Payment Assistance for First Time Home Buyers in Minnesota

Summer is almost here and wouldn't it be wonderful to enjoy a barbeque in your OWN backyard? Interest rates are still very good but what if you don't have a down payment? If you are thinking of buying a home in Ramsey County, there might be a chance to make your dream home a reality. First time home buyers in Ramsey County have amazing, but often overlooked opportunities with first time buyer funds. If you qualify under the specific qualifying guidelines you could take advantage of down payment assistance and access to newly remodeled homes in Ramsey County. It is very important to find a loan officer or mortgage broker that knows all the details of the programs to take advantage of these unique opportunities.

Minnesota Down Payment Assistance

There is an excellent program for down payment assistance available in the Ramsey County area. Ramsey County includes the communities of St. Paul, Maplewood, Roseville, Shoreview, New Brighton, Little Canada, North St Paul, Vadnais Heights and White Bear Lake. The Minnesota Housing Finance Agency offers a program called StartUP which can be used for either up to 3% or $3,000 worth of assistance. This StartUP down payment assistance is a second mortgage on your home but has no interest and requires no payments until you pay off the home. One of the unique features of the funds in this program is that it can often be used in addition with other assistance programs.

Down Payment Assistance through Ramsey County

Ramsey County offers another great down payment assistance option for Minnesota first time home buyers up to $10,000. The FirstHome assistance program can be used with many loan programs such as VA, FHA, and conventional loans. The program can also be used with the StartUP assistance from Minnesota Housing if you qualify. Like all other programs Ramsey County has certain qualifications that the Ramsey County first time home buyer must meet. Meeting with an loan officer familiar with the program for your pre-approval is essential as they can help you determine if you are eligible for the Ramsey County FirstHome program.

Neighborhood Stabilization Program in Ramsey County Qualified homebuyers also have an opportunity to purchase newly remodeled and rehabilitated Ramsey County homes. These homes are amazingly updated and give the first time homebuyer a perfect start to home ownership. They are reserved only for first time buyers that meet the income guidelines outlined by the Ramsey County program. Several of these homes come on the market every year in communities throughout the county.

Homebuyer Classes are Required in Ramsey County

Most of these programs for down payment assistance will require that you attend a class for first time home buyers called the Home Stretch Workshop. Don’t worry…these are not like high school classes. There is no test at the end. They are fun and very informative.

You will need to plan for a full day of classroom training. There are many dates available to accommodate home buyers schedules including evenings and weekend options. Verify that the workshop you register for will satisfies both the state and local community program guidelines if you are using more than one program. 

Ramsey County down payment assistance programs can be used with a variety of mortgage loans. Most typically they would be used with an FHA loans to help with the 3.5% down payment. However, if you already have a sizable down payment but need some help getting to 20% down to eliminate the need for mortgage insurance, it is possible these programs could help if you meet the income restrictions.  If you are a veteran, these programs can also work with a VA loan if you meet the qualifications.

Information about Ramsey County

Ramsey County is one of the eleven counties in the Minneapolis/ St Paul metropolitan area. It is the home to the state capital of Minnesota, St. Paul. With a population of over 500,000 it is one of the most densely populated counties in the state if not the entire U.S. First time home buyers  in Minnesota can benefit from the Ramsey County First Home program with down payment assistance up to $10,000.

First Step In Buying a Home: Get Preapproved!

For most Minnesota first time buyers the next question is, where do I start? Your very first step towards buying your first home is to get pre-approved for a first time buyer's mortgage. Contact me and I can direct you to a local loan officer that understands and is approved to work with these special programs. Your mortgage partner will counsel you through the pre-approval process and help determine which programs you will qualify for. Once you know exactly how much you qualify for, we can start a home search in a price range with payments well within your budget.

 
Copyright 2014 www.terieckholm.com

More than 10,000 Lakes but NONE are Safe for Spring Swimming!

In the Land of 10,000 Lakes it is hard to resist the temptation of the water on a warm 80 degree spring day. But no matter how refreshing the water may appear, all Minnesota Lakes are all too cold for swimming in the spring.  

With this years extremely cold, record breaking spring temperatures, it might be a bit longer before a plunge in a northern lake is safe. We will often experience an occasional May temperature where the mercury rises as high as a sultry July day, making the water in those 10,000+ lakes look very enticing. But beware. In order to swim safely, the water temperatures need to be at least 70 degrees. Most Minnesota lakes do not reach a 70 degree temperature until late May. Some lakes in the northern part of the state may not get out of the 60's all summer season!

