Amazing Anoka County Acreage Foreclosures: Home Sweet Home on a Budget!

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

It's time to stop thinking of foreclosures as a dumpy, unmaintained home that will sit on the market waiting forever for someone to write up a lowball offer! In many instances, that is absolutely NOT the case. People are snapping up deals all over Anoka County on acreage foreclosed homes that are in awecome condition and priced to sell. Some are bank-owned foreclosures but many are sellers just pricing their homes properly to sell in this changed real estate market. As a buyer, you have to be ready to see a home as soon as it lists as the good homes are selling FAST! Also, buyers must be aware--The best homes are getting MULTIPLE offers the day they list!

Here are a few Anoka County homes that I noted that sold in DAYS:

• Blaine 2003 built townhome near Tournament Players Club. Perfect 3BR with 2 baths and garage stalls listed at $110K. Sold in 1 day.


• Coon Rapids Classic 1956 3BR rambler with 1/2 acre yard in move in condition. Bank owned price at $69.9K sold in 10 days.


• Coon Rapids 1998 built 2BR/2BA/2car townhome with whirlpool bath and built-in entertainment center. Listed at $80K and sold in 9 days..


• Ramsey 1992 built, 4BR/2BA split w/kitchen appliances and family room w/wet bar and wood stove. Listed at $97.5K sold with multiple offers in 7 days.

This economy has home builders and responsible homeowners alike to let amazing properties go back to the bank. Many are still in excellent condition. Some may require a bit of cleanup or a few cosmetic changes but there are houses that are move-in ready too.

There are more deals out there too…Here are a few of the treasures I noted on the Twin Cities MLS in Anoka County today:

• Bankowned Anoover 4 level 3BR/2BA 4 car  built in 2002 listed for $216K...jacuzzi tub and gas fireplace too! Home originally sold without finished basement for $270K 
• 1995 Built Blaine Townhome with 2BR/3BA/2Car near TPC golf course for $104,900...Previously listed at $180K. A price drop of $75K!
• 5BR/2BA/3Car on wooded 1/2 acre lot in Blaine on located across from playground with a tax value of $208K.
• Cute 2BR/2BA/2Car Centerville townhome built in 1998. Sold for $167K in 2004 now lender bargain price is $89,900.
• 4+Acres and Polebarn in Columbus A 3BR/1BA/2Car 1967 rambler  with original hardwood. Previously listed at $350K bank priced at $179,900.
• 5Bedrooms on almost 5Acres in Columbus New stainless steel appliances and carpeting in this 1987 built 4 level. Original list price was $295,000 now lender bargain price is $232.9K.
• Ham Lake Executive Two Story on 4.5 Acres! 4BR/4BA/3Car treasure corner whirlpool tub and custom built-ins throughout home. Originally sold for $620K in 2004. Bank listed at $429K

If you are in the market for a great deal on a foreclosed home, get your ducks in a row because homes are being offered at rock bottom prices. Here are a few tips for those considering offering on a foreclosed home.

• Be Prepared for Multiple Offers! Well priced foreclosed homes get multiple offers. Serious buyers put in their best bid first and quickly. Every offer I have submitted on a bank-owned home in the past year has had to compete in a multiple situation and sold for MORE that it was listed for in the MLS. Expect this trend to continue as inventory is low and interest rates are very attractive.

• 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.


• Banks will reject lowball offers…no negotiation. They are a business and know the value of the asset they are selling.


• Banks sell homes AS-IS. What you see is what you get. In most cases repairs will not be made.


• In most cases a banks will not pay for inspecting the septic system or well. Those will be the buyer’s responsibility along with all other inspections. 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. (The exception to this rule is the communities where there is a point of sale inspection requirement.)


• 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.


• 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

Anoka County Lakeshore, Acreage and New Construction Foreclosures: Home Sweet Home on a Budget!

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

It's time to stop thinking of foreclosures as the proverbial money-pit sitting on the market forever! In many instances, that is just not the case. People are snapping up deals all over Anoka County on homes that are in great condition and priced to sell. Some are bank-owned foreclosures but many are sellers just pricing their homes properly to sell in this changed real estate market. As a buyer, you have to be ready as the good homes are selling FAST!

