Home Selling Tips—What do Sponge Painting and SpongeBob Have in Common?

Home Selling Tips Sponge/Textured Painting

Both SpongeBob and sponge painting were hugely popular and trendy a decade ago but are now passé. I know some people will argue that SpongeBob is still your kid’s favorite television show, heck the show was renewed for 9^th season in 2011. And, some people still love their sponge painted walls as much as the yellow cartoon character with the square pants. But if you want to sell your house in 2012, the sponge painting and faux texturing techniques that were very popular in the late 1990’s, must go!

My family does not have our Ham Lake home on the real estate market. However, after a decade of looking at rag rolled, sponged and textured walls, it was time to take down the dated wallpaper borders and paint our interior walls a neural, warm tone. We updated the kitchen and had new flooring put in a year ago and decided it was time to add a more trendy hip interior style to our home.  My husband and I are discussing a move in the next few years and we don’t want to have to update everything at one time. So in the same way teens across Minnesota kicked old SpongeBob SquarePants to the curb with like likes of Barney and the Power Rangers, sponge painting was out of the house.

I must admit when we began the project, I had a bit of trouble painting over all the sponging in my living room, laundry room, ½ bath and hallways. After all I had painstakingly selected the perfect two, sometimes three shades of paint to achieve the perfect look and match the wallpaper border. There was the neutral basecoat and then a light blue and tan for the laundry room. In the living room I used a special texture tool that looked like a dust mop to add a pale green texture to the taupe base. Every room was a thing of beauty when I finished it. Yet, that was well over a decade ago when my son started kindergarten. Since he is graduating and no longer wears cartoon characters on his t-shirts, it was time to have a different more up-to-date look to our house too.

One of a homebuyer’s biggest objections to this style of painting is the texture. Homebuyers will look at that bumpy surface and think that repainting will not be easy. Sure, it may take more than one coat of paint to cover over the myriad of shades that the multiple layers of sponge application provided, but it isn’t a huge project. However to a new homebuyer, getting rid of the sponge look will seem like a time consuming project.

I was very freeing to finally let go of the sponge-look….but I have a confession to make. The photo is from our master bath. It’s still stuck in the ninties but like I said we aren’t selling this year. But I guarantee that every trace of pink, gray and white will be long gone before the first potential buyer steps over the threshold!

Quick tips for selling your home

1. Paint over dated texturing and remove wallpaper.
2. Make any major/minor repairs.
3. Clean EVERYTHING!
4. Declutter and get rid of junk.
5. Can’t afford new kitchen appliances? Provide a home warranty. 

Need MORE Home Selling Tips? Click HERE for Teri’s Top Ten Ideas for a QUICK HOME SALE

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of RE/MAX Specialists, a call or visit my website for a FREE Relocation Packet or Homebuyers Success Packet. 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 HOME BUYER'S BLOG!

Copyright 2012 Teri Eckholm http://www.terieckholm.com/

Give Me the Key! Why Immediate Possession is a Good Thing in Real Estate

First Time Homebuyer Question What is Immediate Possession?

Today people want everything NOW! There are drive thru windows for quick meals. We communicate with instant messaging and texts. Americans are trained for immediate gratification in our daily lives. As a Minnesota REALTOR® I try my best to get people to slow down throughout the homebuying process. But when it comes to handing over the keys, I strongly recommend my clients ask for immediate possession.

Immediate possession after closings is good  for both the homebuyer and homeseller in a real estate transaction. In Minnesota, time of possession of the property is negotiated.  But it is in everyone’s best interest that the buyer be given the keys to the home at the time of closing along with full possession to access the property.

As a REALTOR® who works with first time homebuyers, move up homebuyers, downsizing homesellers and everyone in between, it has been part of my job to navigate the moving day obstacle course for clients on more than one occasion. From time to time there will be a chain of transactions that all will close on the same day…i.e. The first time homebuyer is purchasing from a homeseller who then goes to the next closing to become a homebuyer, After the second closing, the seller will become the buyer in a third closing…sometimes the chain can be longer too. This "chain of home sales" can have kinks in it when homesellers don’t understand possession they negotiated their move out time at the time the purchase agreement was written.

Minnesota purchase agreements allow the possession time to be negotiated. Whether working with a homebuyer I always recommend that we ask for immediate possession of the property at the time of the closing. When reviewing a purchase agreement with a homeseller, I always recommend giving over full possession to the new home buyer immediate after closing.

In this scenario a homebuyer will go to the final walk through, check out the home,  drive directly to the closing, sign the papers, get the keys and be able to move right in to their new home. The homeseller being completely moved out of the home prior to the walkthrough limits conflicts and/or potential property damage during the move out.

