Buyer Information
VIDEO
Video: Selecting a Buyer's Agent
The Home Buying Process, Step-by-Step
Pre-approval and Documentation
See a lender before you look at homes. This is the single most important step in the home buying process. With Pre-approval status, you will be able to seriously look at homes and be ready to make a legitimate offer. You will feel confident knowing what to expect financially and that your offer will be treated seriously.
You should expect to bring documentation for your income and assets to your loan application. These items are typically copies of W2 statements for the last two years, 30 days of pay stubs, and all of your bank, credit union, 401k, IRA and stock accounts. In some cases you’ll need to bring your federal tax returns for the past two years (for self employed, commissioned borrowers or borrowers with large bonus income).
Pre- Approval Letter
This is a letter that is issued to your real estate agent and is kept on file for the homebuyer. This will be needed when you decide to make an offer on a home.
Purchase
Once a property has been selected, a purchase agreement is written. The real estate agent presents the offer with the buyer’s pre-approval letter and earnest money check (which is treated as part of the buyers down payment).
Home Inspection
Once you’ve made an offer and the seller has accepted your purchase agreement, you may wish to have a home inspection. More and more people are electing to have a private home inspector inspect the home that they’re buying. In fact, a common way to purchase a home is to make the purchase agreement’s final acceptance contingent upon the results of a private home inspection.
Locking into an interest rate
Upon completion of an accepted home inspection, you are ready to lock into an interest rate. Locking into an interest rate protects your rate until closing from market fluctuations. By locking the rate, this creates a contractual agreement with your lender.
Appraisal
The lender orders the appraisal shortly after the buyer and seller accept the purchase agreement. The lender typically requires the homebuyer to pay for the appraisal at this time.
Title Insurance
The lender orders the title work and the title company creates a title insurance policy for the lender and/or buyer.
Home Owner's Insurance
At least two weeks before closing the homebuyer needs to make arrangements with their own insurance company to purchase a “hazard insurance policy”. This is done easily by calling the insurance provider with the “loss payee” information provided in the information folder furnished by the lender at the initial loan application. (If the property is part of an association, the home may already have a hazard insurance policy paid by the association).
Final Approval of Loan
After receipt of appraisal and title work, the lender submits the complete file to the Underwriting Department for final approval. At this time, any additional items that had been requested should have been turned into your lender.
Upon final approval, the lender provides the homebuyer with the final figures and upcoming closing final checklist
The loan “closing package” is created and is sent by courier to the title insurance/closing company.
Final Walk Through
The homebuyers take a walk through of the property to assure them that the property is in substantially the same condition as when they wrote the purchase agreement. This is generally done 1 day before closing.
Closing
The homebuyer and seller meet at the buyer’s title insurance company. This is where the deed is transferred, final loan application is signed and checks are disbursed. Buyer typically takes possession of the property at this time, or 24-48 hours after closing, depending on the terms of the purchase agreement.
Items N eeded for a Mortgage Loan Application
Loan underwriting guidelines require that lenders verify the last two years of employment, residence and current assets. The following is a list of items needed from you to complete a mortgage loan application.
1. A copy of your last 2 years W-2's; if you are self employed or receive commission income, we will also need copies of your last 2 years of federal tax returns with all schedules; if you are retired, we will need a copy of your social security/pensin awards letters.
2. A copy of your paystubs for the last 30 days
3. A copy of your last 2 month's checking/savings/assets account statements (all pages)
4. Your birthdates
5. Name and phone number of your insurance agent
Seller Resources
The Steps To Selling Your Home Listing Your Home
Repairs, Painting, Staging Be sure to have your home in top shape to receive the best offers on your home. See Must Do Improvements.
Truth In Housing/Code Compliance Inspection A time of sale inspection is required in many municipalities. If any inspections are required in your area, we will discuss how it works.
Your title evidence is either abstract or torrens. If you have an abstract, we would like to collect it from you when you list your home. This way, we can get title work done as soon as your home is sold. If your title evidence is torrens, you need do nothing.
Are there any liens, old mortgages, home equity lines, judgments, bankruptcies or ex-spouses that may have claim to the home?
We will discuss what financing options will work for your home-FHA, VA, Conventional, Contract for Deed.
Exclusions, Inclusions, Concessions And Allowances What is included in the sale? What is excluded in the sale? We will discuss these items when we list your home.
This is a nine-page form that must be filled out prior to listing your home. It must be provided to the buyers to read prior to writing an offer. The seller’s disclosure is your opportunity to disclose any defects in the home.
We will look at the most recent sales in your neighborhood and help you decide on a realistic price for your home.
Sign RE/MA X Results sign will go up in 1 day Showing Your Home
A lock box will be installed on your front door and it will contain the keys to your home. If you have a detached garage, leave a key or opener so that agents can access the garage. All agents will make arrangements to view your home through our office and we will confirm the showing with their office.