Here are a few north Twin Cities metro homes that I noted that sold in DAYS:

• Ham Lake 1992 built home on 1.5 acres with an additional garage. Totally rehabbed with cherry cabinets & brand new stainless appliances listed at $209K. Sold in 11 days.


• Forest Lake home 4BR/3BA on ½ acre with extra garage. Bank owned price at $154K sold in 8 days.


• Hugo new construction REO executive built rambler on 10 Acres for $439K sold in 42 days.


• North Branch 2003 built, 4BR/3BA split w/4 attached garage and detached garage on acre lot for $242K sold in 16 days.

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.

There are more deals out there too…Here are a few of the treasures I noted on the Twin Cities MLS in Anoka County today:

• Bankowned New Const. 4BR/2BA 2 story w/50ft on Coon in E. Bethel for $309K...nearly half the original list price of $699K
• Almost complete Ham Lake Mod 2Sty with 5BR/3BA/3Car on 1+Acre for $239,900...Previously listed at $400K. A price drop of $160K!


• 5BR/4BA/5Car attached new construction executive rambler in Ham Lake on an acre for under $500K.


• Bankowned 4BR/3BA Andover multi-level over 1/2 Acre on City water and sewer! with all the bells and whistles. Builder listed at $479K…Bank dropped price another $30,000 to $349K!


• TWO Executive Blaine REO Beauties in The Lakes. A 3BR/3BA rambler that originally sold for over $640K in 2005 bank priced today at $415K. AND a 5BR/5BA brick two story lakeshore home sold for over $1 million in 2005 just listed at under $615K!


• Cute 2BR/2BA/2Car Anoka endunit townhome Original list price just under $200K now lender bargain price is $134K.

If you are in the market for a great deal on a foreclosed home, get your ducks in a row because homes are being offered at rock bottom prices. Here are a few tips for those considering offering on a foreclosed home.

• 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.


• Banks will reject lowball offers…no negotiation. They are a business and know the value of the asset they are selling.


• Well priced foreclosed homes get multiple offers. Serious buyers put in their best bid first and quickly.


• Banks sell homes AS-IS. What you see is what you get. In most cases repairs will not be made.


• In most cases a banks will not pay for inspecting the septic system or well. Those will be the buyer’s responsibility along with all other inspections. 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.


• 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.


• 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/

Foreclosures on Lakeshore, Acreage and New Construction in Washington County that Buyers WANT to Call Home!

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 Washington County this morning:

• 50 feet of lakeshore on Forest Lake’s first lake. Newer home with over 4600 square feet of living space and under $450K.
• Starter home with 40ft of Forest Lake shoreline. Older but liveable one BR with den. $189,900.
• Hugo New Construction Modified 2-Story in Water's Edge w/Master Suite. Previously listed at $375K, bank offering at $269K.
• Brand new end 2 Story Tudor in Victor Gardens, Hugo. Granite, HWD, whirlpool mstr suite. Originally listed for $499K but now sold by the bank for $369K.
• New Construction Executive homes in Lake Elmo 5BR/4BA two stories in St. Croix's Sanctuary that listed originally at the $1 million mark, now being offered by the bank for $790K.
• Brand NEW Forest Lake 3BR/3BA/2 car townhome with 2100+ finished sq ft listed originally at $200K but bank has now priced $50,000 less at $149,900!

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

Anoka County Lakeshore and Acreage Foreclosures—Write NOW or Regret Later!

Stop thinking of foreclosures as the proverbial money-pit that will sit on the market forever! In many instances, that is just not the case. People are snapping up deals all over Anoka County on homes that are in great condition and priced to sell. Some are bank-owned foreclosures but many are sellers just pricing their homes properly to sell in this changed real estate market. As a buyer, you have to be ready as the good homes are selling FAST!

Here are a few north Twin Cities metro homes that I noted that sold in DAYS:

• Ham Lake 1992 built home on 1.5 acres with an additional garage. Totally rehabbed with cherry cabinets & brand new stainless appliances listed at $209K. Sold in 11 days.


