HOME
BUYER'S
GUIDE
before, during, and after the search.
What to expect from me, and why this process works best when we are a team.
From "do I need 20% down?" to "do I have to sell first?" Clear answers to the questions buyers actually ask.
A clear picture of every step from first conversation to closing day, so nothing catches you off guard.
What lenders look at, Minnesota programs, and why this comes before everything else.
The search, what to look for, and how we build a strategy when it's time to write.
Not ready to buy yet? Here's what to do now so you're set up to move confidently when the time comes.
Not everything worth buying is on Zillow. How I help buyers access homes before or outside the public listing process.
Inspections, appraisals, title, final walkthrough, and closing day. All of it explained.
Hi, I'm Madeline. I'm a real estate agent based right here in the Twin Cities, a rental property owner, and a mom of two. I know firsthand what it feels like to navigate a major home decision, which is why I genuinely love helping people through this process.
Buying a home involves a lot of moving pieces. This guide walks you through the full process so you know what to expect at every stage.
Inside, you'll find a clear walkthrough of the entire process: from getting pre-approved to closing day. I'll explain what happens at each step, what decisions you'll need to make, and how I'll be there to support you the whole way.
My goal is simple: by the time you finish reading this, you should feel like you actually understand what you're getting into, and that you have the right person beside you.
Local knowledge.
Real guidance.
Before we dive into the process, here is what you can expect from me.
You'll always know what's happening
I communicate proactively, so you won't be left wondering what comes next. I'll let you know where things stand, what's coming up, and what you need to do, and when.
I'll give you my honest opinion
If a house has a red flag, I'll tell you. If the price is off, I'll say so. You deserve a straight answer, not someone who just tells you what you want to hear.
I'll negotiate hard on your behalf
Getting you the best possible deal isn't optional. I'll review every offer term, flag anything that doesn't serve your interests, and push back where it makes sense, so you don't leave money or protections on the table.
Your timeline, your pace
This is your decision and your timeline. I'm here to help you find the right home, not rush you into the wrong one. If you're not ready, I'll tell you to wait.
I'll keep everything organized
Offers, deadlines, inspections, lender docs, closing timelines: I track all of it so nothing slips through the cracks. You focus on the big decisions. I handle the details.
A note on buyer agent compensation
As of 2024, buyer agent compensation is negotiable and must be agreed upon in writing before we begin touring homes. Before we start working together, I'll walk you through exactly how compensation works for your specific situation. In many transactions, sellers do contribute to the buyer agent's fee, but it's always negotiable, and you'll know the full picture before we move forward.
Book a 15-minute intro call →
The questions I get most often, answered honestly.
That's exactly what pre-approval helps us figure out. It isn't just the home price, it's the monthly payment that feels comfortable to you. A good lender helps you back into that number, looking at your income, your debts, and your goals, so you're never stretching past what feels right.
Not necessarily. It depends on your financial situation and how much flexibility you have. Some buyers sell first for the security of knowing exactly what they have to work with. Others buy first so they don't end up in a gap with nowhere to go. I'll help you figure out which approach makes the most sense for your situation.
Zillow is a great starting point for browsing, but it's not always accurate on price, availability, or neighborhood details. Zestimates can be off by tens of thousands of dollars. Once we're working together, you'll get a live search feed directly from the MLS. It's more accurate and faster than any public site.
No. The 20% rule is a common myth. Many loan programs, including conventional, FHA, and Minnesota-specific first-time buyer programs, allow for as little as 3% to 5% down. We'll find the right loan type for your goals. Putting less down isn't always the wrong call; it depends on your full financial picture.
Pre-qualification is a quick, informal estimate based on what you tell a lender. Pre-approval is the real thing: the lender verifies your income, assets, and credit, and commits to lending you a specific amount. Sellers take pre-approval seriously. Pre-qualification alone generally won't get your offer accepted.
Tell me immediately. I can get you in to see it, pull the comps, and help you decide if it's the right move before you fall too hard for it. Finding a home on Zillow or at an open house doesn't mean you're locked into working with that listing agent.
From pre-approval to closing, most buyers are looking at 6 to 12 weeks once they're actively searching. If you're 6 to 12 months out, that's actually great. It gives us time to prepare your finances, watch the market, and move quickly when the right home comes up.
Plan on your down payment plus closing costs, which usually run about 2% to 4% of the purchase price. Your lender gives you a Loan Estimate early on that breaks down every line, and I'll make sure you know your full cash-to-close number well before closing day.
As of 2024, buyer agent compensation is negotiated upfront and must be agreed upon in writing before we tour any homes. How it gets paid varies by transaction. In many cases sellers do contribute to the buyer agent's fee, but that's always negotiable and not guaranteed. I walk through the specifics with every buyer before we get started so you know exactly what you're agreeing to.
