Jason Tangen

Originally posted at www.StCloudEdina.com/blog/ on Feb 29th, 2008:

I probably should have done this post when I first opened this blog, but I didn't remember to thank Dave Jacobs until I started getting my taxes ready for him this year. Dave is not only the financial planner extraordinare and retirement guru in St Cloud MN, he is also the king of making sure that I do my taxes correct. I can't thank him enough for that.

I had the pleasure of listening to Dave present to an audience of REALTORS this past year regarding the importance of retirement planning. This is a big deal when you calculate the benefits package that comes with being a real estate salesperson (there is no such benefits package). Above planning for our own future, it is imperative that we as real estate professionals provide more than just advice on homes. Knowing people like Dave, who can truly make people have safer and more financially stable futures makes good business sense.

I know that Mark Timpane (Edina Realty Mortgage) has used Dave Jacobs' services in the past to help his clients achieve their future financial goals. It's all part of being more that just a loan officer to his clients; he is an overall financial help.

The last feather in the cap that I want to add in about Dave Jacobs and the the Jacobs Agency is their willingness to give to the community. Every year they sponsor a golf tournament that is dedicated to raising money for several non-profit organizations in the St Cloud area.

Want to know more about Dave Jacobs and the Jacobs Agency (family run with Dave, Father - James Jacobs, and Brother Andrew Jacobs) visit their website, http://www.jacobs-financial.com/, or give Dave a call at (320) 217-6009.

Jason Tangen, GRI - Real Estate Broker Associate with Edina Realty St Cloud

At a closing, everyone who is buying a home as their principal residence in Minnesota is informed about how to homestead their new property. People are generally more than willing to homestead a property as they feel that it will keep their property taxes lower. While this is true, it is not the only reason to homestead a property.

The Homestead Law is meant to protect a family from a forced sale (foreclosure) on their home by unpaid creditors. In a nutshell, it's a safe haven for your money.

There are several stipulations that are mandated in order for a property to be homesteaded. The easiest description is that your homestead needs to be your principal residence. There are other rules involved, but this rule of thumb covers about 99% of all situations.

What does homesteading a property protect you from?

The Homestead Law protects home owners against foreclosure of their home by unpaid creditors. It does not protect a home owner from foreclosure due to lack of property tax or special assessment payments, mechanics liens (work performed by contractors on the property), lack of payment to mortgage company, or failure to pay association dues. All of these items are attached to your property and will supersede the Homestead Law. Rule of thumb: The banking institutions and the government will always get their money.

This also brings up a very good point about having good title work done on a property prior to closing the sale. You do not want any outstanding liens for assessments or lack of payment to a contractor to make you lose your newly purchased house to foreclosure. I won't go into this here; It's a different topic for a different day.

There are also a couple of limitations to the amount of money that is covered by Homestead Law. In Minnesota, homestead protection is limited to 160 acres and $300,000 for a residential homestead ($750,000 for an agricultural homestead).

Please note that these figures are for Minnesota Homestead Laws and do not entail what other States utilize as their guidelines. I've heard that the old CEO of Enron moved into a property in Florida when his business came under attack. The reason, there is no limit to the value that homesteading can protect in that State. He can shelter millions of dollars against judgments in court about his business practices.

If you are in question about homestead law, seek competent legal advice. I don't pretend to be a lawyer that knows everything related to real estate law, but I know enough to get me in trouble. If you'd like, post your questions and comments here. If I don't know the answers, I know someone who will.

Jason Tangen, GRI - Real Estate Broker Associate with Edina Realty St Cloud

JasonTangen.EdinaRealty.com - Search Homes for Sale in Minnesota

Originally posted at www.StCloudEdina.com/blog on Jan. 31st, 2008:

Here are the first few steps to listing your home for sale. Do not discount the importance of Step #1. Ultimately, many of you who read this post shouldn't go beyond step #1 at this time.

1) Do a very honest assessment of why you are moving. If you don't have a lot of tangible reasons, you probably shouldn't be moving right now.

2) Get different CMAs (Competitive Market Analysis') from at least two local real estate professionals. Even if you know a friend of the family (or whatever) is going to list the home, hear someone else's pitch. They might give you some advice that you, and your agent, wouldn't have thought of on your own. Also, if you have a friend or family member that is a real estate professional but they don't live in the area, get them a referral for the business and work with someone locally. Your friend/family member will probably thank you.

3) Price your home realistically in order to sell. That appraisal that you had done just a year ago is not accurate anymore. Also, note that your biggest competition isn't your neighbors, it's the lending institutions trying to unload their foreclosures.

4) Hire a stager and get your home looking its best. If you can't find a real estate professional that is willing to do it for you, pay for it yourself. The money you spend will be saved in the time it takes to sell your home. I put hiring a stager here, but honestly, you should think about having this done even before you get a real estate agent's opinion on the value of your home.

5) Negotiate with your head, not your heart. While you might not make as much as you aniticipated in selling your home, you will probably more than make up for it in the purchase of your new home.

Do you have some other pieces of input that you think would be valuable to potential sellers of homes in St Cloud MN? Post your advice, lessons learned, or whatever here for everyone to review.

Jason Tangen, GRI - Real Estate Broker Associate with Edina Realty St Cloud MN

Originally posted on www.StCloudEdina.com/blog on Jan. 19th, 2008:

The real estate market around the St Cloud area seems to be hot. The temperature on the other hand leaves a little to be desired. I went to my first showing this morning (of 6 sets of showings to different buyers this weekend) and the temperature gauge said -15 degrees. Bundle up out there!

Yes indeed, it does seem as though the real estate market is definitely picking up around St Cloud MN. Lately, I have been fielding a lot of calls from buyers who are anxious to see what is available to purchase. They have heard "theres gold in dem der houses" and they are starting to believe.

It could be the 300+ foreclosed propertieson the St Cloud MLS and the lure of a phenomenal deal that has given them the home-buying bug. I know the last few of my buyers have been bitten by the foreclosure bug. They have also averaged about $25,000 between their homes purchase price and the appraised value at time of purchase. That is with work to be done!

It could also be that people are getting interest rates on their mortgages at around 5.5%. We know that the rates have been slipping in anticipation of Mr. Bernanke's potential 50 basis point drop in the fed ratecoming soon. Is it possible, like some bloggers are hinting, rates will go even lower and break that 5.0% barrier?

There are many different reasons to believe that this years spring market will be a good one (especially for home buyers). This is also a good sign that we might be able to turn the corner and get the real estate market back on track in Central MN.

Let me get off my soapbox for a little while. I guess I'm just a little excited because I am busy and the people I am talking to seem to be picking up additional business as well. I hope that this is a sign that St Cloud and the surrounding areas have started to turn around. I know of a lot of good people in this area that would be more than willing to buy or sell a home if they could just get a ray of hope that the bottom isn't going to fall out.