How It Works:
The MN|Home Purchase Program prompts you to ask the right questions when selling your home, then provides you a step-by-step process for finding the solutions that are right for you:
In working with so many home sellers over the years, we have found that almost every sale is unique: seller motivations, property description and time frame for the transaction. That said there are a few questions that we cover with each home owner that can help us structure a purchase & sale agreement (PSA) that meets both party’s needs:
What are your motivations for selling? Retirement, moving, downsizing, estate sale, etc.
What is your ideal time frame to close? How much time do you need to prepare for your next move?
Are you open to a later close for a higher offer price?
Are there any unique considerations that we should discuss? Is this rental property with a tenant?
Once we’ve answered the above questions, the actual transaction steps in selling your home off-market to a home builder are very easy. You don’t have to repair or update your home, you don’t have to stage your home, take pictures or leave your home for Open Houses or private broker tours. Here are the actual steps that you need to do:
Review the PSA and addendums, if applicable, with a professional – preferably a real estate attorney. We want you comfortable with the transaction and a third-party review is usually the best way to achieve this. Main drivers of the PSA include:
Offer price – what are we able to offer you for your property.
Earnest money – home much guaranteed money (to you) will we release after feasibility.
Close Date – when will the transaction be complete and the remaining funds distributed to you.
Sign the PSA and send/give to us. You can even do this electronically if you prefer.
That’s it on your end. What we do after you sign the PSA:
3. Feasibility review – this is actually our step where we typically take two weeks to review title and other elements of your property to make sure we can build right home for the lot. Leaving us with three options:
Feasibility approved – contract (PSA) moves forward as agreed including release of earnest money to you.
Feasibility contingent – we find something in our review that merits a discussion with you on what the next step is. Approval would be contingent upon us agreeing on next steps.
Feasibility terminated – we find something that precludes us from being able to move forward. The contract is nullified at that point and the property is yours to continue to own or sell to someone else.
4. Closing – on the date agreed upon in the PSA, we close on your property and the agreed upon purchase price gets paid out to you, minus the earnest money that we have already released to you.
We have a toolkit of worksheets, cost comparisons and personal experience buying and selling homes to be able to help clarify what lies ahead in the process of selling your home and the steps necessary to achieve your goals.
Ready to see what MN | Home Purchase Program can do for you?
MN Custom Homes is the right builder to partner with. We treat you with respect in a no pressure environment, helping you get all of your questions answered to make the process as smooth as possible. We remove the current home, keeping a clean worksite and build time to a minimum. And we build a quality home that your neighborhood can be proud of.