The Actual Showing
When an agent brings a buyer to view your home, you should not be there.
Buyers are more comfortable if the owner is not home. They will feel free to discuss your home with their agent. If you must be home during a showing, try to go for a walk, if possible, or go downstairs when they are upstairs and vice versa. Let the agent do the showing; make sure not to give them details of the home unless they ask. If they ask about terms of the sale refer them to us.
Getting Offers On Your Home
When an agent calls us with an offer on your home, we will decide where to look at it. Offers may be faxed or emailed, or presented in person. It is important to look at the offer as soon as possible, and respond quickly. Usually, your first offer is your best offer. The buyer will probably make the offer contingent on an inspection. There may be more negotiating after the inspection. The buyer should be pre-approved for a loan. We will look out for your best interests when an offer comes in.
Closing Your Home
We will discuss what the ideal time for closing and possession will be for you.
Current Mortgage Information You will need to provide us with current loan information; we will tell you what we need. When your home sells, we contact your lender and tell them you will be paying off the loan. The loan and closing costs will come out of your net proceeds at closing.
Most lenders will mail you any unused escrow amounts about two weeks after the closing. Some lenders will credit your unpaid mortgage balance with the escrow account.
Marketing Services
My plan for launching a new listing for maximum showings and impact:
Professional Staging Consultation
Staging recommendations by a professional L ots of Good Pictures
Pictures sell! Most buyers will preview your home online before scheduling an appointment. I will provide a professional photo shoot so your home shows at its best online. High Quality Marketing Materials
Quality color brochure Seller’s questionnaire or Seller’s description of home and neighborhood Special features of your home will be highlighted 200 color postcards featuring your home will be mailed to your neighbors Networking with Agents
Realtor Round Table group on Wednesday mornings Contact “top 50” agents in your area about your home for sale Internet Advertising
SandyCleland.com REMAX.com Results.net Realtor.com Reciprocal broker websites Consumer home-search websites Our company subscribes to ListHub – you will be on 500+ consumer websites RE/MAX sign
Public Open House
As appropriate (Saturday or Sunday afternoons) Realtor Open House
As appropriate (on a Tuesday late morning)
Resource List
Accountants
Tom Alagna, CPA, MBA 612-861-6010
Appliances
Appliance Smart www.appliancesmart.com 952-930-1747
Best Buy 1-888-BEST BUY
Warner’s Stellian 612-920-0640
Appliance Repair
Rogness Service & Sales 952-935-4111
Appraisals
Jay Reeves 612-840-3621
Jayne Strikos 612-267-5269
Attorneys
Nash & Lodge real estate attorneys 763-862-6100
John Brennan real estate attorney 952-942-4747
Fred Kopplin real estate attorney 612-721-4488
Pat Pedersen estates, wills, employee law 612-729-6296
Carpentry/custom wood working
James Thomas-Carroll www.jamestc.com 612-730-6571
Carpet Cleaning
Eric Klein 651-699-7391
Sebastian’s Carpet Care Bob Sebastian 651-639-0002
Carpet Repair/Stretching
Linn Pearson 651-463-4887
Carpet Sales
Value Plus Flooring Mike Demarais 612-418-1066
Fantastic Floors & Interiors Tim Rea 651-739-7101
Carpet Lady Barb Anderson 952-888-5409
Linn’s Carpet and Flooring 651-463-4887
Floor Coverings International Sandy Stratton 763-438-2031
Bloomington Linoleum & Carpet Tom Joing 952-881-5825
Chimney Cleaning/Inspecting
Copperfield Chimney Sweeps Victor 612-379-0107
Jim Miller 612-330-3764
Cleaning Homes
Alla’s Cleaning Service 612-242-7997
Property Care Inc Scott 651-554-9949
Merry Maids Brook 651-770-5661
Mark Charnekar 651-592-6475
Chelb Anjos 763-232-2858
Computer Repair and consulting
Kevin Ballinger 612-986-9453
PC Backup Pat Carver 952-881-7553
Concrete Work
Hage 612-861-4243
Contractors & Remodeling
Morningside Builders Nick Klatt 952-807-8673
New Spaces NewSpaces.com 952-898-5300
J. W. Williams Construction Jack Williams 763-208-5000
Jason Smith 612-810-6666
Jason Watson 612-388-7299
Tollefson Brothers – Exteriors, siding, roofing, windows 952-881-2218
www.tollefsonbros.com
Roncor Construction www.roncor.com 952-888-5578
Pope Builders Paul Pope 612-720-5228
SL Construction, Inc. Scott Loehrer 612-840-4306
Taylor Stone and Masonry Luke Taylor 612-310-5062
