Teri Eckholm, REALTOR® Anoka County Acreage & Lakeshore Homes

Looking for a foreclosure, bank-owned or short sale but need to be able to live in the home immediately after closing?

Good news is that foreclosures are no longer always trashed, fixer-uppers. Today's foreclosures can be simply AWESOME! This economy has forced builders and responsible homeowners alike to let amazing properties go back to the bank. Many are still in very good condition. Some still may require a bit of cleanup or a few cosmetic changes but there are many homes that you can move right into too!


Here are a few of the treasures I noted on the Twin Cities MLS in Anoka County this weekend:

• New Construction Foreclosure on Coon Lake! 60ft of shoreline and brandnew 4BR/2BA on north side of Coon Lake in East Bethel. Builder listed at $600K;bank priced ½ off at $299K.
  
• East Bethel Acreage with underground sprinklers, master suite and 4BR on one level. 4BR/3BA with 3 car built in 2001 and EXTRA garage sold for $393K just listed this weekend by bank for $222K!
  
• Bank-owned New Construction 5BR/4BA Rambler in Ham Lake. Executive home with 5 car attached garage. Tax valued at $589K bank asking $499K includes heated garage, wet bar, landscaping!
  
• 3BR/2BA/3Car 2004 built splitlevel on 3 acres in Burns Township. Just listed this weekend for $139K. Originally sold in 2004 for $265K.
  
• Modified 2 story 3BR/2BA/3 Car on 1/4 ac in St. Francis. Just listed this weekend for $169,900 by bank. Anoka County tax value $219K--$50,000 higher than asking!
  
• Brand NEW Andover One-Story Twin Home! 2BR/2BA/3Car with master suite. Builder priced at $265K...Bank asking $150,000!

If you are in the market for a great deal on a foreclosed home, time to get organized because the rules to buy are a bit different than when working with a traditional seller.

Seven Tips for homebuyers considering a foreclosed home:

1. Banks LOVE clean offers. Buyers MUST be preapproved with credit checked and employment and funds verified. Documentation must accompany the offer or it won't be considered.
   
2. Banks reject lowball offers...often with no negotiation. They are a business and know the value of the asset they are selling.
   
3. Well priced foreclosed homes get multiple offers. Serious buyers put in their best bid first.
   
4. Banks sell homes AS-IS. What you see is what you get. Buyers must be prepared to make all necessary repairs out of their own pocket after closing.
   
5. Banks will not pay for inspections in most cases. This includes the septic system and/or well. Be prepared as all inspections could end up being the buyer's responsibility. If you chose to inspect the septic or the county requires a septic compliance test, expect to pay $400-$500 for this inspection. A well test will run around $150. A whole house inspection is $350-$500.
   
6. Personal property is not included as part of the sale. So if the appliances are at the home when you close, they are a bonus. The bank will not remove. But they don't guarantee will remain at the home or that they are in working order. This means if someone breaks in the home prior to the closing and takes them, the bank will not replace.
   
7. Having your own REALTOR® to represent your interests is essential. The listing agent is under contract to represent the bank. In many cases, the bank will not allow a dual agency so if a buyer contacts the listing agent to write the offer, the buyer does not have representation. This means all of your information goes to the bank...the listing agent is required to tell the bank everything that you say about your financing and the amount you are able or willing to pay. But the agent is not required to tell you anything in return. The agent works only for the bank.

Are YOU ready to get a GREAT DEAL on a foreclosed home? Let me be YOUR professional REALTOR®! If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Buying a Home? Check out my new HOME BUYER'S BLOG!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

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I could hardly believe it when I saw it…The sumac is starting to turn in Anoka County and all over the north metro. Combine that with an over night temperature in the mid-40’s and we know that summer is almost over. Okay sumac is the first to turn colors and on most trees the leaves are still green but fall will be upon us soon. In a few more weeks we will need to wrap up all those summer projects and get the house ready for the winter season.

As I walk around my Ham Lake backyard and see the few leaves that have just begun their transformation from vibrant green to brilliant red I wonder where the summer went. It was the usual blur of activity baseball, summer classes, weekend excursions, trips to Bunker Beach and Valleyfair with an occasional evening on the patio enjoying family time around a blazing fire in the firepit. All good things eventually come to an end...I realize it is time begin the autumn chores to protect our investment from the winter ahead.

As a REALTOR® in the Twin Cities metro, I know how important it is to maintain a home in throughout the year. Winters can be mild or brutal in Minnesota. Despite what the Old Farmer’s Almanac might predict there is no guarantee which type of weather will come our way this year. Getting your home ready in the fall can prevent winter damage and costly repairs in the spring. And for any homeowner thinking the spring of 2010 will be the time to make a move, taking late summer and fall photos is a great asset to a winter listing to show how beautiful your landscaping is all year round!