• Forest Lake home 4BR/3BA on ½ acre with extra garage. Bank owned price at $154K sold in 8 days.


• Hugo new construction REO executive built rambler on 10 Acres for $439K sold in 42 days.


• North Branch 2003 built, 4BR/3BA split w/4 attached garage and detached garage on acre lot for $242K sold in 16 days.

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.

There are more deals out there too…Here are a few of the treasures I noted on the Twin Cities MLS in Anoka County today:

• New Construction 4BR/3BA Rambler in Fridley w/master suite, upgraded flooring/lighting and appliances included for under $250K


• Lender-owned brand-new St. Francis townhome with 3BR/2BA/2Car for $99,900…A price drop of over $80K!


• 5BR/4BA two story new construction executive estate in Ham Lake on 2+Wooded acres original list just over $1 Million…bank asking less than $780K


• Bankowned 4BR/4BA executive two-story with all the bells and whistles in the TPC Golf community in Blaine. Builder listed at $619K…Bank priced at $499K


• TWO Executive Blaine REO Beauties in The Lakes. A 3BR/3BA rambler that originally sold for over $640K in 2005 bank priced today at $415K. AND a 5BR/5BA brick two story lakeshore home sold for over $1 million in 2005 just listed at under $615K!


• Andover home on 2.4 acres on the Rum River with indoor heated pool. 4BR/3BA/5Car assessed by county at over $700K. Bank priced at $374K.

If you are in the market for a great deal on a foreclosed home, get your ducks in a row because homes are being offered at rock bottom prices. Here are a few tips for those considering offering on a foreclosed home.

• 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.


• Banks will reject lowball offers…no negotiation. They are a business and know the value of the asset they are selling.


• Well priced foreclosed homes get multiple offers. Serious buyers put in their best bid first and quickly.


• Banks sell homes AS-IS. What you see is what you get. In most cases repairs will not be made.


• In most cases a banks will not pay for inspecting the septic system or well. Those will be the buyer’s responsibility along with all other inspections. 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.


• 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.


• 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/

Move-In Ready Foreclosures in Ramsey County! Deals for First Time Buyers & Lakeshore Buyers!

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 lakeshore and high-end treasures I noted on the Twin Cities MLS in Ramsey County this past week:

• Detached executive town home in White Bear Lake. Master suite, custom kitchen, 2005 blt., assessed value over $475K, bank asking $380K.
• Bald Eagle Lakeshore. Two story home with attached guest suite& 6 car garage. Assessed by county at over $750K now priced under $460K.
• Picture perfect North Oaks split level w/lots of windows. Originally listed for nearly $700K now short sale priced at $499K.

Now if you are a first time buyer, here are a few foreclosures you might want to consider. Remember, if you buy a home before December 1, you will qualify for an $8000 credit when you file your taxes. Learn more about the $8000 credit HERE or call me at 651-336-7073. If you need additional help with a down payment or fix up funds and want to live in St. Paul, check out Live MSP.

• One level town home in Battle Creek area of St. Paul. 2BR/2/BA and 2Car Built in 2002. Sold originally for over $170K. Now bank-owned and under $130K.
• Maplewood 2story 2002 townhome. Over 1800 ft sq ft. Orig owner asking price $234K, bank asking only $155K.
• 2006 Townhome near Mall and St. John’s Hospital. Beautiful, stylish. Sold for over $230K but bank priced at under $185K.
• Mpwd Townhome New Construction Short Sale. Previous asking $290K now priced at $219K.
• 2005 built rambler near Harvest Park in Maplewood. Sgl fam home on almost ½ acre. Sold for $384K bank asking less than $225K.
• Near Keller Golf Course’03blt multi-lvl home. 4BR/3BA/3Car with vaulted ceilings and fireplace. Assessed at $347K, bank asking $250K.
• Almost new single family on St Paul’s East side. Rambler blt in ’06 4BR/2BA.Bank priced under $100K.
• 3M area executive ’06 3BR THome. Granite counters, Master suite. Owner asked $234K. Bank wants $115K.
• 2005 blt 2story in Phalen. 3BR/2BA/2Car single fam home with deck. Sold for $205K 4 years ago, bank asking less than $145K.
• Mac/Grov 2004 built Condo. 2BR/2BA/1Car. Owner asked $334K originally. Bank offering at less than $190K.

