Here are even more things to consider before you buy a Luxury Home in Minneapolis!

• Most Luxury Owners do not Absolutely have to Sell – some might just be “fishing” and seeing who bites. Remember this when you make an offer for lower than list price and the seller rejects it.
• No Emotions Allowed – at least during negotiations. They can break the sale.
• Don’t discuss Your intended use of the Home – try not to inform the seller of potential renovations you might perform. Their beloved kitchen that you plan on tearing out might cause emotional turmoil and alienate the seller, making negotiations more difficult.
• Get a Survey done – Mortgage companies in some states do not require a survey to close, but some do. Is always wise to have a recent survey so you know your boundary lines and if any encroachments exist.
• Get separate inspections if needed – Many Home Inspections companies will inspect the entire property, but in some cases it is better to find an expert for certain areas, like a structural engineer for foundation questions, or pool expert for the pool motor/housing unit.
• Check Everything in an Inspection – ask for furniture to be moved if it is blocking outlets or doors, require appliances and circuit boxes located in garages or basements be accessible, request floors be rug and clutter free.
• Get all the Documentation you can – Make sure you receive copies of all disclosures required by law, homeowner association or condominium documents, and ask if any special assessments are due or pending.
• Buy Title Insurance – Some homes still work with an abstract of title, which in itself can have unseen problems written in decades ago. Have an attorney review the title and check for easements and encroachments. Buy title insurance to protect yourself, your property, and the mortgage company in case future problems arise.
• If in Doubt, get it in Writing – sometimes items are transferred in the sale of a property including appliances, memberships etc. Draw up a separate agreement from the main contract with the special terms and have both parties sign it.
• Sign a Buyers Representative Agreement – In Minnesota, you are required to sign a Buyer’s Broker Agreement if you want an agent to represent you in a transaction. Otherwise, the agent has no fiduciary duties to you like confidentiality, loyalty, or obedience to your requests or instructions. If you are buying a luxury home, just make sure your agent has knowledge of the upper tier market…it will work to your advantage.