How To Buy a home in Farmington

Would you want to learn something about how to buy a home in Farmington? The answers to how to buy a home can be confusing for many home buyers, especially MN first time home buyers. Since this process can be rather complicated I wrote this blog post to offer some tips of how to accomplish your goal.

How To Buy A home in Farmington

Most Minnesota home buyers start their process of buying a home on the web, of course. There are many ways to accomplish this but a good place for you to start is to use the MLS search on my personal website. There are tens of thousands of Minnesota real estate websites out there but you will soon find that many lack all of the important details when searching for a home. National real estate websites do not show the annual property taxes due for each of the listings which is one of the most critical factors when estimating what your monthly payments will be.

Search for a home in Farmington on my website

When you begin your search for homes in Farmington on my personal website you will find all of the available listings from all of the real estate companies in the area. Because I am a member of the Multiple Listing Service (MLS), my property website will offer you complete details from every company. Additionally I can set up a specific search for you so that I can email listings in your price range as they come available.

Get Preapproved To Buy A home in Farmington

How will you know what kind of price range you should be hunting for? In order for you to determine home much the monthly payments you will have for a home in Farmington you will need to get preapproved for mortgage financing. Getting through the preapproval process is the critical first step for how to buy a home in Farmington Since there is no cost or obligation when you get prequalified by one of our local MN mortgage lenders, you should do this right away so that you can clear any roadblocks there might be in the process of getting a home loan.

Let's go look at homes!

After you have been preapproved I will take you to available listings in your price range. I recommend that we look through at least 15 or 20 of these before you buy one. By searching extensively you will get educated on homes that are a good value to buy. When a listing comes available meeting your needs you should be ready to make your offer since properties now sell fast.

After the purchase agreement, and before closing

Once you’ve made your offer it usually takes about 30 or longer before you go to your loan closing to finalize the purchase of your home. During this time your lender will collect all of the necessary documentation they need from you to complete your loan approval. They will almost always order an appraisal on the home you are buying to estimate the value based on the sale of other homes. The mortgage lender also orders a policy for title insurance to make sure you will get clean title to the home upon purchase.

Closing on your home

After you receive your complete loan approval from your lender you will ready for closing. At loan closing, all of the involved parties get together to sign documentation as well as to exchange house keys, etc. Now that you have closed on your home you are ready to move in!

The Community of Farmington, MN

Farmington, MN is a rapidly growing suburb of the Twin Cities metro area. With plenty of affordable homes for sale, Farmington, MN has almost doubled its size over the past decade, now with over 20,000 residents. Located just south of Rosemount in Dakota County, many MN first time home buyers have used the Dakota County first time buyers program to buy in Farmington. If you are looking to buy or sell real estate Farmington, MN real estate please don't hesitate to give me a call.

Are you ready to start the process of looking for homes? Just give me a call or send me an email and I am looking forward to helping you find your dream home!
Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale