*Answers to questions found in this portion of TheMLSonline.comSM
are not intended as legal advice. If you have questions
in regard to legal issues, or if you desire legal counsel, please
consult an attorney.
About Our Site What is the MLS?
What is TheMLSonline.comSM?
What is done with personal information submitted
on this web site? About
Your MLS search Why am I getting an
invalid search request error? Why
am I not getting any results after I put in my criteria, knowing there
are properties in that area? How can
I search more than one city at a time? Why
are some home photos missing? Why do
most listings have only one photo?
Why does the criteria disappear once I click
the "back" button WHEN trying to return to the search page? Back
to top of page
About Real Estate in General
What if I'm unhappy with the real estate
agent or broker I'm currently using?
Why is there so much paperwork when buying
and selling a home? Back
to top of page
Questions asked by Buyers AND Sellers alike
What is the Agency Relationships in Real Estate
Transactions form, also known as the Agency Disclosure form?
What is the difference between earnest money
and a down payment? What does it mean to
have "title" to a property? What
is a Purchase Agreement? What are assessments
and/or special assessments? What is a Seller's
Disclosure Statement? What are points
or discount points? What's the difference
between Interest Rate and Annual Percentage Rate or APR?
Back
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About Buying a Home
What if I'm planning on relocating to Minnesota...
how can you help me? Can I receive
no-cost assistance when buying a home through TheMLSonline.comSM?
Where can I find information to better understand
the buying process in general?
Back
to top of page
About Selling a Home
Can I list and sell my home directly
through TheMLSonline.comSM? Why
is it so important to accurately price my home when I'm selling?
How long does it normally take to list and sell
a home? Back
to top of page
About Mortgages and Financing
How much "home" can I afford?
Pre-qualification and Pre-approval
What's
the difference? What are FHA and VA loans?
What is meant by the term down payment?
How much money down do I need to buy a home?
What is the difference between a mortgage lender
and a mortgage broker? Back
to top of page
About Our Site
About Your MLS Search
Why
am I getting an invalid search request error?
In order to use our search, you must have cookies enabled
in your internet browser. Turning your cookies off will result
in this error. After turning your cookies on, if you still
receive this error please send an email to webmaster@themlsonline.com
with detailed examples of the error(s) and the market you
are searching.
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Why am I not getting
any results after I put in my criteria, knowing there are
properties in that area?
Usually, when a search returns no result, the criteria you
have entered may be too specific. Try leaving out the square
footage, year built, amentities, etc. from your search. Or,
if you don't have a minimum price, leave it at "No Minimum".
Many times, you will miss properties that are priced below
your range with the same features as more expensive homes.
If you still are having trouble returning a set of results,
call 763-576-8286 and let us know exactly what problem you
are having.
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Why are some home photos missing?
Most often, when home photos are missing, it is because they
were never submitted to the MLS when the home was listed.
In other cases, photos have been submitted but do not appear
for technical reasons. Photos take up to three days to appear
on the web site after submission by the listing agent or broker.
Photos usually appear within 24-48 hours after they were submitted
to the MLS.
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Why do most listings have only one photo?
Virtually all home photos are submitted by listing agents
and/or listing brokers. Agents and brokers may submit up to
six photos per listing to the MLS database.
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How can I search more than one city
at a time?
First, go to the MLS search page. Second, choose your state
and county. Next, choose the cities you want to search by
highlighting each one individually. You may do this one-by-one
or select multiple cities by holding the "Ctrl"
key and clicking each city. When you have chosen the cities
you wish, click the "Add >" button. Finally,
enter any other criteria you wish and click "Search".
CLICK HERE TO BEGIN A NEW SEARCH
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Why
does the criteria disappear once I click
the "back" button WHEN trying to return to the search
page?
If you find yourself in this situation, the easiest way to
resolve this problem is to click "Refine Your Search "
in the "MLS Tools" menu instead of clicking "Back"
in your browser. Clicking this will bring you back to the
search page and automatically restore the current criteria
from your last search.
Back
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Questions asked by Buyers AND Sellers alike
What
is the Agency Relationships in Real Estate Transactions form,
also known as the Agency Disclosure form?
This form covers issues that Minnesota law requires be discussed
before real estate agents or brokers discuss most any other
issue with consumers. This form is not a contract of any type.
It is designed to inform you, the consumer, by discussing
and disclosing the five different types of relationships that
you may have with a real estate agent or broker. To read and
review this form now, click here.
Back
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What is the difference between
earnest money and a down payment?
When a buyer makes an offer on a property, they put forward
an initial amount to show their "earnest" desire
to own the property. If the offer is ultimately accepted and
the transaction goes to closing, the earnest money is applied
or credited towards the buyers down payment or closing costs.
It is not an extra amount or overpayment by the buyer. If
the purchase agreement is never accepted in writing by all
parties, the earnest money is not retained by the seller or
the seller's broker. If the purchase agreement is accepted
in writing by all parties, the earnest money may be forfeited
or refunded depending on the specific terms of the purchase
agreement.
