Thursday, March 26, 2009

Wetland, Lakeshore and Foreclosure--What Does a Minnesota Homeseller Have to Disclose?

Last week I received a text inquiry from someone who had read my blog asking if I had any homes currently listed on any of Minnesota's wetlands. I was excited as though I didn’t have any current listings on one of Minnesota’s greatest resource; I know there are many well-priced homes currently listed throughout Anoka, Chisago and Washington Counties on beautiful property with views of our Minnesota lakes and wetlands.
I made the connection and my “buyer” was calling not to buy, he had already bought a Minnesota wetland property. It was another question on Minnesota disclosures. What should have been disclosed to him before he purchased. As this was turning into a legal question, I directed him to call an attorney for legal advice.

But his question is valid, “What does need to be disclosed when selling a home in Minnesota?”

The advice I give to my clients, is to disclose anything and everything you would want to know as a prospective buyer. If your property is near lakeshore or wetland, there is a good chance the Minnesota Department of Natural Resources has restrictions on what can be done to the landscaping. This is something that I would recommend that my sellers disclose as most buyers would want to be aware of any building restrictions.

These days so many properties are now bank-owned and lender mediated sales. Do foreclosures, REO properties and short sales have different disclosure requirements in Minnesota?

In a word; no. But sellers who have limited knowledge of the condition of the property do have options available. Often a bank will require that a buyer waive their rights to a disclosure and buy the property AS-IS I came across a great YouTube video from the Minnesota Association of REALTORS® where Chris Galler, COO of MAR, explains the Minnesota disclosure law as it relates to foreclosures in great detail.

Still confused about real estate disclosures? Let me help! If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website.

Copyright 2009 Teri Eckholm