Selling your Ham Lake Home—What You NEED to Know about Septic Systems

So you plan to sell your Ham Lake acreage home soon. Whether you have one acre or 10, you have a private sewer or septic system to get rid of sewage. This will require a disclosure and quite possibly a compliance test. Do you know what these are? Even if you do not, make sure the REALTOR® you choose, does.

Surprisingly, not all Minnesota real estate agents are familiar with septic systems.  And the lack of knowledge can be costly to a seller. Living in area where private wells and sewage treatment is the norm, has given me the opportunity to work with these properties on a daily basis.  I put this knowledge to use to reduce headaches and surprises down the road in the sales process. 

As of today, Ham Lake does not require a point of sale inspection for septic when selling your home.  This means the city will not require you to have a compliance test on the septic. But it can be advantageous for a seller to consider having the test done prior to listing the home. Why? Because most buyers will make offers contingent on the inspection of the septic system.  If a seller has pre-inspected the system to ascertain it is in compliance, he can provide a copy to potential buyers thus avoiding a contingency being attached to the offer. Also if the system is found to be non-compliant, a seller may be required to upgrade the system. If the buyer has negotiated a sales price prior to the compliance test, he will not want to pay additional for the property even with a new septic. But if a seller pre-inspects and it is determined an upgrade is required, the home can often be sold for a higher price due to the new private sewage system.   

Have more questions about your selling your Ham Lake home? Let me be your professional guide. 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 2015 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.

Copyright 2012 www.terieckholm.com

The Good, the Bad & the Ugly of Buying a Minnesota Lakehome in the Winter

According to the calendar, winter just started but we all know from the chiropractic visits to tend to our aching, shoveling-afflicted spines that Minnesota’s winter weather blew into town several weeks ago. Unfortunately this means all that picturesque lakeshore that defines our beautiful state is frozen and covered with a thick white blanket of snow.

If you’re considering buying a lakeshore home, that just about cuts off any opportunity of buying for the year; that is unless you assess the quality of the lake using an ice auger and depth finder when freezing your backside off fishing on the ice. Right?

Well, not so fast. Buying a lakeshore home in the winter can make sense…And save lots of money too. If you know the specific lake well or are not concerned about the quality of shoreline, winter can be a great time to write up an offer.

GOOD reasons not to wait:

1. Motivated Sellers—Any seller that keeps Minnesota lakeshore on the market during the winter most probably needs to sell.
2. Less Competition—With few buyers on the market there is less change of multiple offers on properties which make for easier negotiations with the sellers.
3. Low Interest Rates—They keep telling us that these rates won’t stay around forever and they are starting to inch up again. A lower interest rate means more buying power.

BAD  and UGLY situations that could arise:

1. Shoreline Problems—That picturesque beauty that was covered with snow could reveal low lake levels or weedy shoreline problems rather than the sandy beachfront you imagined.
2. Septic issues—If the home is on a lake with a private sewage system, it might not be able to be fully assessed for compliance issues which could be costly if a new system is required.

Bottom line, winter can be an tremendous opportunity to get a deal on a Minnesota lake home but be advised if you don’t know the lake well; there are significant risks to making a purchase when the lake is covered with a thick slab of ice. Weigh your options carefully before deciding whether you should put in an offer on that seemingly perfect snow covered home on the lake or wait until April when the waves are once again lapping on the shore to put in your offer.

Copyright 2010 terieckholm.com

Attention Homeowners! Essential Fall Maintenance or "Honey Do" List

There was a nip in the air this morning. Leaves have turned gold, red and yellow and now are blowing all over Anoka County. The fallen acorns have attracted white-tailed deer as they feast in Ham Lake, Columbus and Lino Lakes backyards. It is time to get those autumn chores done to protect our home and 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 depending on the year. Whether the Almanac or the weatherman predicts a few snowfalls or many blizzards, getting your home ready in the fall can prevent winter damage and costly repairs in the spring.

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

1. Clean 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. Have 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 local MLS if you decide to sell your home over the winter.

