When buying a home -- whether it is for the first time or the sixth time -- it can always be exciting, but also rather stressful. Many in the Minneapolis area are no doubt familiar with the process of going from house to house, checking for new listings and hoping that the next home will be the one.
Buying a home is more than just picking a place to live. Rather, it is also an investment. Most soon-to-be homeowners want to make sure they are getting a good deal for their money. The last thing anyone wants in a residential real estate transaction is an unknown. Rather, it is reasonable to want to know every aspect of a purchase -- from who will pay closing costs to who is responsible for the real estate commission -- well before documents have been signed.
Especially for first time homebuyers, this will be a totally new experience. It is not as simple as going into a home, deciding it is "the one" and signing a few documents. Rather, there are aspects like inspections, seller disclosures, title searches and title insurance, to name just a few. Then, there are the fees that come with buying a home.
The advice is always to ask about any and all fees right in the beginning, and again, multiple times throughout the process. However, given the fact that issues can arise during the process, Minneapolis residents are also encouraged to work with a real estate attorney to either act as a guide through the process, or review documents before signing. This can help avoid unnecessary unwanted surprises -- and costs -- later on down the road.
Source: Fox Business, "Research Fees Before You Buy Or Sell A Home," Andrea Murad, Oct. 30, 2014