Want more information on any of these great foreclosures? Give me a call at 651-336-7073.
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...Usually 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. 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 2009 Teri Eckholm http://www.terieckholm.com/

Foreclosures on Lakeshore, Acreage and New Construction in Chisago County that YOU will WANT to Call Home!

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 Chisago County this past week:

• 75 feet of lakeshore on Lindstrom’s South Center. Executive lakehome with all the upgrades previously priced at $475K; now listed for less than $260K!
• Chisago Lakes Acreage! Newer one level 5BR ranch home with pole barn& five acres. Previously listed at $360K now priced at $235K.
• Brand new 1.5 story log home on 5 Acres in Fish Lake Township. Originally listed for $500K but now sold by the bank for over $200K less!
• 80 feet shoreline on South Center. New Construction 2 story! 3BR/2BA was almost $800K bank selling for $600K.
• Modified 2-story in Wyoming on 3 acres 3000+sq ft and 5 car garage. Listed originally at $450K but bank has listed for $315K.
• Newer North Branch multi-level w/3car on wooded acre. Listed originally for $260K, bankowned price under $160K.

If you are in the market for a great deal on a foreclosed home, time to get a buying strategy put together because the rules to buy a REO or bank-owned home are a bit different than when working with a traditional seller. Good homes at great prices go very quickly so you have to be ready to make your move when you see a deal!

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 most often 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 2009 Teri Eckholm http://www.terieckholm.com/

Foreclosures on Lakeshore, Acreage and New Construction in Washington County that YOU will WANT to Call Home!

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 Washington County this past weekend:

• 50 feet of lakeshore on Forest Lake’s first lake. Newer home with over 4600 square feet of living space and under $500K.
• Executive log home on 5 Acres of Scandia countryside. Previously listed at $600K now priced at $309K.
• Brand new end unit townhome with master suite in Forest Lake. Originally listed for $297K but now sold by the bank for $169K.
• New Construction Executive homes in Lake Elmo 5BR/4BA two stories that listed originally at the $1 million mark, now being offered by the bank for $780K.
• Rambler in Stillwater on 3.5 acre executive estate with 2900 sq ft foundation and 8 car attached garage listed originally at $1.5 million but bank has listed for $650K.

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 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/

Lakeshore Foreclosures Available in Washington County

Throughout Minnesota there are homes in foreclosure so with tens of thousands of lakes, lake homes cannot be immune from the mortgage and foreclosure crisis can it? In a word, no. I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found six current listings for Washington County lakeshore properties.
There are 3 listings on Forest Lake. The first two are priced very reasonably in the low $200’s. This is amazing for anyone who knows the area. Only a couple of years back, a lake lot would have sold for the same amount on Forest Lakes’ first lake. For those developers looking for a bargain, there is a 2 million dollar 46 acre parcel of prime Forest Lake shoreline that can be developed into 23 lots with deeded access for up to 10 boat slips.

If Scandia is more your cup of tea, then consider a foreclosed home on Bone Lake (pronounced bonnie). The two story home looks like a beauty for $379,900. Or consider the nice acre bargain on Big Marine for under $285K. And if you want something in southern Washington County maybe you would consider a home on Lake Jane. This four level split is available for just under $500K. All of the current foreclosed lake homes in Washington County are on full recreational lakes where boating and swimming are allowed.

Note that this list does not include any homes currently in a short sale position or if the current homeowner did not list the home as in foreclosure. More opportunities will continue to come on to the market throughout Washington County. And traditional sellers of lake homes have adjusted their pricing to compete with the distressed properties, so there are many affordable options for your piece of Minnesota shoreline.
Many of these are not your average foreclosures but can be transformed from distressed to fabulous with a bit of elbow grease. As with any REO home some of these lakeshore foreclosures will need more work than others but with so much potential, maybe it is time to do more than just dream of living on a Minnesota lake!Need to learn more about the size, depth and water quality of these lakes? Check out the links to the DNR site for each. For other lakes in the Twin Cities, check the Minnesota DNR Lake Finder.