Copyright 2010 Teri Eckholm

Ham Lake, MN Real Estate Market Statistics Mid Year 2010

The City of Ham Lake has a rich history. Incorporated in 1974, Ham Lake became a city after over a hundred years of humble but steady growth. The area was first settled in 1855 by a group of Scottish men on the southwest side of Ham Lake. Though, I can only assume that the lake itself got its name due to its unusual “ham hock” shape, the community started out with a different name. The original name of the community was Glen Carey, which is the Scottish translation of “beautiful valley”. Following a prairie fire in 1857, the first settlers moved but the community was resettled again. The new Scandinavian settlers had a hard time with the pronunciation of Glen Carey and soon the fledging community was known as Ham Lake. Anoka County officially was recognized it as a township in 1871. In the early 1900’s Central Avenue (Highway 65) was a slow commute as it was a wagon trail through the sand and swampland. And we think going through stop light after stop light slows traffic. Though it was graveled and paved at some point, it 1954 before was expanded to four lanes.

Those four lanes are in full use now as more and more people look to buying acreage, executive, luxury and lakeshore homes in the Ham Lake area. The real estate market is not quite as sluggish in Ham Lake, MN as it was in early 2009. Homes are selling again. There are bright spots across the board with homes selling in all price categories. Even several higher priced homes moved off the MLS in the first half of 2010.

Inventory is moving at a pretty good pace for most price points in Ham Lake. There are currently 117 homes active on the market. Homes listed at higher prices are starting to sell again. With only 7 listed homes over $500,000 and 3 sold in the first half of 2010 and one in pending, the absorption rate is just over a year. Lower priced inventory has continued to sell well. With 35 actives and 35 sales in the first half of 2010, it seems that homes under $200K are selling twice as fast as the half million plus properties in Ham Lake. The only price point with an over abundance of listings seems to be $400,000-$500,000 range. With 14 actives and only 4 sales in 6 months, there is well over a years worth of inventory and the cumulative time on the market seems to reflect this as well. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the Twin Cities north metro is again over 6 months but in some price points it could take a year or longer. Right now inventory levels indicate there is about 10 months of inventory in the Ham Lake area and homes are selling again in every price point. But since the tax credit for home buyers has now expired, having your home properly priced and prepared for showings will be essential to sell a home in this Anoka County community as we continue into the second half of 2010.

First Half 2010 Ham Lake residential real estate statistics for single family homes:

Under $200,000~ 35 Active Listings, 4 Pending Listings, 35 Sold Listings, CDOM 105 (New Construction Subgroup ~ 0 Active, 0 Pending, 1 Sold)

$200,000-300,000 ~ 39 Active Listings, 7 Pending Listings, 20 Sold Listings, CDOM 187 (New Construction Subgroup ~ 1 Active, 1 Pending, 1 Sold)

$300,000-400,000 ~ 22 Active Listings, 4 Pending Listings, 12 Sold Listings, CDOM 312 (New Construction Subgroup ~ 5 Active, 1 Pending, 2 Sold)

$400,000-$500,000 ~ 14 Active Listings, 2 Pending Listings, 4 Sold Listings, CDOM 333 (New Construction Subgroup ~ 1 Active, 1 Pending, 3 Sold)

$500,000 and Up~ 7 Active Listings, 2 Pending Listings, 3 Sold Listings, CDOM 220 (New Construction Subgroup ~ 2 Active, 2 Pending, 0 Sold)

Lakeshore available in the City of Ham Lake
11 Active Listings

Ham Lake lakeshore price range: $100,000-$774,900

6 Homes on Coon Lake
2 Homes on Ham Lake
1 Home on Lake Netta
2 Home on Little Coon Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/10 through 6/30/10.

Click HERE to Search for Minnesota Lakeshore or Acreage Homes!


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.



Copyright 2010 Teri Eckholm 

Are YOU a Veteran? 7 Steps to Buying a Home with a VA Loan

If you can answer yes, the VA loan program is designed exclusively to help you buy a home. It is a GREAT option for financing your piece of the American Dream! And, it is one of the only ZERO down programs still available.

As a REALTOR® who works throughout Anoka, Chisago and Washington Counties, I have sold many homes using the DVA program. I have worked with sellers in Forest Lake, Wyoming and Coon Rapids who accepted offers from Veterans using the DVA financing program to purchase the home. I assisted Veteran home buyers to locate and purchase homes in Ham Lake, Lino Lakes, Blaine and Hugo using their DVA eligibility option. All of the sales went off without a hitch. It is a wonderful program.