Counter Top & Ceramic Painting
Surface Doctor Doug www.surfacedr.com 952-946-1460
Simply Resurface www.simplyresurface.com 651-490-1099
Decks
Tim Allen 612-251-7187
Tim Wallace 612-501-6567
Tim Torkelson 763-807-5887
John Willenburg 651-454-8975
952-210-0365
Mike Stordahl 612-802-5863
James Brudos – JMB Construction 612-850-4949
Paul Hronek 612-816-5470
SL Contruction, Inc. Scott Loehrer 612-840-4306
Jason Smith 612-810-6666
Electrical
Brothers Electric 612-721-1606
Paul Stafford Electric 612-927-7194
Southside Electric 952-888-5500
Highland Electric Edina
St. Paul
Diba’s Electric 612-296-0448
Estate Sales
Trust Sales Jan Bankey 612-827-6159
Birkeland & Associates 952-922-1772
Audrey Erickson 612-699-3728
Sales by Mary Beth 612-922-7627
Esquire Estate Sales Kevin Blaeser 763-377-9092
www.esquireestatesales.com
MN Estate Sale Co. Becky Bjornson 952-854-5830
Event Planning
The Perfect Occasion www.theperfectoccasion.net 651-405-0392
Flooring
Value Plus Flooring Mike Demarais 612-418-1066
Linn’s Carpet and Flooring 651-463-4887
Fantastic Floors Tim Rea 651-739-7101
Bloomington Linoleum & Carpet Rick Fyhrlund 952-881-5825
North Star Hardwoods John Doucette 763-497-8157
Floor Sanding
Roy ’s Floor Sanding 612-888-9070
Dave’s Floor Sanding 763-784-3000
Sweeney Floor Refinishing 651-485-8187
Garage Doors
Becker Garage Doors Randy Becker 952-240-9914
All Brand Garage Door Dan 612-290-7421
Electronic Door Lift 612-938-8671
Gas Fireplace Repair
Flame Master Ron 507-364-5648
Handy man
Speedy Z Handyman Jon Zabinski 612-386-6875
Mike Derrick 612-735-4952
Rick Coddington 612-790-8316
Rod Wilson
Bruce Cleland 612-245-2142
Keith Brubaker 612-710-5222
Eric Bernhardt 612-750-6002
John Revnick 651-248-0743
Bernie Vail 763-449-8988
Mike Norton 651-983-6608
Joe Peters – Plumber 612-803-5066
Hauling
J & B Rubbish Hauling and Demolition Jim 612-743-2255
Kaba Junk Removal and Home Cleaning 763-746-2059
Brown’s Hauling and Tree Service Terry 612-869-8697
Heating Contractors
Standard Heating & AC 612-824-2656
DeZiel Heating & AC Mike DeZiel 612-719-0764
763-684-3965
Golden Valley Heating & AC 763-535-2000
Residential Heating & AC 612-724-1899
Centraire 952-941-1044
Cronstrom’s 952-920-3800
Vogt 952-929-4011
Air Quality Services (referred by Jeff) 952-928-3838
Jerry (referred by Jane Pithers) 952-454-3700
Greg Sundby GTS HVAC 612-619-0589
Home Staging
Staged-right homes Joyce Madison 952-484-4820
Restage by Rebecca Rebecca Everson 952-938-9370
Distinct Possibilities Kathie Olson 952-471-8464
Judy Tyler 952-922-2692
Jeanne McCue 952-829-9511
Emily Boesen Designs Emily 612-518-1080
Insulation
Ice Dam Prevention Systems Mark 612-990-0209
Insurance Agents
Aspen Agency Kathy Busse 763-755-7000 x18
Kadrie Insurance Pat Kadrie 651-785-9224
Richfield State Tom Brooks 612-483-0930
James Hauschild 952-941-9418
James King & Assoc. Bob Enzler 952-881-2685
We Care Agency Jerry & Terry Jorgensen 952-835-0160
Illinois Farmers Insurance Kathy Keller 612-869-7760
Inspectors, Buyers (Home Inspection)
Prairie Home Inspectors Bill 612-250-9251
Warren Schultz www.mnhbi.com 952-361-0883
Darcy Westline 952-210-1130
Housemasters 952-926-9949
Amerispec 952-854-5110
Don Hedgquist 952-941-2773
Inspectors, Sellers (Truth In Housing)
Prairie Home Inspectors Rich 612-250-9251
Dick Kil lian 651-458-7305
Dennis Lash 612-729-6973
Don Hedgquist 952-941-2773
Structure Tech Reuben or Neil 952-915-6466
Interior Design
Loebertmann Interiors Becky Loebertmann 612-868-4234
Landscaping
Aaron Ylitalo 612-418-9459
Landscape Architect
Simonet Design Carmen Simonet 651-695-0273
Lawn Care and Snow Removal
JB Landscape & Snow Removal 952-942-6728
Greg’s Lawn Service & Snow removal 612-721-1259
Premier Lawn & Snow Dennis 952-545-8055
Leon Rettman 952-893-1969
Green Horizons Lawn Care & Sod Bob McGowan 612-282-9166
Odland Lawn Care Eric Odland 651-274-2810
Ylitalo Lawn and Snow, Inc. Aaron Ylitalo 612-418-9459
Lighting, Sound, Security
In-Focus Systems 952-929-0000
Loan Officers
Advisors Mortgage Kyle Johnson 952-838-8744
Tom Carmody WinTrust Mortgage 952-915-5378
Wells Fargo
M & I Bank Wendy Nelson 763-792-8424
Locksm ith
Holt Lock & Key Tim Holt 612-822-9522
Floyd Security 612-861-5625
Bruce Cleland 612-245-2142
Masonry Contractor
Jim Roesner 612-729-3643
Taylor Stone & Masonry Luke Taylor 612-310-5062
Moving Companies
Local Motion Doug 952-474-6683
Two Men and a Truck Nick 612-455-6106
Mohawk Moving & Storage Larry Regenscheid 763-717-3753
Organizing/Decluttering
I need someone for this category!
