedrooms
• ·         Number of floors
• ·         Number of bathrooms
• ·         Garage/Parking
• ·         Full/Partial Basement
• ·         Yard Size
• ·         Age of the home
• ·         Kitchen Amenities

Don't forget that this is your first home and will not likely be your last.  It is perfectly normal to purchase a home that doesn't meet your every need.  You can either remodel the home or buy a new house at a later point in time.

Performing  a Home Search

Once you have determined your needs, you can give them to your Minnesota realtor to begin the home search.  Your Minnesota real estate agent will present you with available properties that match your

• ·         Budget,
• ·         Home Features, and
• ·         Targeted Area

Your Minnesota real estate agent will set up all of the necessary appointments for the properties that you would like to view.   A Minnesota realtor is also able to assist you in acquiring additional information that you would not be able to find on your own.

Placing an Offer

Once you have found your ideal first home, you should place your offer as quickly as possible.  The longer you wait, the less likely it will remain on the market.  A Minnesota real estate agent will be able to tell you how many days it has been listed, so that it can help you decide what you would like to offer for the property.  Your Minnesota realtor will present the offer to the seller and handle any necessary negotiations on your behalf. 

Closing the Deal

When a seller accepts your contract, you will be able to move forward with the real estate closing.  Your Minnesota realtor can also refer you to a reliable attorney that will handle the entire closing from start to finish.  A typical home takes about 60 days to close.  Once you near the closing date, you can begin to make your moving arrangements and address changes so that you can move into your first home.  This is all made possible with the assistance of a Minnesota real estate agent.

Minnesota foreclosure – understand the process

Foreclosure. Sheriff’s sale. Redemption period. Short sale. These words were rarely in our general vocabulary before the recent housing downturn. Now these terms are heard nearly every day in the media when discussing the condition of our local, state and national housing market.  The housing downturn has affected millions of people across the country and in Minnesota.  If you have been personally affected it is important that you understand the Minnesota foreclosure process as well as your options.

Foreclosure is a process initiated by a lender who is not being paid by a borrower (homeowner).  Some lenders will initiate foreclosure after the borrower falls two months behind, others may wait up to a year.  Talking with your lender may help stall the process.  Eventually, the lender will give notice to the borrower that they are going to foreclose on the property. They notify the borrower in writing and after four weeks can schedule a sheriff’s sale in the county where the property is located. The sheriff acts as auctioneer and the lender is the seller. The property goes to the highest bidder which in most cases is the lender. The sheriff then prepares a certificate of sale which is a conditional transfer of property to the winning bidder. It is conditional because the borrower, by Minnesota law, generally has a six month redemption period in which they can make good on their mortgage. During this period the borrower still has the legal right to live in the property; they can sell or refinance the property.  They no longer have the option of making up missed payments to bring the mortgage current.  If the borrower desires to keep the property, their only option is to find new financing, which is often very challenging as a result of their now damaged credit.  If the borrower does not redeem or sell the property within six months, they lose all rights to the property and must willingly vacate or be forced out by the Sheriff. 

Typically, the best option is to hire an experienced Minnesota REALTOR® who can explain the options available and assist with bank negotiations.  Any time before, or even during, the foreclosure process the property can be put up for sale, like any other home. If it is like many of the homes facing foreclosure in today’s marketplace, the home may be worth less than the amount that is owed on the mortgage. For example, say someone bought a house for $200,000 three years ago with no money down. Now the property is valued at only $160,000 and the borrower still owes the lender $197,000. Putting a property up for sale in this situation would be a short sale. This simply means that the lender will have to agree to any sale that brings in less than the $197,000 they are still owed. In other words, the bank is really the decision maker and they are determining whether or not to accept an offer that is short of what they are owed.

Remember, these are general guidelines for Minnesota foreclosure and each situation can be very different. If you are facing foreclosure, it is best to be proactive and talk to your lender. There is always the possibility of renegotiating your mortgage or coming up with some other plan that is acceptable to both you and the lender. You can also check with local county and state organizations that provide foreclosure assistance and/or aid.  Some real estate agents in Minnesota specialize in foreclosures and short sales and can offer assistance.  It is usually in everyone’s best interest to avoid foreclosure. 

Five Questions to Ask Your Real Estate Agent

Thinking about selling your house without using one of the best real estate agents in your city? Even worse, are you considering trying to sell your house FSBO? Don’t make that mistake, it could cost you valuable time and money. Instead, take the time to find the best real estate agent, who will be able to effectively stage, photograph, market and sell your house in a timely manner. So, how do you know if you’re using the best real estate agent possible? It’s easy, ask the real estate agents you interview the following questions:

1. How long have you been a licensed real estate agent?

There are thousands of new real estate agents entering the field of real estate every year. It’s frequently the home sellers looking for a bargain that end up using a newly licensed real estate agent. New agents typically offer to reduce their real estate commission to attract customers. Don’t fall for this trick. To ensure that you’re working with a top REALTOR®, go with an agent that’s been licensed for at least five years.

2. How many homes have you sold?

If the answer is less than five you should run! Most of the top real estate agents in any given market have sold at least 50 homes. It’s not uncommon for the best REALTORS® to have sold 200, 300 or even more homes. We recently talked to a real estate agent in Minneapolis that sold over 1,000 homes during his career. The more homes an agent has sold, the more experience he has with home pricing, marketing, negotiations, repair issues, title problems, bank negotiations and short sales. You don’t want to choose a real estate agent who is learning as he goes. You want an agent that has already learned from past experience as a Minnesota Realtor.

 3. What is your focus in the real estate business? 

 Real estate agents specialize in all sorts of things, so make sure you choose a real estate agent that is suited for your particular set of circumstances. Do you need a buyers agent, sellers agent, short sale specialist, luxury homes specialist, neighborhood specialist, investment REALTOR®, etc. Choose the wrong agent and you could be stuck with a real estate agent who doesn’t understand your situation.

4. What is your real estate commission?

This is frequently a touchy subject for home sellers. Historically, real estate agents have charged a 7% real estate commission for home sales. What you need to remember is the sellers agent will pay at least 2.7% of that commission to the buyers real estate agent. Depending on the arrangement the agent has with his real estate broker, he might pay 50% of the remaining commission to his broker (employer). From what’s left he also had to pay the marketing expenses associated with selling the property.

There are some top real estate agents who are offering reduced commission rates in the 6% to 6.5% range, but don’t expect to find the best real estate agents in your area offering to sell your house for a 5% commission. If you want to pay 5% that’s fine, but don’t expect full service.

5. How connected are you?

Many of the best real estate agents today are available around the clock. Text messaging, Blackberries, Iphones, Ipads and cellphones allow REALTORS® to stay connected to their clients wherever they are. Find out what your real estate agents typical response time is to text messages, email and phone calls. If the real estate agent isn’t getting back to you in a timely manner, then there is a good chance they’re also not responding to potential buyers.

By asking your real estate agent these five questions you should ensure an enjoyable home selling experience. If everything goes well, the same REALTOR® will be able to assist you in finding your dream home. Minneapolis real estate agents offers a wide range of properties for sale.

If you’re looking for answers to your real estate questions, you can visit the real estate forum to have your questions answered for free by professionals in the real estate business.