Yes, and that's true with any agent now. A buyer representation agreement spells out what I do for you and how my compensation works before we walk through our first home. I see it as a good thing. It puts everything in writing so we're on the same page, and I'll go through it with you line by line.
This is where strategy matters more than just going highest. I look at the seller's actual motivation: their timeline, what terms matter to them, whether they've had previous deals fall apart. Sometimes a clean offer with a flexible closing beats a higher price with a lot of contingencies. I'll give you my honest read on what it actually takes to win a specific home, and I'll tell you when a home isn't worth fighting for. The goal is never just to win. It's to win the right one at a price that makes sense.
What it actually looks like to buy a home. Each step builds on the last, and I'll be with you at every one.
We'll talk through your timeline, must-haves, and what buying in the Twin Cities looks like right now.
I'll connect you with a trusted lender to figure out your price range, monthly payments, and the best loan options for your situation.
We'll review and sign a buyer agreement so I can fully represent you, advocate for your best interests, and unlock off-market opportunities.
You'll get a personalized VIP search with access to listings you might not find online. We'll tour the good ones and rule out the rest. No wasted weekends.
Found the one? I'll walk you through the offer, negotiations, inspections, and all the fine print. Strategy at every step.
Once the paperwork is done and the keys are yours, we celebrate. And yes, I'll still be here if you need anything after closing.
This is the high-level version. Once we talk, I'll send you a personalized timeline with key dates and weekly check-ins so you always know exactly where you stand.
Get my VIP MLS search set up →
of everything.
Pre-approval is the first real step, and it changes everything. It tells you what you can afford, shows sellers you're serious, and gives us the leverage to move fast when the right home comes up.
What lenders look at
Gather these documents before your first lender call. Coming in prepared makes the whole process faster and smoother.
- Proof of income: pay stubs, W-2s, or tax returns if self-employed
- Bank statements and proof of assets
- Employment verification
- Credit score and credit history
- Debt-to-income ratio
What NOT to do once you're pre-approved
This is the part nobody tells you until it's too late. Lenders will re-verify your finances right before closing, so avoid these until you have your keys:
- Don't open new credit cards or take out any new loans. Even a furniture store card can change your debt-to-income ratio and affect your approval.
- Don't change jobs if you can help it. Lenders want to see stable employment. A job change can trigger a full re-underwrite.
- Don't move large sums of money between accounts without telling your lender first. Unexplained deposits raise flags and require documentation.
- Don't make any big purchases. New car, appliances, furniture: wait until after closing.
Why it matters so much
- You can't write a competitive offer without it. Most sellers won't review an offer without a pre-approval letter.
- It sets a real budget: not just what you're approved for, but what monthly payment you're actually comfortable with.
- It catches surprises early. Better to find out now than the week before closing.
Minnesota first-time buyer programs
If this is your first home, or you haven't owned in the last 3 years, you may qualify for programs that can meaningfully reduce your upfront costs. I can help you figure out which ones apply to your situation.
- Minnesota Housing Start Up Program: below-market interest rates
- Deferred Payment Loans: down payment and closing cost assistance
- Mortgage Credit Certificate (MCC): a federal tax credit on mortgage interest
(612) 804-2150 · robin.ray@nafinc.com
Great with first-time buyers and VA loans. Offers the NAF-Cash program.
612.877.0327 · eric.feld@trustone.org
Mortgage Consultant. Coon Rapids, MN.
(952) 994-1213
Mortgage Consultant.
starts here.
Your custom home search
I'll build a search in the MLS based on exactly what you're looking for: location, price range, size, features, school districts, whatever matters most. You'll receive alerts the moment a matching home hits the market. Instant or daily digest, your call.
This beats Zillow in two important ways: it's faster (MLS data updates before public sites do) and more accurate.
Touring homes
- If a home is owner-occupied, we typically need to give overnight notice to schedule a showing.
- Plan for about an hour per home. We can see multiple in one trip if they are nearby.
- Keep comments about the home until after we have left. Many sellers have cameras inside.
- I recommend capping showings at 5 per day. More than that and everything starts to blur.
What to look for
- Layout and flow: does it actually work for how you live?
- Condition of major systems: roof, HVAC, water heater, foundation
- Red flags that could mean expensive repairs
- How it compares to recent sales in the area
Making an offer: strategy, not just price
Before we write anything, I pull recent comparable sales so we know what the home is actually worth. Then we talk through how the list price compares to comps, whether there are competing offers, which contingencies to include, and what the sellers' priorities might be beyond price.
Competing offers happen. When they do, we look at the full picture. A shorter inspection window, a flexible closing date, or a larger earnest money deposit can make your offer stand out even if it's not the highest number. I'll never pressure you to offer more than you're comfortable with. The goal is to win the right home, not just win.
