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Buyer Questions | Sandy Erickson Real Estate Team Blog

Tuesday, January 4, 2022   /   by Linda Maxwell

Top 10 Things to Ask a Home Owners Assocation

Before you buy, contact the association with the following questions.
In the process, you’ll learn how responsive, and organized, its members are.

What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.

What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? Are rentals allowed? You may find, for instance, that those who buy a property after a certain date cannot rent out their units, but buyers who bought earlier can.  Ask for a copy of the bylaws to determine if you can live within them. Have an attorney review property docs, including the master deed, for you.

How much does the association keep in reserve? Request further information on how that money being invested?

Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a cert ...

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  buyer's, home buyer tips, buyer questions, abc's of real estate, buying a condo, buying a townhome, home owners association

Thursday, December 30, 2021   /   by Linda Maxwell

75 Things That Can Go Wrong in a Real Estate Sale

75 Things That Can Go Wrong in a Real Estate Sale
When it comes to real estate transaction issues, there is a lot that can happen.  We can’t control all of the people or processes involved in a home purchase or home sale, but you can rest easy.  Our team has years of experience and it’s our job to address anything that pops up head-on and help coordinate solutions so that your experience remains as positive as possible.
The Lender/Closer/Title Company:
Fails to notify lender/agents of unsigned or unreturned documents.
Fails to obtain information from beneficiaries, lien-holders, insurance companies, or lenders in a timely manner.
Let’s principals leave town without getting all necessary signatures.
Loses or incorrectly prepares paperwork.
Does not pass on valuable information quickly enough which delays closing.
Does not get Closing Disclosure to buyer/seller for review within 3 business days of settlement.
Errors on Closing Disclosure which delay ...

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  buyer's, home buyer tips, buyer questions, top realtor in twin cities, best real estate agent

Friday, January 1, 2021   /   by Linda Maxwell

Common Buyer Questions in the Beginning

How much earnest money will I need? 
The industry guideline is generally 1% of the sale price.  If the seller is a lender, they may have a minimum requirement that must be adhered to.
When does my earnest money check get deposited? 
Within 3 business days after acceptance unless stated differently in the Purchase Agreement.  The money is held the Trust Account by the seller's broker and applied to your down payment at closing.  If the the purchase agreement becomes null and void, the buyer may have to wait at least 10 days to receive the earnest money refund.
How much will my mortgage be? 
This amount will depend on the agreed upon sales price, how much money you put down and whether you are financing your closing costs.  Please refer to a Good Faith Estimate from your lender for details.
What kind of financing should I choose? 
There are many different Conventional and FHA mortgages to choose from.  A 15 year or 30-e ...

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  buyer's, buyer questions, earnest deposit, earnest money

Wednesday, September 11, 2019   /   by Linda Maxwell

How to find your "right" home - A Quick Guide to Making that BIG Decision

September 11, 2019 at 10:22am | Sandy Erickson

For home buyers, acquiring your dream home may not be as simple as saying that you want a “two-story house with
a garage in a quiet neighborhood.” Clearly, there’s so much more to a home than that. You should not be restricted
to the price either since it is only part of the bigger process.
You must closely think of what you really desire in your home. Perhaps it will help to prepare a list of features that
you prefer. Here’s a quick list of the parameters, home features and amenities that could guide you in finding that
dream home of yours.

Location and Neighborhood
Suburbs or Country - The houses here are generally more expensive but often newer. These are also farther from the cities.
Urban - Closer to many employers, entertainment districts, restaurants and schools, but also often noisier.
Busy Streets - Often, these are homes on streets with more traffic.
Cul-de ...

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  buyer's, buyer questions, quick guide, finding the right home, finding the right house

Sandy Erickson Real Estate Team
4411 Lake Avenue S
White Bear Lake, MN 55110

The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Regional Multiple Listing Service of Minnesota, Inc. Real Estate listings held by brokerage firms other than Sandy Erickson + Brittany Maxwell- Real Estate Team - Realty Group LLC are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.” Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.” Copyright2022Regional Multiple Listing Service of Minnesota, Inc. All rights reserved. Data last updated January 26, 2022
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