Here are a few reminders of repairs and preventive maintenance tips for all homeowners to consider in the fall:

1. Clear Gutters of leaves and other debris that might clog the drainage. A blocked gutter can cause an ice dam when the snow flies.
2. Winterize the lawn tractor or mower and get that snowblower tuned. If you have a plow service, make contact and update your contract prior to the first snowfall.
3. Change security lightbulbs in hard to reach outlets. It would hazardous to climb ladders to reach the tip of a garage over an icy driveway.
4. Unhook, coil and remove hoses from water spigots. Turn off and winterize sprinkling systems. Turn off water to outside spigots if not frost-free to prevent burst pipes in subzero temperatures.
5. Schedule the annual furnace cleaning and tune-up to be ready for those first cold evenings. Remember to change the furnace filter every month for best efficiency…even if the packaging says “6-month filter”. QUICK TIP: Change filter when you make your monthly mortgage payment so you don’t forget.
6. Check all windows and doors to see if new caulk or weather-striping is needed.
7. Fall is the perfect time to paint with the low humidity and crisp breeze. Check deck, siding and trim for peeling paint.
8. Fall is the last chance to seal the asphalt driveway prior to winter freezing. Fill cracks and topcoat if necessary.
9. Inspect the roof for missing or damaged shingles. Verify that the flashings are sealed from rain and snow.
10. Snap a few fall photos while the mums and trees are vibrant with color! Golden yellow oak leaves and vivid red sumacs will look awesome in the Twin Cities MLS if you decide to sell your home over the winter. Beautiful, green photos are a refreshing change when you consider that all of your competition will be snow covered!

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Buying a Home? Check out my new HOME BUYER'S BLOG!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

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There are always lots of white bears to be found in White Bear Lake, Minnesota. Sometimes you have to do a double TRIPLE take though!

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Buying a Home? Check out my new HOME BUYER'S BLOG!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

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The supply and demand seesaw that is the Twin Cities real estate market is showing more positive indicators according to the Minneapolis Association of Realtors® monthly skinny for August 2009. Pending sales numbers are the best they have looked since 2005...up for the 13 consecutive month in a row. Inventory is down 22% since July 2008...another great indicator of a recovering market. Days on the Market are also down significantly. But a significant amount of the sales continue to be lender mediated short sales and foreclosures so while we can be optimistic, it is best to remain cautiously optimistic when considering the Twin Cities real estate market.

If you are a first time buyer interested in taking advantage of the $8000 tax credit, don't delay! I am continuing to field questions daily from excited first time Twin Cities north and east metro homebuyers on the specifics of this unique $8000 Tax Refund opportunity. (If you have a question call on the program, just let me know with a call or text to 651-336-7073 or just send a quick email.)

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Buying a Home? Check out my new HOME BUYER'S BLOG!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

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So, you have been in your cute and cozy 1950's one and a half story bungalow for a few years now. It was perfect for a young, just married couple when you bought it. The bedrooms were on the small side but the huge upper level made a great master suite and it worked perfectly when there were just two of you. Then came the puppy who grew into a huge licking Labrador. And later one baby, then two. Now suddenly 1200 square feet is overrun with chew toys, Little Tikes and Duplos. That cozy little bungalow is now cramping your lifestyle. But with real estate prices, can you afford to move? In many cases, YES!

If the scenario above describes your situation, listen up. Though ineligible for the $8000 tax credit for first time buyers, you can benefit from the situation that it has created. The first time buyer tax credit has affected the starter home market in a very positive way. In the north metro areas including Lino Lakes, Blaine, Ham Lake, White Bear and Forest Lake, people are scrambling to find good starter homes for first time buyers prior to the expiration of the first time home credit. Many well priced, single family homes are seeing multiple offers within days of hitting the Twin Cities MLS. The demand for single family homes under $150K is the highest it has been in the past few years.

And better still, there is an amazing selection of homes in the move up category to select from. Historically, if a single family home was sold, that owner had to buy another home creating a chain effect into all different price points. But today's real estate market offers a unique opportunity as many of the homes being purchased are bank-owned. No one is buying home on the other end. So there move up buyers are seeing a better selection of inventory in the higher price points at great prices.

So why move now? To take advantage of the tax credit, first time buyers must close on their new home by November 30, 2009. When the incentive is over, the demand for first time homes could level off again. So listing your home this fall could make sense as there is a significant demand for starter homes NOW while the deadline for the expiring tax credit is on the horizon.

Are you ready to take advantage of this perfect opportunity to purchase a larger home for your growing family? As a local north metro real estate specialist I can help you assess your current situation and see if is the right time for your family to make a move up!

Note: A special thank you to author and illustrator Elizabeth O. Dulemba for allowing me to use her copyrighted family coloring page as art for my post. If you would like to see more of her coloring pages or her full color art for the children’s books she writes and illustrates, visit her website and blog at www.dulemba.com

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Buying a Home? Check out my new HOME BUYER'S BLOG!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

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LIKE MY BLOG? Subscribe and let me email you an update!

Subscribe to Teri's Notes & Anecdotes on Twin Cities Real Estate by Email