Additionally, I know and work closely with loan officers and mortgage brokers who have extensive experience working with VA loans. We work together as a team to get veterans into the homes of their dreams!

Earlier this year I attended a seminar given by the Department of Veterans Affairs on the home assistance program that is available for those who have served or are actively serving in the military. What a great benefit to our brave men and women who have sacrificed for our country. Low and no money down home loan programs are almost unheard of for today’s homebuyers. But the DVA has offered this option to eligible veterans since 1944 and continues the program today.
So, are you a veteran homebuyer?
There are many ways to take advantage of the DVA program. Whether you are buying a single family home, condo, townhome or even a duplex or four-plex, as long as you plan to live in the home, this is a benefit you have earned and should consider when buying or refinancing a home.

Seven Simple Steps to Buying a Home with a VA Loan:

1. Apply for your Certificate of Eligibility (COE). Or ask your loan officer to request online using the webLGY application.


2. Work with a REALTOR® to find your perfect home with a home seller that will accept DVA financing.


3. Present the COE to your loan officer at the time of loan application.


4. Loan officer will work with VA to order appraisal of home. A Notice of Value is issued.


5. The lender bank will review all documentation and approve your loan if the established property value and your credit and income are acceptable.


6. Attend the closing on your new home where the closer will go over all the loan terms and requirements as you sign the documents for your mortgage.


7. The lender applies to the VA for evidence of guaranty.

On the surface, many of these steps are similar to applying for a regular loan but the benefits of coming in with a very low or maybe even no down payment are not. Veterans should note that you are not alone in the process; you will have professional assistance in every step of the way. Why wouldn’t you want to check out this unique opportunity that is only available to those who have served our great country?

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

Almost Speechless Sunday--Gobble, Gobble on Anoka County Acreage!

Though I live on Minnesota Acreage, I have never been a hunter. But owning a few home with a few acres in Anoka County does present the perfect hunting opportunity now and then.

Living in slightly rural setting, we see observe deer run through the yard, eating crabapples and acorns off the lawn, or in darting front of our car now and then...And once in awhile there is an opportunity that is nothing short of GOLDEN!!

Just a few days ago, I heard quite a commotion in my backyard. It is only weeks prior to Thanksgiving and we have the good fortune to have a rafter of TURKEYS make a visit. We counted at least 40 of them.

Quite an opportunity to take a shot or two...with my camera! Enjoy!

FYI--A rafter is the correct term for a group or flock of turkeys.

