Buying a Home, Lake State Realty & Appraisal Blog

Minnesota Home Buying Process

September 12, 2022

A lot of first-time homebuyers have asked us about what is the process of buying a home. We thought it would be helpful to create a timeline to showcase each step of the process.


Choose a Realtor

Hopefully us!


Initial Conversation

This is where we get to know you and your goals. We can meet for coffee, talk on the phone, or video chat!


Know the Neighborhoods and Marketplace

Our agents can personally take you to some neighborhoods of interest and give you an overview of the area.


Pre-Approval and Budgeting

How much can you afford and how much of that do you want to spend? If not purchasing with cash you will need to obtain a Pre-Approval Letter from a lender.


Find a Home

Make sure to review any and all disclosures, inspection reports, and even check with the city for any and all permits that were taken out on the property.


Write an Offer

With your guidance, we will craft an offer and negotiate the best terms on your behalf. 


Home Inspections (Optional)

If the offer contains an inspection contingency (which we recommend) this would be the next step. You will receive a written report about all defects and potential issues with the property.


Final Negotiations

Armed with all the information about the property we will negotiate the best offer on your behalf. 


Home Appraisal (Optional)

If securing financing, the lender will require an appraisal of the property. The appraisal is a tool to make sure that there is enough collateral to support the loan.



You will need to choose an insurance company to insure the home. You should be calling around to make sure you get the best deal. 


Final Underwriting

The underwriter will usually require additional documentation such as updated bank statements or additional documentation prior to issuing “Clear to Close.”


Closing Disclosure

Once you are clear to close, the title company will create a document called the Closing Disclosure which must be given to you at least three days prior to closing.



A week or so before closing we will provide you with the utility providers for the property. It is recommended that these are set up in advance so that you have utilities on the move-in date


Final Walkthrough

Usually as soon before closing as possible, ideally the day of closing, we will coordinate a final walkthrough of the property to make sure that the condition is what you expect.


Closing Day

Congratulations! You have made it to closing, this process usually takes about an hour. Make sure to bring your cashier’s check for the down payment plus closing costs as well as a valid photo ID.


After Closing

Thank you for your business! Our services never stop and we aim to become your trusted real estate advisors for life. We would love for you to write us a review on Google detailing your experience with us. We would be very grateful for any referrals, as they are the highest compliment. 

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Minnesota’s Most Knowledgeable Buyer’s Agents

If you are in the market to purchase a home for the first time, or are an existing homeowner and looking for something different, contact our experienced buyer’s agents today!

WRITTEN BY: Alex Schwartz

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