On occasion, a homeseller will request 24 hours or more after the closing to have all personal property removed from the home. An agreeable buyer might think this is being accommodating to the seller but it can cause problems for both parties. Here's why: the buyers now own the home and now the new homeowners' insurance policy in place. What if something of the seller's is stolen? What if the house is damaged by movers? What if the sellers don't get everything out in the specified time frame? How is the situation resolved when there is a loss and the transaction is complete? Unfortunately, there is no easy answer and these situations can get ugly and end up in court.

Here are just a few examples of situations that I know have occured when full possession was not immediate.

1. Pets left unattended in home. Sellers arrived to the closing and told the buyers they would need to stop to pick up the last load of laundry and their dog after the closing. They were going to use the electronic entry on the garage to get into the home. The buyers said okay as they had to do errands prior to moving in. When the buyers arrived to their new home later that afternoon, they had quite a nasty surprise. The seller’s dog had been left unattended in the second bedroom for several hours and had soiled the light colored carpet. The sellers did not clean it up and left as a welcome gift for the new home owners.
2. Irresponsible Previous Owners Though immediate possession had been written into the purchase agreement, at the closing table the homebuyer graciously offer that the homesellers take their time getting their last few items out as they didn't plan to move in for a few days. When they arrived at their new home later in the week, the seller had left all of their garbage inside of the garage and the every door to the home unlocked. Luckily the home had not been damaged but as it was in late August and very warm, it took several days for nasty smell out of the home and the buyer was stuck paying for the trash removal.
3. Squatters! Homebuyers for a large family home were agreeable to allowing an additional weekend for the homesellers remove the remaining personal items to their new home. But when the homebuyers came to get the keys because the sellers were obviously moved out, the sellers refused to relinquish the final set. It wasn’t that they needed more time to get their possessions; they just sat in the driveway of their old home drinking beer with the neighbors for several evenings until the agreed four day possession time ran out. During this time they flat out refused to let the homebuyers into their new home.
   

I could give additional examples but it becomes obvious that, immediate possession is designed to prevent problems. Sure in the first two instances, if a buyer had not agreed to arbitration, they could go to small claims court to get reimbursed for the damaged carpeting or trash removal fees. But those remedies take time and cause additional frustration. After weeks of waiting to move into a dream home, having a previous owner with lack of sense and compassion can make a homebuyer crazy. Immediate possession is the tool to prevent these situations. Concessions can be negotiated at closing if the final walkthrough doesn’t go as planned but once the paperwork is signed, if a problem arises, it will be up to the legal system to come up with a resolution.

So take as much time as necessary when reviewing the details of the homebuying transaction but insist on immediate possession at the closing. It protects buyers and sellers in the real estate transaction. In this part of the home buying process, demanding the keys for immediate gratification is a very good thing! 

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of RE/MAX Specialists, a call or visit my website for a FREE Relocation Packet or Homebuyers Success Packet. 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 HOME BUYER'S BLOG!

Copyright 2012 Teri Eckholm http://www.terieckholm.com/

Home Sweet Home on a Budget! Foreclosures on Acreage in Anoka County

Looking for an Anoka County 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 not always destroyed homes requiring major rehab. Some of today's foreclosures can be MOVE IN READY! This economy has forced builders and responsible homeowners alike to let amazing properties go back to the bank. Many are still in pristine condition. Some still may require a bit of cleanup or a few cosmetic changes but there are many in move in condition too.

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

• Andover 5BR/3BA on 2.5 Wooded Acres. New septic, appliances,& carpet. Sold for $380K in 2007, bank asking $249,900.
• Starter home in Columbus on 9 Acres. Move in condition 3BR/1BA/2 Car. $169,900.
• Ham Lake 4BR/3BA/2 Car 1994 Stone front Rambler on 4+ Acre Lot  New Appliances, carpet & septic. Bank offering at $207.5K.
• 10 Acre Executive Estate in Ham Lake with 12 Stall Garage! 3BR/5BA w/Granite, New Stainless appliances, HWD, whirlpool mstr suite& sauna. Sold in 2008 for $1.1 Million, bank list $495K.
• Linwood 6BR/4BA 2Story w/3 Stall Garage+Pole Barn on 3 Acres 4500+ Finished +Unfinished Basement. Four fireplaces, new carpeting offered by the bank for $339.9K.
• 4BR/2BA on 43 Acres backing to Golf Course in Oak Grove with 1100+ finished sq ft and 2 stall garage bank list price $194,900!

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...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. Repairs will not be made.
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, Teri Eckholm of RE/MAX Specialists, a call or visit my website for a FREE Relocation Packet or Homebuyers Success Packet. 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 HOME BUYER'S BLOG!