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

Ham Lake, MN Real Estate Market Statistics for 3rd Quarter 2009

It will probably not come as a surprise that the unique Ham Lake name wasn't the first choice by the settler's to the area. After all, not many towns would chose to be named after a cut of pork (but the lake really does look like a ham hock from an aerial view). Incorporated in 1974, Ham Lake became a city after over a hundred years of humble but steady growth. The area was first settled in 1855 by a group of Scottish men on the southwest side of Ham Lake. The original name of the community was Glen Carey, which is the Scottish translation of "beautiful valley". Following a prairie fire in 1857, the first settlers moved but the community was resettled again. The new Scandinavian settlers had a hard time with the pronunciation of Glen Carey and soon the fledging community was known as Ham Lake...most probably because the lake in the area has a unique "ham-hock" shape. Anoka County officially was recognized Ham Lake as a township in 1871. In the early 1900's Central Avenue (Highway 65) was a slow commute as it was a wagon trail through the sand and swampland. And we think going through stop light after stop light slows traffic. Though it was graveled and paved at some point, it 1954 before was expanded to four lanes.
There are still four lanes on Highway 65 but traffic is traveling at a brisk 65 mph round the clock now as more people commute to the north. There are many people who look to the Ham Lake area for acreage, executive, luxury and lakeshore homes. However, lately the real estate market has been quite sluggish throughout Anoka County. Ham Lake, MN is seeing homes sell in 2009. There are bright spots across the board with homes selling in all price categories under $400,000, but the bulk of sales is found in the under $300,000 price categories.
New construction sales are not just stagnant; they have completely stopped with only one builder owned new construction home sold since the first of the year. The average Cumulative Days-on-Market (CDOM) is bouncing around in this Anoka County town…down a bit from first quarter in Ham Lake at 202 days, to 158 in the 2nd quarter and back up to 175 for the 3rd quarter.
Inventory is down in Ham Lake from the levels seen in 2008. There are currently 122 homes listed as active on the Twin Cities MLS but a good portion of those homes are in high price categories that are not seeing much activity. Homes over $500K continue to linger on the market for month after month. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the Twin Cities north metro is approximately 6-8 months but high priced homes are selling in 2-3 years! Right now average inventory levels indicate there is about 15-16 months of inventory in Ham Lake. Having a good price strategy for your home and being prepared for showings will be essential if planning to sell a home in this Anoka County community in 2009.
3rd Quarter 2009 Ham Lake residential real estate statistics for single family homes:
Under $200,000~ 25 Active Listings, 6 Pending Listings, 10 Sold Listings, CDOM 202 (All existing homes)
$200,000-300,000~ 33 Active Listings, 2 Pending Listings, 10 Sold Listings, CDOM 120 (New Construction Subgroup ~ 2 Active, 0 Pending, 0 Sold)
$300,000-400,000~ 36 Active Listings, 5 Pending Listings, 3 Sold Listings, CDOM 295 (New Construction Subgroup ~ 8 Active, 1 Pending, 0 Sold)
$400,000-$500,000~ 9 Active Listings, 1 Pending Listings, 1 Sold Listings, CDOM 130 (New Construction Subgroup ~ 2 Active, 0 Pending, 0 Sold)
$500,000 and Up~ 19 Active Listings, 1 Pending Listings, 0 Sold Listings, (New Construction Subgroup ~ 2 Active, 0 Pending, 0 Sold)
Lakeshore available in the City of Ham Lake
6 Active Listings
Ham Lake lakeshore price range: $185,000-$950,000
7 Homes on Coon Lake
1 Home on Lake Netta
1 Home on Ham Lake
2 Homes on Little Coon Lake
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 7/1/09 through 9/30/09.

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

Lakeshore, Acreage and New Construction Foreclosures that are Move-In Ready for Washington County Homebuyers!

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 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 while perusing theTwin Cities MLS in Washington County today:

• 4+Acres in Lake Elmo. Beautiful acreage 2002 built two story 4BR/4BA/3Car home with over 3800 square feet of finished living space. Tax value $699K; bank priced $200K less
• Lakeshore Beauty!! Almost 4700 sq ft finished, 6BR, 2 story with bank of windows to view Forest Lake. Previously listed at 700K, bank listed for under $460K.
• Brick Rambler on 5 Acres Near Afton Alps! 5BR/3BA/3 car built in 2003 with picture perfect oak floors and huge master suite. 4000+ finished. Originally listed at $624K but foreclosure priced at $349K!
• BRAND NEW 4BR/3BA townhome with vaulted ceilings in Forest Lake. Stainless appliances, cherry cabinets, master suite and more! Tax valued at for $262K…Bank asking $200K.
• 2Story Oakdale New Construction Beauty! 5BR/4BA with 3 car built in 2007 with granite, stainless, 4 BR on one level and more. Builder asking price $600K but bank asking $424K.

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.

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

Unexpectedly Amazing Bank-Owned Homes on Lakeshore, Acreage and throughout Anoka County!

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.

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

Selling a Home with Oak Wilt—Diseased Trees are a Deal Breaker!

Last week I was out showing acreage homes to a family who loves the privacy of a tree-filled lot. After an extensive internet search and driving by many homes, my clients narrowed their options to a handful of must-see properties. Full of excited anticipation my buyers were concerned by dead and dying trees in several yards. OAK WILT!

As a REALTOR® in Anoka County in Minnesota and owner of my own oak-filled acreage I at first had no worries when I saw the diseased towering overhead. Most saavy t homeowners in the process of selling their Anoka or Chisago County home would know that though oak wilt will spread, proper and early treatment can curtail this devastating disease and retain the beauty of a tree filled yard. Surely any acreage owner, if aware of the problem, would address it promptly and provide a remedy to mediate further potential damage.

