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  • The Home Buying Process   • The Loan Process   • Understanding Closing Costs   • Market Statistics

The Home Buying Process

sink1_430Why Lakes Area Realty? 

Lakes Area Realty takes great pride in making the home-buying process a fun and rewarding experience. We'll negotiate the best possible price on your new home, guide you through the financing process, and make sure that closing goes exactly as planned.

Because of our commitment to exceptional service, nearly all of our business comes from past customers and clients.

From Start to Finish 

We have designed this transaction timeline flow chart to help buyers understand the typical steps involved in the purchase of a home. We hope that this information will be useful to you. Below the chart we will detail information about some of the steps in this process.

Transaction Timeline of Events


Buying Consultation

Our experience has taught us if we invest a little more time getting to know you and determining your motivations and needs, we can save you a great deal of time by only showing you the properties that closely match those needs and wants. In addition to discovering your goals, we will also explain each component of the buying process in detail to avoid surprises.

Pre- Approval

We recommend that our buyers get pre-approved prior to beginning their home search. Knowing that you can comfortably purchase the home you are interested in reduces a great deal of stress involved in the negotiating process. If you don’t have a relationship with a lender, we will be happy to recommend one. These professionals meet our strict experience and customer service expectations.

Select Properties

Each of our buyer agents invests a great deal of time previewing properties in order to have a good mental inventory of the market. Once you have described your needs and wants, we will select the properties that match best from the entire MLS. Of course, if you see a property on-line, or see a sign, let us know, we would be happy to show it to you. Here are a few things to consider when determining the type of property to view.

What do you like most about your current residence?

What do you like least?

Describe the type of neighborhood you’d like to live in?

Is distance to work a factor?

What are your hobbies?

What amenities do you want in the home and why?

Making an Offer

Once you have found a property that feels like home, we will assist in writing a purchase agreement. While these documents have quite a bit of boiler plate legal language, there are a many areas that can be negotiated between you and the seller.

Price – How much to offer will depend on many factors

How long has the property been on the market? Homes that have been on the market for a long time tend to depreciate in value.

What is the recent activity on the home in terms of showings and offers?

What is the urgency of the Seller?

Is the home priced at fair market value?

What is the overall condition of the property in relation to others in the same price range?

Although price is an important component of a purchase agreement, the seller will be more concerned about their “net” proceeds, the amount they will receive after all expenses and fees are deducted.  The seller’s net proceeds can be affected by other terms, other than price, such as seller paid closing costs or negotiated inspection related repairs or concessions.

While some buyers want to make a low ball offer just to see if the seller will accept, this is many times a negotiating error because often time the seller may be insulted and not wish to negotiate at all.

Possession Date – The more flexible you are when you can move in, the more reason the seller has to prefer your offer over someone else’s.

Personal Property – Many times the seller is planning on leaving personal property in the home such as the refrigerator, range, washer, dryer, etc. However, which items stay or go is often a matter of negotiation.

Lakes Area Realty - Mpls/Edina Office - 1428 W. 28th Street - Minneapolis, MN 55408
Phone: 612.327.9693   Email: carol@carolbennett.com

Copyright � 2020 Lakes Area Realty, All Rights Reserved.

The materials contained within this page may not be reproduced without the express written consent of LAKES AREA REALTY. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.

The materials contained within this page may not be reproduced without the express written consent of LAKES AREA REALTY. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.