Buying or selling a home can be one of the most important (and stressful!) processes in a lifetime. Many clients ask us similar questions, so we’re compiling a list of answers to frequently asked questions to help on the front end. We are here to help! Don’t see the answer to your specific question? Feel free to email us with your question.
Is a city inspection required on all homes prior to listing for sale?
No, not all homes. Both Minneapolis and St. Paul do require city inspections as do many other municipalities in the metro. Edina, Eden Prairie and Minnetonka are some of the cities that don’t. Ask the Kim Pease Team before listing if your city requires an inspection.
Should I have open houses?
We leave this decision entirely up to the homeowner’s discretion and their comfort level. If our sellers would like open houses we do not outsource. Someone from the Kim Pease team would always be present. We discuss with our sellers when and how often they would want open houses and come up with a game plan that works for everyone.
What should I expect when showing my home?
Typically showings are set up in one hour increments. We suggest sellers leave their homes 10 min before the one hour window and arrive home 10 min after in case buyers are running ahead or behind schedule. Leave lights on if possible and the home tidy.
What do I need to do to have the home ready for final walk through?
Remove ALL personal property from home not involved in sale. Leave only items that have been agreed upon in writing. Do not leave behind items in attics or garages that might have been left when you purchased (especially old paint cans). Leave the home clean. Leave keys and garage door openers, and all appliance manuals at home – or bring them to closing.
What should I bring to my closing?
Your title company will let you know if additional items are required
Should I get pre-approved for a loan before house hunting?
Yes! It is important for all parties involved that buyers are qualified BEFORE house hunting. This ensures a smoother, more enjoyable process for everyone. Being aware of what you can afford helps us as agents to set up appropriate housing tours. You don’t want to fall in love with a home you can’t afford or waste a seller’s time viewing their home if it isn’t a possibility.
What are some good things to keep in mind when selecting a neighborhood?
As a buyer it is important to do your due diligence. Researching school districts, city services, commutes to work, etc. are critical elements that might affect where you want to purchase. Selecting a home that fits your lifestyle as well as your budget is also very important. The Kim Pease Team will assist every step of the way. We do extensive research to make sure you “buy smart.”
What are common items that come up during home inspections?
What can be negotiated on after a home inspection?
Typically we try and focus on health, hazard, and safety issues, as well as mechanical systems being in working order. Every home is different and it is best to avoid a “laundry list” of small items. In most cases homes that are being inspected are existing homes and it cannot be expected they will be in perfect condition. As a homeowner you will need to take on routine maintenance items.
My lender continues to ask for further documentation, is that normal?
Yes! Lenders require a lot of documentation for their underwriters. Oftentimes the underwriters ask for additional documents during their review of the loan. It is also important to provide all info in a timely manner.
What is the typical amount of time buyers and sellers should allow from time of offer to closing?
Closing dates are negotiable. Cash sales can typically close in 2 weeks and sales where a buyer needs a mortgage, in most cases, are 45-90 days
Is it okay to change terms on the purchase agreement after it has been signed?
Once a purchase agreement has been fully executed any changes related to closing date, personal property, move-in timing, etc. have to be agreed upon by both parties in writing.
What happens if I’m out of town during a transaction?
If a buyer wants to make an offer or either party is out of town during the inspection period or throughout the transaction, Minnesota allows electronic signatures. The Kim Pease Team can arrange for electronic signatures as needed.
Who should I use for Title & Closing?
We highly recommend Watermark Title, our affiliated title company, who we work closely with. They do a super job. Your lender might also have a title company they recommend using.
Do I need to attend the actual closing?
As a seller you can make arrangements to pre-sign all documents prior to the official closing. Someone from the Kim Pease team will always attend the closing. As a buyer you do need to be present to sign. Most lenders will not allow pre-signing of any of their lending documents. Remember to select a closing date that you can attend.