We entered the first home in search of the sellers’ disclosure to see what the homeowner would share regarding the treatment of the affected trees on the property. This particular Linwood home had several trees that were dead and a few more dying scattered around the back and sides of the home. The sellers did document that they were aware of oak wilt on the property. But rather than offer a serious solution to the spreading problem, their answer was dismissive; sort of “pooh-poohing” the problem. Their comment said “oak wilt is common in Anoka County but there are several other varieties of trees that will fill in any loss of oak trees in time.”
What?!! No prevention? No removing of dead trees? Just let these hundred year old oaks die and deal with it?
I advised my buyers that the landscape would be forever changed as the oak wilt would continue to spread through the several dozen oaks on the 4+ acres of land. It would be a significant negative affect the value of the property. With lack of treatment it is a certainty that eventually all the towering shady oaks would die.

Unfortunately, that was not the only property that we saw that day where the owners had a cavalier attitude toward oak wilt; a disease that claims thousands of beautiful trees every year. At another home in Chisago County, there was a beautiful newer rambler that had remarkable landscaping. In the front of the property a small grove of oaks was infected and had just started to die from oak wilt. With root cutting and treatment, the hundreds of oaks on the back acreage could be spared. Did the seller address this and offer a treatment plan on the disclosure?

Nope; just a mention of “oak wilt” in response to the question about diseased trees.

Sellers…Oak wilt has to be addressed when selling an acreage home.

Writing "oak wilt" on the sellers' disclosure is an important first step but sellers must do more than just disclose the problem if they want to sell their home. Anoka County is still in an unbalanced buyer-driven real estate market. Buyers want to know what you have done and are doing prevent the spread to other trees. If you have not done anything, buyers have no choice but to assume all the oak trees on the property will die. If your home is surrounded by oaks, a buyer imagines a tree-free landscape in the future…and thousands in expense to remove the trees, there will not be a purchase agreement in most cases. In this buyer-controlled market, those looking for beautiful, lush wooded acreage will cross your oak wilt-infested property off their list of favorites and move on to another house.

Homeowners in Ham Lake are fortunate that the city has an on-staff forester who inspects oak trees throughout the city and offers prevention suggestions. Once a year, they provide free root cutting for anyone who is concerned about the spread of oak wilt to healthy trees. The forester will come out and inspect your trees, free of charge if you have any concerns about oak wilt on your property.

Here are a few important reminders to prevent the spread of Oak Wilt:

• To prevent the spread of devastating disease, it is imperative to follow the guidelines for oak wilt prevention. Do not prune, damage or cut down oak trees during the growing season from May 1 through September 30.
• During the spring and early summer months of May and June, oaks are at especially high risk to this highly contagious, landscape changing disease.
• Any wood or branches taken down over the winter that is infected with oak wilt needs to remain covered under black plastic and completely sealed until after July 1.
• During the summer if you sustain storm damage and lose a limb from an oak on your property, immediately paint the wound with black tree paint to seal the wound and prevent exposure to the oak wilt fungus.

What is Oak Wilt?

Oak wilt is a disease caused by a fungus which attacks the central system of the tree from the roots to the leaves. The tree attempts to block the fungus, but also blocks all water and nutrients to the branches and leaves. Eventually, the trees leaves wilt and it dies.

Oak wilt spreads through the root systems of near by trees and by fungus beetles that carry the oak wilt spores from tree to tree. For additional information on oak wilt from the University of MN Extention Service CLICK HERE.

How to Protect Your Trees

The fungus beetles infect trees that have been recently injured or trimmed. These beetles are very active in the spring and summer months. Oaks should be protected from damage and not trimmed from April through July.

Trim large mature oaks now. As a preventative to spring storm damage, have your large oaks trimmed now so that heavy, dead branches won't fall during tornado season and break other healthy limbs.
Consider Oaks When Planning Construction

• If you are planning to build on your property this spring, plan the construction process to protect the trees. Discuss the situation with your builder and fence off the trees from the base of the truck to the branches.
• Be prepared with tree paint and apply immediately to any wounds that accidentally occur.
  Root System Protection
• If an oak is infected on your property or a nearby neighboring property, your trees could be at risk through their intertwined root system. Oak roots travel up to 50 feet out. The fungus can pass underground from tree to tree.
• To prevent spread, have the roots cut using a trencher or vibratory plow. The five foot blade severs the roots to protect neighboring trees. Root cutting should be done prior to tree removal. If you want to sell your acreage home and there is oak wilt on the property, address the problem and outline a remedy. Ignoring oak wilt will cause the disease to spread and kill more trees. This will directly affect your property's value.

