Making an Offer on a House: Real Estate in Minneapolis

So you found a house in Minneapolis and you are ready to make an offer. You’ve been looking for a long time. You have been in over 75 houses in the last two months and you are sick on seeing stuff you don’t like. Now it is time to make the decision!

What do you do when you want to make an offer? I always tell my clients when we start looking for houses, it is very important to determine your goals. Where do you want to live, how much do you want to spend, what type of house do you want to live in, how long do you plan on living in the house? These are all very important decisions you should figure out before you look for houses and also during the search process.

Once you have determined these goals it is a lot easier to find the right house. Also, there are a lot of houses on the market right now.

A lot of foreclosures that are in bad shape, short sales that are in bad condition, and just traditional sales where the people who live in the homes have not updated the house since the 1950s. But you will find the right one, the diamond in the rough, and usually when you do, the house will sell fast. It might sell the first day, first showing.

Most of the houses that I bought sold in the first couple days and usually there were multiple offers. I put an offer on a duplex in Uptown off Garfield and 34th in April. I offered seven grand over list price. I didn’t get the house and later I found out there were 18 other offers and the house ended up going $35,000 over list price.

Now this was a little bit of an exception because it was a foreclosure and it was listed very low, and it was in a great location but still. I have seen this happen and being involved in deals that happen like happens this time and time again.

The good ones go fast. That is why it is really important to determine what you want so when the good deal pops up you are ready to pull the trigger and prepared to make your best offer. It is also good to look at a lot of houses to figure out what you want.

After going through 30 houses in the same general area, you will start to get a really good idea of what you like and what you don’t like. By the time a gem comes up on the market, you will be writing the paper work and sending it over to the listing agent before the link can dry on the paper, well before you can put it in the scanner to email. So remember, determine your goals when you are looking for real estate in Minneapolis.