You’re not legally required to hire a Realtor, but having one protects your interests, guides negotiations, explains contracts, and helps you avoid costly mistakes. Buyers who use agents typically get better terms, stronger negotiations, and fewer issues during inspection, appraisal, and closing.

Buyer agent compensation is negotiable. Due to the 2024 compensation rule changes, buyer’s agents can no longer rely on automatic blanket offers of compensation through the MLS. Instead, your Buyer Representation Agreement (signed by you and the broker) details how your agent is paid.

There is now a specific line item in the Purchase Agreement where we can ask the seller to contribute toward or fully cover the buyer agent’s compensation. The seller must agree to those terms, and whatever is requested must match what’s outlined in your signed Buyer Representation Agreement.

Yes. Minnesota requires buyers to sign a written Buyer Representation Agreement before touring homes. This agreement ensures you understand how you’re represented, what services you receive, and how compensation works. It protects both you and your agent.

It’s a written agreement that outlines your relationship with your agent, including duties, loyalty, confidentiality, and how compensation works. It ensures you have a dedicated professional working solely in your best interest throughout the transaction.

No. Once you sign an exclusive  Buyer Representation Agreement, you commit to working with that Realtor for the duration of the agreement. This ensures consistent communication, representation, and strategy. Choose someone you trust.

Your agent protects your interests by educating you on the market, setting up showings, analyzing prices, writing offers, negotiating terms, coordinating inspections, communicating with the lender, and guiding you through appraisal and closing. They make the process safer, easier, and more financially sound.

Not necessarily. Because buyer agent compensation is now negotiable, you may pay nothing out of pocket if the seller agrees to contribute toward your agent’s fee. We can request this on the Purchase Agreement. If the seller doesn’t agree, you may choose to cover the fee yourself, but only according to the compensation terms outlined in your signed Buyer Representation Agreement.

You can work with the listing agent either as an unrepresented buyer (where the agent only represents the seller and cannot advocate for you) or, if everyone agrees in writing, through dual agency, where the same agent represents both sides. In dual agency, the agent must stay neutral, cannot fully negotiate just for you, and cannot share confidential information from either party, which is why many buyers prefer to have their own dedicated buyer’s agent representing only their best interests.

Yes. Agreements are typically cancelable with written notice. If you're not satisfied, you can request termination. Great agents make this easy, the goal is trust, not obligation.

Absolutely. First-time buyers benefit most from expert guidance, contract knowledge, pricing strategy, negotiation skills, and protection during inspection and appraisal. A Realtor helps you avoid costly mistakes and ensures you don’t overpay or overlook important details.

The first step is getting pre-approved by a lender. Pre-approval shows how much you can afford, helps lock in an interest rate, and strengthens your offer. It also tells you which loan types and down payment options are available to you.

Most first-time buyers put 3–5% down, not 20%. FHA loans allow as little as 3.5%, and some programs offer zero-down options. Your lender will help match you with the right loan type.

A credit score of 620 qualifies for most conventional loans, while FHA loans allow scores down to 580. Higher scores help lower your interest rate and monthly payment. (There are other programs available so speak with your lender directly.) 

Your lender will calculate your income, debt, credit, and down payment to determine your price range. A general rule is that housing expenses should stay below 28–35% of your income.

Most buyers spend 2–6 weeks searching and 30–45 days under contract. The full process typically takes 6–10 weeks from start to finish.

Common options include Conventional, FHA, USDA, and VA loans. Many offer low down payments, reduced mortgage insurance, or location-based incentives. Your lender will recommend the best fit.

Pre-approval is a lender’s written statement verifying how much you can borrow. It requires income, credit, and employment info. Sellers view pre-approved buyers as stronger, more serious buyers.

PMI protects the lender when your down payment is under 20%. It’s included in your monthly payment and can often be removed once you reach 20–22% equity.

Yes. Student loans factor into your debt-to-income ratio, but they don’t prevent buying a home. Many first-time buyers purchase while still paying student loans.

Yes — Minnesota Housing offers down payment assistance, low-interest loans, and closing cost programs for qualifying buyers. Your lender can help determine eligibility.

Your agent schedules showings based on your availability. Tours typically last 15–20 minutes per home, and you can ask questions as you walk through. Virtual tours are also available.

Your agent helps you determine price, contingencies, closing date, and earnest money. Once submitted, the seller can accept, reject, or counter. Your agent negotiates on your behalf.

Earnest money is a good-faith deposit (typically 1–2% of the purchase price) that shows you’re serious. It’s credited back to you at closing.

You’ll schedule inspections, finalize your loan, provide documentation to your lender, order the appraisal, and prepare for closing. Your agent helps guide each step.

Common contingencies include inspection, appraisal, financing, and sale of your current home. Contingencies protect you if problems arise during the process.

A home inspection is a professional evaluation of the home’s condition — structure, electrical, plumbing, roof, HVAC, and safety. It helps you understand repair needs before finalizing the purchase.

Yes. If issues arise during inspection, you can negotiate repairs, request credits, or cancel your offer if you’re within your inspection period.

Yes. Even new builds may have issues with installation, code compliance, or craftsmanship. Inspections catch mistakes before closing.

An appraisal is a professional estimate of the home’s value, required by lenders. It ensures the price matches market value. If the appraisal comes in low, your agent negotiates solutions.

Options include renegotiating price, seller credits, increasing your down payment, or disputing the appraisal. Your agent will help you navigate next steps.

Closing costs typically range 2–5% of the purchase price. They include lender fees, title insurance, appraisal, taxes, and prepaid escrow items. Some programs offer closing cost assistance.

Yes. Sellers can contribute to closing costs, or your lender may offer credit options. Negotiation depends on market conditions and offer strength.

You sign final documents, pay closing costs, fund the loan, and receive the keys. The process typically takes 45–60 minutes.

A photo ID, certified funds if required, homeowner’s insurance, signing forms, and final loan disclosures. Your agent and lender prepare everything ahead of time.

You receive the keys immediately after the closing is complete and the transaction is recorded. Most closings fund on the same day.

Mortgage payment, property taxes, homeowner’s insurance, utilities, maintenance, and HOA fees if applicable. Budgeting for an annual maintenance fund is recommended.

A common rule is 1–2% of the home’s value per year for upkeep and repairs. This varies based on age and condition of the home.

Buying builds equity, stabilizes your payment, and provides long-term wealth. Renting offers flexibility but no ownership benefits. Your decision depends on your lifestyle and financial goals.

Yes. You’ll need two years of tax returns, bank statements, profit/loss statements, and consistent income. Lenders evaluate self-employed buyers differently but the process is straightforward.

Many lenders require 6–12 months before refinancing. However, you can refinance sooner if rates drop or if you’re switching loan types.