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What does it mean to have "title"
to a property?
Having "title" to a property is not referring
to some type of "official document" declaring a
person's (or party's) ownership of a property. Rather, having
"title" to a property is simply way of saying that
you have an ownership position (also known as "a legal
interest"), in a property.
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What is a Purchase Agreement?
A purchase agreement is exactly that: an agreement to purchase
property. A purchase agreement specifies the terms under which
all parties to a transaction will agree to consummate or close
the deal. Agreements to purchase are only valid with real
estate when they are in writing. After an agreement to purchase
has been signed by all parties, it is cancelable only if the
terms within the agreement itself allow cancellation. So,
an agreement to purchase can be written by anyone and signed
by all parties to the transaction, however, be very careful.
If an agreement to purchase does not contain certain statements
and clauses, it may not be enforceable - or cancelable.
If you would like assistance in the purchase of a home (and
you're not already under contract with a real estate agent
or real estate company in the State of Minnesota that is representing
or assisting you in the purchase of a home or property), please
go to the Buying a Home portion
of our site and fill out the "Home Search Criteria"
form. After filling out and submitting this form, a representative
from The MLSonline.com SM
will contact you as soon as possible for assistance.
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What are assessments and/or special
assessments?
Special assessments can be simply thought of as "extra
taxes" or "special taxes" charged by a city
to a property owner for specific improvements (like a sidewalk
or new curbs). If these special taxes have not been paid by
the seller before a property goes on the market, it is customary
(but not required) for the seller to payoff these special
taxes before closing.
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What is a Seller's Disclosure Statement?
A seller's disclosure statement is simply a document in which
the seller(s) state the condition of the property (and various
components of the property) to the best of the seller's knowledge.
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What are points or discount points?
Points can be thought of simply as an "interest cost"
charged at the time of closing. In most real estate transactions,
points can be paid by either the buyer, the seller, or the
buyer and seller. Points are used to lower the advertised
"interest rate" that is used to calculate your monthly
payments. However, the advertised "interest rate"
that is used to calculate your monthly payment is not the
actual rate of interest you will be charged during the first
year of your loan. To better understand the difference between
the terms "interest rate" and "annual percentage
rate", please refer to the question "What
is the difference between interest rate and annual percentage
rate?" below.
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What's the difference between
Interest Rate and Annual Percentage Rate or APR?
The Annual Percentage Rate or "APR" is the rate
given at closing that reflects the actual amount of interest
the lender is charging you during the first year of your loan.
The APR includes the advertised "interest rate"
used to calculate your monthly payments, PLUS points, PLUS
all other fees charged by the lender in connection with the
loan. The Annual Percentage Rate or APR, then, is the true
rate of interest a consumer is charged during the first year
of a loan.
Back
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About Buying a home
What
if I'm planning on relocating to Minnesota... how can you
help me?
If you're relocating, The MLSonline.com SM
is your perfect partner! Whether you're moving across town
or across the globe, The MLSonline.com SM
can make your transition to the Twin Cities a smooth one.
Our relocation specialists can assist you in finding a home
that's right for you, as well as recommend a local professional
to list and sell your existing home. Just call us toll free
at 1-866-MLSonline or email us at: relocation@TheMLSonline.com
to start the process.
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Can I receive no-cost assistance
when buying a home through TheMLSonline.comSM?
Yes. The MLSonline.com SM
can provide no-cost, personal assistance throughout the buying
process. However, if you are already under contract with a
real estate agent or real estate company in the State of Minnesota
that is representing or assisting you in the purchase of a
home or property, we cannot provide personal assistance to
you. At such time that you are no longer under contract for
representation, we can assist you.
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Where can I find information to
better understand the buying process in general?
The U.S. Department of Housing and Urban Development is a
great source to find objective information about home buying.
To visit their site, please click
here.
Back
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About Selling a Home
Can
I list and sell my home directly through TheMLSonline.comSM?
Yes. The MLSonline.com can directly list and sell your
home or residential property. We provide a wide range of services
designed to sell your home quickly and efficiently, while
maximizing your equity potential. For details on how we can
further assist you in the sale of your home, please visit
the Selling A Home
portion of our site.
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Why is it so important to accurately
price my home when I sell?
Pricing your home right when you first list your home
is critical in order to maximize your equity potential and
ensure your overall satisfaction in the process of selling.
The cost of under-pricing your home is obvious - you get less
than you could have. In order to avoid this scenario, sometimes
sellers decide to inflate the price of their home beyond what
they know is truly reasonable in hopes of finding that "unique
buyer" who'll pay a premium. In these circumstances,
it is most often the seller that pays the price. When a home
is over-priced, often it works against the seller by making
other similar homes look like a "good deal".