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

It's Tornado Season! Understand the Risk of Loss Clause--Know WHEN a Contract be Cancelled!

Imagine for a moment the following scenario: After months of searching for the perfect place to call home, you wrote an offer on a picture perfect lakeshore rambler in Ham Lake, Minnesota. After a little negotiation, the offer was accepted and with the inspection over, you are on schedule to close in 60 days.

Three weeks prior to the closing, straight-line winds blow through Anoka County. Concerned, you drive up to your dream home and see that the picturesque oak trees that had given the home character have been uprooted. Worse yet, one of the huge trees fell onto the house severely damaging the roofline. You are devastated as this was no longer the dream home you wrote an offer on a few weeks ago. So, what happens now?
Risk of Loss is one of those "boiler plate" clauses on page four of the purchase agreement used most often in the State of Minnesota. Being preprinted, some agents and/or their clients will gloss over this clause but it is very important to understand, as is every other line in the document you sign to buy a home.


Line 147 clearly states that the risk of loss due to any reason whether an act of God or the acts of vandals will be the responsibility of the seller from the time the purchase agreement is signed until the date of closing. That means if there is a fire or accident the seller is required to bring the home into the condition that it was in at the time the contract was written and signed.

So if that temperamental decade old dishwasher goes out, the seller would replace it. If a neighbor backs over the mailbox at the end of your driveway, it is the seller who must repair the post and replace with a new one. Final walkthroughs are essential to ascertain the condition of the home prior to signing the closing documents. But what happens to those irreplaceable picturesque trees that have fallen on the roof?

Three weeks prior to a closing, there could be plenty of time for the seller to call their insurance company and have the home repaired. But is it the same house? And more importantly, does the buyer still have to buy the home? In a word, no.

The clause goes on to say that in the case where there is substantial damage to the home or property, it is the buyer's option to cancel or continue with the purchase agreement. In the situation outlined above, which was a real situation that occurred last summer, the landscaping was changed and could not be replaced. The damage to the home caused an insurance claim that would now be reflected in a CLUE insurance report that could affect the ability to insure the home. The buyers opted to cancel the contract as was their option in the clause with all earnest money refunded.

Risk of loss can come up when buying or selling a home during severe weather season in Minnesota. In most cases the repairs are made quickly to both the buyer's and seller's satisfaction and the contract will close on time. But when the property sustains significant damage, the buyer has the option of continuing to closing or walking away from the deal. Boilerplate or not, Risk of Loss is an important clause to understand when buying or selling a home.

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

Unexpectedly Amazing Bank-Owned Homes on Lakeshore, Acreage and throughout Anoka County!

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 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 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 prices nearly ½ off at $309K.
• 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!
• East Bethel Acreage with underground sprinklers, master suite and 4BR on one level. 4BR/3BA with 3 car built in 2005 and sold for $393K just listed this weekend by bank for $238K!
• Brand NEW 2BR/2BA/3CAR Rambler Twinhome in Andover. Master suite, vaults, walk-in closets. Builder priced $265K...Bank asking over $100K less at $150,000!
• Just Listed 2004 Modified 2 story in St Francis with 3BR/2BA/3Car on 1/4 acre with open floor plan. Sold for $243K in 2005...Bank asking $169K.

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.

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

Anoka County Lakeshore and Acreage Foreclosures—Expect the Unexpected! And in a GOOD way too!

When someone says foreclosure, bank-owned or short sale, what do you expect to see? The proverbial money-pit? Remember that old 80’s movie where everything fell apart and one repair evolved humorously into a huge renovation? Are bank-owned properties, homes that take thousands upon thousands to repair? Will walking in the house require wearing a hazmat protective suit just to walk through the door?