• Big Marine


• Bone


• Forest


• Jane

*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/17/2009.



Copyright 2009 terieckholm.com

Lakeshore Foreclosures Available in Chisago County

With 12,000+ Minnesota lakes and a foreclosure crisis, there must be a few lakeshore homes that are bank owned and available, right? Actually, yes! I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found eight listings on eight different Chisago County lakes. And the best part…not one of these homes is priced over $400K. In fact half are under $200,000.
From complete new construction on Lake Vibo in Chisago Lakes Township to a Rush Lake cabin in Nessel Township, lakeshore foreclosures are full of bargains. Another great affordable option listed for $174,900 in Nessel, is on the natural environmental Leech Lake and features 9 acres of property for the price.

If you are looking for a newer home, there is a 2005 built rambler available on the full recreational lake, South Center in Lindstrom priced at $399,900. That completed new construction home is also a rambler and priced even less at an attractive $344,000 but on the smaller lake.

There are two homes in the low to mid $200,000 range in Chisago City; one on Lake Martha and one on LakeEmily. There are even more affordable options a little farther north in the Harris and Fish Lake Township area of Chisago County for under $200K. These are on Horseshoe and Fish Lake.

One should note that this list does not include any homes currently in a short sale position or if the current owner did not disclose that the home is in a pre-foreclosure status. More opportunities will continue to come on to the market throughout Chisago County. And traditional sellers of lake homes have adjusted their pricing to compete with the distressed properties, so there are many affordable options for your piece of Minnesota shoreline.

Another thing to consider is that many of these are not your average foreclosures but can be transformed from distressed to fabulous with a bit of elbow grease. As with any REO home some of these lakeshore foreclosures will need more work than others but with so much potential, maybe it is time to do more than just dream of living on a Minnesota lake!

Need to learn more about the size, depth and water quality of these lakes? Check out the links to the DNR site for each. Note: Leech Lake it an environmental wetland that not listed in the Minnesota DNR Lake Finder.

• Emily


• Fish


• Horseshoe


• Martha


• Rush


• South Center


• Vibo

*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/17/2009.

Copyright 2009 terieckholm.com

Lakeshore Foreclosures Available in Anoka County

In Minnesota, Land of 10,000 Lakes…well 12,000 actually, there are bound to be one or two lakeshore owners who have had a tough time in this economic downturn right? I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found nine current listings for lakehomes in Anoka County.

Priced from $134,500 for a 1983 built home on Round Lake in Andover to $799,900 for an East Bethel home built in 2007 on Coon Lake, there is a handful of lakeshore foreclosures to choose from. Looking for an opportunity on a full recreational lake? There is a home on channel shore like to Otter Lake listed for $279,900. This one has frozen pipes so plan for a bit of additional work. There are two opportunities on Coon Lake in East Bethel priced at $339,000 and $799,900. There is a 4300+ square foot home on the smaller Lake Amelia in Ham Lake for just under $600,000. And don’t forget the previously mentioned home on Round Lake for the bargain price of $134,900.

For those who don’t mind a smaller lake that is more for the view than activities, there are options in northern Anoka County on Pet Lake in Linwood, or to the far west on Pinnaker Lake in Burns Township and two almost new homes in the Blaine development, The Lakes, on Aspen Lake.

Note that this list does not include any homes currently in a short sale position or if the current homeowner did not list the home as in foreclosure. More opportunities will continue to come on to the market throughout Anoka County. And traditional sellers of lake homes have adjusted their pricing to compete with the distressed properties, so there are many affordable options for your piece of Minnesota shoreline.

Many of these are not your average foreclosures but can be transformed from distressed to fabulous with a bit of elbow grease. As with any REO home some of these lakeshore foreclosures will need more work than others but with so much potential, maybe it is time to do more than just dream of living on a Minnesota lake!

*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/17/2009.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR® to find that perfect piece of shoreline, give me 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 new HOME BUYER'S BLOG!
Copyright 2009 terieckholm.com