After weeks of showings, frustration often settles in as buyers
make offers on other lesser-priced, similarly featured homes.
If you are ready to sell and would like professional assistance
in estimating your home's current value, please contact us
at 763-576-8286 or simply click here to inquire online in
the Selling A Home portion of
our site.
Back
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How long does it normally take to list
and sell a home?
The answer to this question depends on many factors such
as the time of year that you sell, your home's price range,
the condition of your home, your neighborhood characteristics,
current interest rates, the economy, and other factors too
numerous to mention. That being said, the average pre-owned
home in the Twin Cities metropolitan area took approximately
41 days to sell in the year 2001.
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About Mortgages and Financing
How
much "home" can I afford ?
If you're like most buyers, you already have a good idea what
kind of house you're looking for. But, you may be less certain
of how much "home" you actually qualify for (or
what price range you should be looking in). The first thing
you should do when looking for a home is contact a mortgage
lender or broker. They can help you determine how much you
qualify for and help you find a loan that's right for your
situation. As with any other product or service, there are
many different plans and options available, so there's bound
to be a mortgage solution that's right for you. To get qualified
and pre-approved, please visit the mortgage approval portion
of our site. A representative from Sound Mortgage Decisions
would be happy to assist you.
Back
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Pre-qualification and Pre-approval
What's the difference?
There are two general steps in the loan process: pre-qualification
and pre-approval. Pre-qualification is generally the process
that gives you "a darn good idea" of how much home
you could afford, or "qualify for" (given your credit,
income, and other factors). Whereas, pre-approval is the process
by which the lender determines the actual amount they will
lend you after verifying your credit, income, and other factors
considered during the pre-qualification period. Going beyond
pre-qualification and getting pre-approved puts you in a much
stronger bargaining position when it comes time to make an
offer on a home. To get qualified and pre-approved, please
visit the mortgage approval portion of our site. A representative
from Sound Mortgage Decisions would be happy to assist you.
Back
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What are FHA and VA loans?
FHA and VA "loans" are actually loan programs
available through lenders - provided by the U.S. government.
The government, through FHA and VA, does not actually lend
money to home buyers. FHA and VA programs simply offer a guarantee
that if a buyer defaults on a loan, that the lender will be
repaid by the government. You can think of it simply as an
insurance plan to protect the lender. For more details, or
to get qualified under an FHA or VA program, please contact
a Sound Mortgage Decisions representative under the Mortgage
Approval portion of our site.
Back
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What is meant by the term down
payment?
There are two very different definitions to the term "down
payment", therefore there are two very different ways
to think about it. When many people talk about the term "down
payment", they are referring to the idea of "how
much money TOTAL they will need" to get into a house.
However, a more accurate definition (used in the industry)
refers only to the amount you will pay directly towards the
purchase price at closing. For example (using the correct
definition): If you bought a house for $100,000 and you put
$5,000 down - at closing you would need $5,000. PLUS closing
costs charged by the title company, loan origination fees
charged by the lender, and any other miscellaneous expenses
related to completing the transaction.
In compliance with state guidelines, every loan officer should
give you a Good Faith Estimate. A Good Faith Estimate is the
written statement designed to give you a true estimate of
the "over-all" dollar amount you'll need to close
the loan.
Back
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How much money down do I need
to buy a home?
There are numerous programs available that can be tailored
to your specific needs. We recommend that you speak directly
with a loan officer to find a program that's right for you.
For more details, please contact a Sound Mortgage Decisions
representative under the Mortgage
Approval portion of our site.
Back
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What is the difference between
a mortgage lender and a mortgage broker?
A mortgage lender is the actual source of the money lent to
borrower(s) in a mortgage. Mortgage lenders offer government
guaranteed loans as well as their own loan programs. Mortgage
brokers, on the other hand, do not actually lend borrower(s)
any money. They simply offer the mortgage programs of various
lenders. Mortgage brokers are paid to find borrowers and "create
a file" for lenders. Therefore, brokers add value by
marketing and selling loan programs for lenders.
Back
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About Real Estate in General
What
if I'm unhappy with the real estate agent or broker I'm currently
using?
Real estate agents and real estate brokers work hard to earn
your trust and your business. In the event that you are not
satisfied with the level of service you have received, or
are receiving, you may want to discuss the terms of your contract
with your agent or broker. Most issues can be resolved in
a manner that satisfies both parties. If your issues are not
resolved and your contract expires (or is canceled), a representative
at The MLSonline.com SM would
be happy to assist you in the purchase or sale of a home.
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Why is there so much paperwork when
buying and selling a home?
As most people understand, issues in real estate can be very
complicated. By and large, most paperwork attempts to detail
issues line by line to inform consumers of the implications
of their purchase or sale. Most issues are spelled out in
such detail due to requirements in the law, major court cases,
and misunderstandings and problems over the years. This is
generally done to bring clarification to issues and to avoid
the same or similar problems from arising in the future.
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