Copyright 2012 Teri Eckholm http://www.terieckholm.com/

First Time Homebuyer’s Real Estate Word for Today is Short Sale

First Time Homebuyer Word of the Day Short Sale

As a Minnesota REALTOR®, I have received many calls in recent weeks from excited first time homebuyers and/or their parents as they assist their children looking for a first house. A lot has changed since dad and mom bought their first home a decade or so ago so are many questions.

A few days ago a call came from an excited first time homebuyer who has been scouring the internet for the perfect property at the ideal price. He calls and wants to set up some showings for the homes he has found. With a quick email, he forwards a list of a half dozen MLS listings and I bring up an array of his dream homes. With five of the six properties, there is an agent note that indicates the home is in short sale. When I pass on the information, I hear a puzzled silence and pause.

What exactly is a Short Sale?

Even after the abundant media coverage of the mortgage crisis over the past few years, many people still do not understand exactly what a short sale is....And more importantly, how it affects the home buying process. In a nutshell, a short sale is when the seller owes more on the home than it can be sold for in today’s market. In order to sell the home and avoid a possible foreclosure, the homeowner must ask the bank to take a loss on the sale by approving the purchase at the lower value. It is also know as a pre-foreclosure home and can be a way for a homeowner to avoid being foreclosed upon if they can no longer pay their mortgage.

Why should a homebuyer care if a home is in short sale? When a homebuyer writes and offer on a short sale home, the offer is submitted with earnest money to the property owner selling the home just as in any other real estate transaction. The sales price and terms are negotiated and agreed upon by the homeseller who then signs the purchase agreement. But the agreement is contingent upon the bank who holds their home mortgage agreeing to accept less money than is owed on the market to clear the title for sale. Some larger banks have hundreds, if not thousands, of these files waiting for short sale approval. It is normal to wait 12-16 weeks for an answer from the bank.  Adding to the problem, many sellers will have more than one mortgage on their home and therefore more than one bank will be involved in the approval process. In some cases, the purchase price might cover enough for the first bank to receive most of its money back so it will be willing to approve the sale. But the second bank, who is in a subordinate position, will get nothing and not approve the deal. It can be frustrating for a home buyer to wait for a closing to be scheduled when there is no guarantee as to  when the bank (or banks) will respond.

How does a short sale compare to a foreclosure? In a foreclosure, the bank has taken back the home from the owner. The seller is now the bank and homebuyers along with their agents, deal directly with the bank when an offer is written. A bank representative did not reside at the home so cannot fill out a disclosure with information about the condition of the home. While negotiations are easier and much faster, buyers must accept the risk and purchase the home in as-is condition. While it is always recommended to have a home inspected, it becomes extremely important to be diligent and inspect everything thoroughly when buying a bank owned property.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of RE/MAX Specialists, a call or visit my website for a FREE Relocation Packet or Homebuyers Success Packet. 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 HOME BUYER'S BLOG!

Copyright 2012 Teri Eckholm http://www.terieckholm.com/

Home Selling 101--Did the Color Look Better on the Paint Chip?

About a decade ago now, some close friends built a new home in an Oakdale development. Our own home was just on the other side of Silver Lake in North St. Paul so we drove through the development several times during the construction. We monitored the new community as the first dozen or so homes were constructed in the new neighborhood. This development didn’t have extremely restrictive covenants regarding the exterior of the home. The resulting neighborhood was very eclectic with assorted styles of homes. The sidings were of differing colors and materials so each home was truly unique. One night we passed by a home that really was starting to take shape and we noticed the very bright PURPLE front door! The siding on the house itself was a totally different color palette as it was slate blue, but the door was a striking shade of purple. The PURPLE door had to be a mistake!

As it turned out, we discovered we had a friend in common with the homeowner of the house with the purple door. So I asked if that was the color they wanted or was it a mistake. Turns out, it was no mistake, the owners LOVE purple! Okay we live in Minnesota--Home to Prince and the  Purple and Gold Vikings...so the people like purple. But from that day on, whenever we drove by the house, we remarked, “It must have looked better on the paint chip”.

And over the years, this saying has become code between my husband and I when we see someone with a love for flamboyant or unusual colors in their decorating.

As a REALTOR® I have to view many homes. Every once in awhile I come across a “better on the paint chip” room, door or house. When marketing your home, it is essential to make certain your own personality does not prevent the buyer from seeing the details of your home. If a bright orange kitchen counter, hot pink bathroom or lime green playroom is the way you have made your home your own, I do think that is an awesome way to personalize your space. But, you are going to be moving and if your favorite colors choices are too wild, it could hamper your sale. Bold colors in internet photos could knock your home out of the running with many potential buyers. And in this slowly recovering real estate market, you don’t want to lose any potential buyers over something as inexpensive to update as paint.

