Friday, February 3, 2017

Ask the Minnesota Lakeshore Realtor: What is a Channel Shoreline?


What is a Channel Shoreline? Shorelines of lakes follow the geography of the land defined by the flow of water and water table. On many lakes there are inlets and channels that will lead to other bodies of water. In Minnesota, this can mean another lake, pond, wetland or marsh.

Owning property with shoreline along a channel can be an affordable option for home buyers who want an affordable option with access to a full recreational lake. Many large lakes will have channels or narrow extensions that lead to other lakes or ponds. Quite often channel shoreline is not the ideal, sand bottom, swimming beach but does allow a short dock or slip for a boat and access to the main lake. Many of these properties offer a view of homes on the opposite shore of the channel rather than a lakeshore sunset. But if the goal is affordable use of a full recreational lake, this is can be a great alternative.

NEED MORE LAKESHORE INFO? 
Check out my Minnesota Lakeshore Webpage

Have a Minnesota Real Estate Question? Ask Me! I Can Help!

READY to Make YOUR Move? If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of BOARDMAN Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. 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.

Copyright 2017 terieckholm.com

Thursday, February 2, 2017

Tips for First Time Home Buyers--What is Agency?


 
Planning on buying a home in 2017? My guess is you are searching online and not with a REALTOR®. Potential first time home buyers have a plethora of websites available to search for their dream home and when they find it, they want to see it immediately.  But WAIT! Before you grab your phone or tap that link to set up a showing, you need to understand AGENCY. 

Agency is the type of relationship a home buyer creates when they work with a real estate agent. In Minnesota, there are different types of relationships available to home buyers and sellers. It is important to understand these before signing a contract or purchase agreement for a home. These relationships are called “agency” relationships and carry with them legal, fiduciary duties and responsibilities for the broker as well as for the buyer and seller. 

3 Types of Agency: 
  • Buyer's Agent
  • Seller's Agent 
  • Dual Agent

Buyer’s Agent 

A Buyer’s Agent acts solely on behalf of the buyer and owes duties to the buyer including the utmost good faith, loyalty, and fidelity. The agent will negotiate on behalf of, and act as an advocate for, the buyer. The buyer is legally responsible for the actions of the agent when that agent is acting within the scope of the agency. The agent must disclose to sellers all adverse material facts concerning the buyer’s financial ability to perform the terms of the transaction and whether the buyer intends to occupy the property. A separate written buyers’ agreement or contract is required which sets forth the duties and obligations of the parties. 

 Seller’s Agent 

A Seller’s Agent acts solely on behalf of the seller and owes duties to the seller which includes the utmost good faith, loyalty, and fidelity. The agent will negotiate on behalf of, and act as an advocate for; the seller. The seller is legally responsible for the actions of the agent when that agent is acting within the scope of the agency. The agent must disclose to buyers all adverse material facts about the property that are known by the broker. A separate written listing agreement or contract is required which sets forth the duties and obligations of the parties. 

In both buyer and seller agency, the following fiduciary duties are owed to the client: 

FIDUCIARY DUTIES 
  • Loyalty 
  • Obedience 
  • Disclosure 
  • Confidentiality 
  • Reasonable Care 
  • Accounting 

DUAL Agent

A dual agency is created when both the buyer and seller have signed representation agreements with the same broker. The parties may have two different salespersons or they may be the same person. All duties and obligations to the buyers and sellers remain the same in a dual agency. Because it is impossible to disclose all information AND be confidential at the same time, dual agency must be disclosed and agreed to in writing. All material facts regarding the property must be disclosed regardless of agency. 

 Why is this Important when Buying a Home? 

Every house a home buyer sees on Zillow, Realtor.com or the MLS has a written agreement or contract in place between the seller and the listing broker. If a buyer does not sign a contract and contacts the listing agent directly, the agent is under contract to share everything said with their seller. But if a home buyer signs a contract with a REALTOR® before talking with real estate agents and viewing homes, their private information stays private. 

AND the best part for MY buyers is that signing a contract does not cost anything. My commission has been negotiated to be paid at the closing by the seller. This means there is NO OUT of POCKET cost to have a REALTOR® in my experience in your corner. 

Still have a Home Buying Question?
Ask Me! I Can Help!

READY to Make YOUR Move? If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of BOARDMAN Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. 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.

Copyright 2017 terieckholm.com

List my Twin Cities Home in February? Are You Kidding?



For the past decade or so, my clients who have listed their homes in the dead of winter have had the greatest success. I am not kidding about this. Sure, some days are bitter cold and people have to be bundled up, but they DO move. 

FACT: There are many more buyers in the Twin Cities searching for the perfect home, than homes on the market listed for sale.

Even diehard Minnesotans believe no one moves in February. It’s so darn cold everyone is hunkered down inside. But Minnesotans don’t hibernate. We go to work, the gym, restaurants and generally live our lives embracing the cold. Believe it or not, there is currently an over abundance of Minnesotans who want to move THIS winter. And with interest rates edging up, there are many home buyers who don't plan to wait until spring to purchase a first home or move up to a bigger home, better school district or closer to their new job.

Winter after winter, I try to convince sellers to believe how low the housing inventory is in February compared to the amount of active home buyers. It is really difficult to overcome that ingrained belief to wait until that “hot spring market” when the weather is warm and grass is green. Sellers assume they will get a better price in May or June. However, it is just the opposite. If a homeowner can get their house listed BEFORE spring, they are more likely to get top dollar and generate multiple offers.

I recommend to my clients to try to get listed before the Parade of Homes starts in early March. My reasoning? It comes down to basic supply and demand. There is a demand for affordable starter homes right now and very little housing supply in February and March. Not every buyer can afford new construction but the Parade advertising really motivates people to move. Home sellers that get your home listed soon, might be hanging the sold sign sooner than expected (and for a good price too!)  

Need tips to get your Minneapolis/St Paul home SOLD? Email me for Teri's Top 10 Tips to a Quick Sale

Thinking of selling in 2017? Let me be your professional REALTOR®, give me, Teri Eckholm of BOARDMAN Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. 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. 

Copyright 2017 terieckholm.com