Believe it or not, the answer is no in many cases. 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 pristine condition. Some 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 this weekend:

• Ham Lake executive quality new construction home with all the bells and whistles and a view of Lake Amelia for $260K less than the original list price.
• Coon Lake shoreline new construction two story on the north side of the lake with a wall of windows to view the shoreline and dock at less than half of the original list price. New construction on Coon Lake for under $350K…Amazing!
• Burns Township bank-owned one story with a 1600 sq ft foundation located Pinnaker Lake in northern Anoka County. This one needs a bit of cosmetic work but is priced at over $170K less than tax value.
• Five wooded acre paradise in Ham Lake with 3 car attached garage and detached 30X60 additional garage. Priced at $80K less than tax valued. With a bit of elbow grease another gem!
• Beautiful brick Ham Lake rambler on 2 acres with 1900+ foundation and all the bells and whistles…especially for the mechanic. 4 car attached above ground and 4 car/shop below. The bank is offering this at under $400K!
• A 2005 built 4 level split on 2.5 acres in Linwood…picture perfect under $275K
• East Bethel one story beauty on 3.7 wooded acres with 1400 foundation and basement almost finished. This one was built in 2004 and is listed by the bank for under $225K.
• 4.5+ wooded acres! Andover rambler with almost 1900 sq ft foundation and 5+ bedrooms with pool in move in condition. Bank offering under $400K…over $175K less than tax value.

If you are in the market for a great deal on a foreclosed home, get your ducks in a row 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. This includes the septic system and/or well. All inspections will be 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.

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

Ham Lake, MN Real Estate Market Statistics 1st Quarter 2009

Believe it or not, the unique Ham Lake name wasn't the first choice by the settler's to the area. Incorporated in 1974, Ham Lake became a city after over a hundred years of humble but steady growth. The area was first settled in 1855 by a group of Scottish men on the southwest side of Ham Lake. The original name of the community was Glen Carey, which is the Scottish translation of “beautiful valley”. Following a prairie fire in 1857, the first settlers moved but the community was resettled again. The new Scandinavian settlers had a hard time with the pronunciation of Glen Carey and soon the fledging community was known as Ham Lake...most probably because the lake in the area has a unique "ham-hock" shape. Anoka County officially was recognized Ham Lake as a township in 1871. In the early 1900’s Central Avenue (Highway 65) was a slow commute as it was a wagon trail through the sand and swampland. And we think going through stop light after stop light slows traffic. Though it was graveled and paved at some point, it 1954 before was expanded to four lanes.

Those four lanes are in full use now as more and more people look to buying acreage, executive, luxury and lakeshore homes in the Ham Lake area. The real estate market remains sluggish in Ham Lake, MN like many other Anoka County communities but some homes are selling. There are bright spots across the board with homes selling in all price categories under $400,000. However, new construction sales are at a standstill with zero homes sold in the first quarter of 2009. The average Cumulative Days-on-Market (CDOM) is up for the first quarter in Ham Lake at 249 days compared to 158 for all of 2008 but the numbers appear to be skewed this quarter by a couple of properties that lingered on the market for nearly two years.

Inventory is down in Ham Lake from the levels seen in 2008. There are currently 110 homes active on the market compared to 126 in January of 2008. Homes continue to take months to sell and there are more Ham Lake homes than Ham Lake buyers. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the Twin Cities north metro is approximately 6-8 months. Right now inventory levels indicate there is about 24 months of inventory. Having your home properly priced and prepared for showings will be essential if planning to sell a home in this Anoka County community in 2009.

First Quarter 2009 Ham Lake residential real estate statistics for single family homes:

Under $200,000~ 35 Active Listings, 7 Pending Listings, 3 Sold Listings, CDOM 381 (All existing homes)

$200,000-300,000 ~ 31 Active Listings, 6 Pending Listings, 5 Sold Listings, CDOM 157 (New Construction Subgroup ~ 1 Active, 0 Pending, 0 Sold)

$300,000-400,000 ~ 29 Active Listings, 4 Pending Listings, 7 Sold Listings, CDOM 283 (New Construction Subgroup ~ 7 Active, 0 Pending, 0 Sold)

$400,000-$500,000 ~ 15 Active Listings, 1 Pending Listings, 0 Sold Listings (New Construction Subgroup ~ 2 Active, 1 Pending, 0 Sold)

$500,000 and Up~ 20 Active Listings, 0 Pending Listings, 1 Sold Listings, CDOM 77 (New Construction Subgroup ~ 7 Active, 0 Pending, 0 Sold)

Lakeshore available in the City of Ham Lake6 Active Listings

Ham Lake lakeshore price range: $235,000-$945,000

2 Homes on Coon Lake
2 Homes on Lake Amelia
2 Home on Little Coon Lake


**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/09 through 3/31/09.

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