That's fine.
If you're 6 to 18 months out, this section is for you. The buyers who feel the most confident when it's time to act are almost always the ones who started early. Here's what to focus on now so you're set up to move quickly when the right home comes along.
Get your credit ready
Pull your credit report at annualcreditreport.com and check for errors. A score of 700 or above opens up the best loan options and lowest rates. If there are issues, fixing them takes time, so the earlier you know, the better.
Start building your down payment fund
A high-yield savings account (HYSA) will earn you meaningfully more than a standard savings account while your money sits. Aim to set aside enough for your down payment plus 2 to 5 percent of the purchase price for closing costs. Minnesota first-time buyer programs can also help reduce how much you need upfront.
Get clear on your budget
A common rule of thumb: your monthly housing costs (principal, interest, taxes, and insurance) should not exceed 28 percent of your gross monthly income. Total debt payments, including your mortgage, should stay under 36 percent. A lender can run real numbers for your situation at any time, even if you're not ready to buy yet.
Start watching the market
I can set you up with a live MLS search right now. This isn't a commitment to buy. It just gives you a real-time picture of what's available in your price range and neighborhoods, so when you're ready you already know the market. Most buyers who do this feel far less surprised when things move fast.
Get a feel for your neighborhoods
Drive around. Walk the blocks. Check school ratings on GreatSchools.org. Think through your commute at rush hour. Some of this only clicks once you've spent time there, not from a website.
One thing that matters more than timing: Buyers who come in prepared, with strong credit and a real budget, consistently get better homes at better prices. The market doesn't wait, but you can be ready when the right home shows up.
is on Zillow.
The MLS catches most homes, but not all of them. In competitive markets or when you're searching for something specific, waiting for the right listing to appear publicly isn't always the best approach.
Here is how I help buyers access homes before they hit or that never hit the open market.
Some sellers want to move quietly without an open house or public listing. I tap into agent-to-agent conversations, coming-soon networks, and broker-only channels where these homes circulate before they are available to the public.
If you have a specific neighborhood in mind, I can reach out directly to homeowners in that area. Some sellers are thinking about moving and just haven't pulled the trigger yet. A well-timed conversation can create an opportunity that never appears online.
My past clients and professional network often know about homes before they list. I stay in close contact, so when something comes up that fits what a buyer I'm working with is looking for, I hear about it first.
Potential sellers often see posts, hear through neighbors, or reach out because they recognize a name from the community. Local visibility matters. Being known in a neighborhood is part of finding homes that aren't on any list yet.
Off-market isn't a guarantee. But it expands what's possible, and that's especially valuable when inventory is tight or when you know exactly what you want.
after yes.
You'll hire a licensed home inspector to do a thorough review of the property: structure, roof, electrical, plumbing, HVAC, and more. I'll be there with you. If issues come up, we can negotiate repairs, a price reduction, or a credit at closing.
Your lender hires an independent appraiser to confirm the home's market value. If it comes in at or above your purchase price, you're good. If it comes in low, we'll discuss your options: renegotiate, cover the gap, or walk away if your contract allows it.
The title company researches the property's ownership history to make sure there are no liens, unpaid taxes, or disputes. You will receive title insurance that protects you and your lender from any issues that surface later.
Your lender will ask for updated documents as you approach closing. Respond quickly. Delays here can push your closing date. Avoid making large purchases or opening new credit lines during this period.
Right before closing, we'll do a final walkthrough to confirm the home is in the condition you agreed to: repairs completed, nothing removed that should stay, no new damage.
This is the day you get your keys. You will sign at the title company and wire your closing funds in advance. One important note: always verify wiring instructions by calling the title company directly before sending anything. Wire fraud is real, and a quick phone call protects you.
you are.
Whether you're ready to start touring homes or just getting your finances in order, here's how we can work together.
Start your pre-approval so you know exactly what you're working with. I'll send you a few lenders I trust.
We'll talk through your goals, timeline, and what makes sense for where you are right now.
I'll set up a VIP search so you can watch the market in real time and learn what your money can get you.
Whether that means looking now or prepping for later, I'll meet you where you are.
home search.
Tell me what you're looking for and I'll build you a live MLS search tailored to it. No call required to get started. Just share a few details below and I'll take it from there.
Thanks! I've got your details. I'll build your custom MLS search and be in touch shortly. Keep an eye on your inbox.
a game plan.
Whether you're six months out or ready to start this weekend, I'm happy to talk through where you are and what makes sense next.
651.325.8483 · madelinecanaday@kw.com
madelinecanaday.kw.com
7401 Metro Blvd, Suite 350 | Edina, MN 55439
This guide is for general informational purposes. Every transaction is different, and your situation may vary. That's exactly what I'm here for.