Painters
AJ’s Painting Alan Johnson 763-238-6868
College Pro Painting Max 612-751-6370
Becker Painting Pat Becker 612-290-1800
Bruce Cleland 612-245-2142
Mike Derrick 612-735-4952
Picasso 612-600-1419
Mark Condon 612-483-8979
Krys Baratto 818-481-3635
Harold Christensen 651-492-5392
Schufman Bros Painting 651-481-0402
Pet Sitters
Purrsonalcatsitting.com Heather 612-889-9697
Photographer
Oldenburg Studios Deb Oldenburg 612-597-9363
Folio Studios.com Licia 612-822-6474
Plumbers
Mike Miller Plumbing 612-559-9250
Richfield Plumbing 952-881-3355
ESP Metropolitan Plumbing 612-920-2690
API Companies, Inc. James Aeshliman 612-290-8959
Buchman’s Plumbing 612-588-4707
Preparing Your Home For Sale
Property Care Inc 651-554-9949
An Extra Handy Man 612-325-4157
Bruce Cleland 612-245-2412
Property Managers
Guardian Properties Jennifer Spadine (owner) 612-227-4321
Roofers
Sela 612-823-8046
Eagle Builders & Remodelers Ron Sterry 612-805-8975
Garlock French 612-722-7129
Charlie’s Angles Charlie 612-920-8344
Screen Repair
Screen Mobile 763-473-0180
Sewer & Water
Pete’s Water & Sewer 612-789-6162
Roto Rooter (check phone book for more locations) 952-888-3264
Drainbusters 952-925-9583
Erickson’s 952-929-7526
Siding & Gutters
Western Remodeling 651-645-1411
C&M Kasper Siding 952-953-4675
Tollefson Brothers www.tollefsonbros.com 952-881-2218
Snow Removal and Lawn Care
JB Landscape & Snow Removal 952-942-6728
Greg’s Lawn Service & Snow removal 612-721-1259
Premier Lawn & Snow Dennis 952-545-8055
Leon Rettman 952-893-1969
Storage Systems
Public Storage 612-721-4748
Quality Transfer & Storage Nick 952-831-6800
Title Company/Closing Services
Old Republic Title Colleen Nagle 612-371-3810
Provident Title Carrie Magner 763-657-2797
Franklin Closing Services Renae Franklin 952-808-0354
Travel Agency
Group Travel
Tree Service I need someone for this category
Tub Resurfacing
Simply Resurface www.simplyresurface.com 651-490-1099
Wallpapering & Painting
Candace Balm-Fisher 952-948-1304
Eddie Gaspar 612-823-3317
Becker Painting 612-290-1800
Ed Michog Decorators Inc 763-572-1729
Tom Madson 612-685-0066
Mike Derrick 612-735-4952
Water Proofing
Atlantis Irrigation Vince & Kathy Morimoto 952-943-0043
Water Proofing Basements
Aqua Seal 763-249-1877
Quality Basements Waterproofing 952-476-1601
Well Sealing
Don Stodola 952-446-9355
Associates Well Drillers 952-941-1530
Wet Basement Consultant
Don Schnack 763-591-1025
Window Replacement
Glass Source (formerly A & L) 763-545-1800
City Wide Glass 612-721-8722
Window Washing
Winfield’s Windows and Things, Inc. Brian 952-200-9928
Fish Window Cleaning 877-707-3474
Alternative Programs to Home Warranty Companies
Centerpoint Energy 612-333-1664
This is a reference list for your convenience. We do not warrant the services of any of these people/companies. You may check the telephone book or Internet for more options.