Stage your home with neutrals to bring out the details and style of your home. You want the buyers to feel your home is welcoming and warm. That can be difficult as people are quickly often turned off a home by colors they view as a mistake.

Not sure if your home has a “better on the paint chip” colored room? Let me help you get your home picture-perfect ready for a quick sale. If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of RE/MAX Specialists, a call or visit my website for a FREE Relocation Packet or Homebuyers Success Packet. 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 HOME BUYER'S BLOG!

Copyright 2012 Teri Eckholm http://www.terieckholm.com/

Snapshot of Home Sales Statistics in Maplewood, MN Year End 2011

Home Sales Statistics Maplewood MN 2011

 

In the eastern Ramsey County community of Maplewood, MN real estate sales statistics were similar to many other communities in the Minneapolis/St. Paul metro. New Listings were down, closed sales up and average price sold down from the similar time period in 2010. New listings were down nearly 15% from 801 in 2010 to 684 in 2011, while closed sales were up by nearly 8%. The average sales priced dropped by a whopping 14% to $146,957, down from $170,959 in 2010. Homes are bringing in an average price per square foot of $82 which is similar to other communities in the northeast Minneapolis/St. Paul area but still down a bit from $95/sq ft that homes in Maplewood were getting on average in 2010.  Like most other north and east metro suburbs, sellers are getting around 90% of their asking price; but at 88.8% this average is a bit less than in other areas. The average time on the market to sell a home rose quite a bit from 140 days on the market in 2010 to 164 in 2011. Again the DOM statistic is comparable to other surrounding neighborhoods. While these changes look alarming, it is really just a correction as the foreclosures and other lender mediated homes continue to work their way out of the Maplewood real estate market. It is an important step in toward the market becoming balanced.

For additional details on home sales in Maplewood MN at the end of 2011, Click HERE.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of RE/MAX Specialists, a call or visit my website for a FREE Relocation Packet or Homebuyers Success Packet. 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 HOME BUYER'S BLOG!

Copyright 2012 Teri Eckholm http://www.terieckholm.com/

Vintage Chisago City MN Home For Sale!

Welcome to 29175 Old Towne Rd, Chisago City, MN

An 5BR/3BA Executive Treasure  listed at $439,900

Listed by Teri Eckholm 

RE/MAX Specialists

After 40 years this treasured Chisago City historical home is available for your family! Though it is a century old and retains the beauty and features of a historical property, it also has been expertly redesigned and updated to include the modern conveniences to meet the needs of the dynamic lifestyle of today’s modern family.

Designed for Entertaining With over 4,000 finished square feet and an acre of property, this home is perfect for those who love to entertain! With two family rooms, a huge eat-in kitchen, a 3-season porch, formal dining and living rooms plus a huge back deck, backyard and private tennis/basketball court, there is plenty of room for any sized group to be entertained in style and comfort. Overnight guests are not a problem as the lower level is perfectly designed for hosting short or long term visitors as it features a Murphy Bed, his and hers closet/drawers and a ¾ bath complete with full sauna.

Historical Significance Keeping guests happy has always been a part of this home’s history. The home was constructed for Frank Dahl in 1910 when the historic Dahl House resort was in its heyday as a summer get away for Minnesota’s rich and famous. (Though the resort has been gone for decades, its brick gateway still stands just a few hundred feet east of this home.) The prairie-style design of this house was obviously influenced by the architectural innovations of Frank Lloyd Wright as evidenced by its strong linear lines, extended roof overhangs, and the use of built-ins, window benches, and high windows. Though remodeled by the current owners to add an attached garage, expanded kitchen and main floor family room, every attempt was to make certain the historical beauty of the home was not only retained but also enhanced.

 Updated to meet the needs of Today’s Family Throughout the home there are updates that show the home was designed to meet the needs and wants of today's modern family. These conveniences include a full kitchen remodel with granite counters, custom cherry cabinetry and tile floors with in-floor heating, a main floor family room with built-ins designed to accommodate an over-sized television, a full finished basement with living space for guests and an attached heated, insulated 4-stall garage with attic storage, a double and single garage doors in the front and a tandem single door out the back.

CLICK HERE to TAKE the Virtual Tour and see more of this BEAUTIFUL Vintage Treasure!

Need more information about this beautiful Historic Home?

Call me, Teri Eckholm/ReMax Specialists at 651-336-7073

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of RE/MAX Specialists, a call or visit my website for a FREE Relocation Packet or Homebuyers Success Packet. 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 HOME BUYER'S BLOG!

Copyright 2012 Teri Eckholm http://www.terieckholm.com/