Sounds simple and it is. But you'd be amazed. Greatness often is revealed in the details. There’s really 3 sides to a real estate transaction. There’s the house. There’s the contracts and documents that deal with the sale and legal transfer of the real estate. And there’s the people involved. The house can be looked at pretty closely, we’ll show you how. Contracts and documents are simple but significant, we’ll help you understand what to look for so you get what you want, but also what to look from the other side so you know what you’re dealing with in negotiations. And finally the people. When it comes to the people it’s more about the combination of people, everyone that’s involved, that comes into play than it is any one person.
Minnesota is a lien theory state. The alternative to that is title theory. The difference being who holds the deed to the home. In our state you own the home and the lender has a lien against your home in the form of a mortgage. Therefore the proper expression is you give the bank a mortgage, or in other words the right to put a lien on your home, in exchange for the money to purchase the home. This is important because we’re also a recording state, wherein things get priority by when they are recorded. It’s technically giving public notice. So everything that pertains to that property is recorded at the county. Part of what the title company does is get that information and then provide insurance guaranteeing that the real estate can be sold and that there’s nothing that can interfere with that. But the title company doesn’t do this the day they receive the purchase agreement, they serve a lot of people at one time, so they do it according to their work flows. But we can, and we do. We will research property you’re interested in buying even before a purchase agreement is done. Few of our competitors go this far. Ask them if they access to record ease or land shark, if not they don’t. If so ask for some sort of report or paperwork from these sources so you can see for yourself what you’re getting into.
Now we're into the nuts and bolts of the deal. Things have been agreed to, and escrow is open and working. The fundamental communication of the ordering, scheduling, completion, delivery, and review of the appraisal, title commitment, and inspection are things that everybody deals with and talks about it. We'll do it better. We'll do it seamlessly and effortlessly, and you'll be in the loop. This a baseline from which we can do other things. And we'll make sure follow up gets communicated early, often, and with precision and detail. These thing just make everybody's life a lot easier. Easy to do, fundamental to the deal, we'll do them better than the agent on the other side of the table putting you in the drivers seat. You’d be amazed at how much leverage this gives you if you ever need it.
You're going to spend money 5 times in this process: Earnest Money, Inspection, Appraisal, Moving Expenses, and finally Cash to Close. Earnest - At time offer is agreed to by all parties. Personal check to your agent at that time. Gets cashed in a few days. Inspection - Ordered at time offer is agreed to by all parties. Paid for at the inspection appointment which is within the first week of having the offer agreed to by all parties. Usually paid with credit card or check which is processed same day or deposited next day. Ranges from $450 to $600. Appraisal - Ordered at time inspection is done. Lender collects payment via credit card. Ranges from $400 - $600. Lenders process payment at different times. Some process immediately, others process at time of order. Moving Expenses - Truck. Movers. Cleaners. Junk Removal. Cash to Close - Downpayment and Closing Costs, less Earnest already paid essentially. We’ll make sure you know all the monies involved, we’re staring already.
Communication is pretty simple right, there’s in person talks, phone calls, emails, text messages, and regular old fashioned mail. We made sure each of the steps of a transaction can be delivered to you in each way. At times you’ll want to be communicated with in one or the other. No problem. We will move forward with our game plan, but at any time, we’re ready to adjust to you and communicate in your preferred method. It’s not really until you’re in the process and go through the different steps that you can really speak to how you might like one verses another delivered to you. But we hope you find it comforting to know we’ve embraced the technology that allows you to receive information at any time in any way you want.
The heart of any real estate deal is effective communication. We’ve found that 5 critical updates is the sweet spot. People generally seem to like to be given a full run down about 5 times. Obviously at the beginning and end, typically a couple weeks before closing as we approach closing, but also a couple times in between when really nothing otherwise would seem to be happening. In these checks and balances we will provide a start to finish summary of where we started, where we are, and where we’re headed. Because each transaction is different and different people are participating each time, each takes on a life of it’s own. As you share with us your unique situation we will begin to plan these accordingly together.
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