It is important for residents and visitors to our great state to understand the affects of hypothermia and cold water are not limited to the falling through ice crusted water in the winter. Spring temperatures in a Minnesota lake or river are just as problematic. Knowing the exact temperature of body of water is essential before taking a dip to cool off to determine how long a person can safely swim outside. Keep in mind, a low lake water temperature will affect children more quickly due to their smaller size. Their bodies will not be able to withstand the cold temperatures as long as an adult can.

Coldwaterwarning.com is a website developed in memory of Brian James Jacobson, a young Minnesota boy who died on April 30, 2004 when he chose to swim in a cold Minnesota lake. He was a healthy 9 year old and good swimmer. It is believed his abilities were completely stalled in the frigid water. This is a sad reminder of how dangerous cold water swimming can be. 
 

Minnesota has thousands of beautiful lakes within its borders. But be forewarned, the inviting beauty is best enjoyed from the shore or the safety of a boat until the water has warmed sufficiently for safe swimming. 


 
Copyright 2014 www.terieckholm.com

Life on a Minnesota Wetland--Affordable Beauty and Privacy!

The legendary 10,000 lakes in Minnesota are why so many people want to buy homes in our beautiful state. Yet lakeshore homes can be very pricey. Sometimes buyers want something beautiful and natural but not too expensive. A great option can be a wetland property. Wetland or marsh doesn't sound as attractive as lakeshore. It can often lead to the question, Is buying a home with environmental lakeshore a good option or a huge mistake?

As a REALTOR who works primarily in the north Minneapolis/St Paul metro, I often educate buyers on the benefits of wetland homes. There are many acreage properties in Anoka, Chisago and Washington County areas on marshland or wetland as well as lakeshore. 
From White Bear Lake to Wyoming and throughout the communities of Hugo, Lino Lakes Centerville, Ham Lake and Blaine, there are acreage properties abutting wetlands and natural environmental lakeshore. Many Minnesotans seek out these properties  because of the size of the acreage and find them very desirable. But as with any purchase, opting to live on a wetland is a personal preference.

So how do you decide if a marsh, wetland or natural environmental (NEDS) lake home is for you? Take time to consider some of the positives and negatives.

Positives:

Wildlife—White-tailed deer, raccoons, turtles, ducks, loons, cranes, hawks, eagles, and a host of other animals have been spotted living near Minnesota wetlands. In the spring there can even be a bear or coyote wandering along the shorelines.
Privacy—Whether the wetland is 20 acres or 200, it cannot be built upon so a property with a wetland or NEDS lake shoreline will limit neighbors.
Affordable—NEDS lakeshore and wetland properties are significantly less costly than lakeshore on a full use recreational lake.
Activities—Though there could be some limits on the use, wetland ponds, environmental lakeshore and NEDS Lakes have been used winter skating, summer canoeing or kayaking and more depending on the water depth.

Negatives:

Mosquitoes—Yes, wetlands are known to attract summertime pests like mosquitoes and deer flies.
Drainage Issues—If the home is on a smaller lot, the owner must pay special consideration to the foundation. A drain tile system and sump pump can be the best solution. Homes with private septic or sewer systems might have special DNR (Minnesota Department of Natural  Resources) or city point of sale requirements and additional criteria for a new installation if the system were to fail.
 
Copyright 2014 www.terieckholm.com

Lakeshore Dreaming? Ice Out is Here—Time to Start Shopping

With today’s April shower, there is no doubt that the ice on lakes throughout the north and east Twin Cities metro will drop. Ice out is when the ice finally drops to the bottom of the lake and in Minnesota that also means, the for sale signs start going up.

If you have been dreaming of living on one of Minnesota’s 10,000 lakes, consider the north metro. There are options that will fit almost any budget from fixer-upper cabins to high end executive homes.  I took a quick look at the MLS today and there are nearly a hundred options for the would-be lakehome owner.  Most are on full recreational, multi-use lakes like Coon Lake in Anoka County or Forest Lake in Washington County. Surprisingly these properties are often available at prices comparable to homes without a shoreline. 

How can Minnesota lakeshore be so affordable? It appears that prices are not rising on lake properties as quickly as in other categories. From what I have seen, prices are stagnant or in some cases lower than last year.  While on the whole the housing inventory is down, this is not the case for lakehomes. There has been an abundance of these shoreline beauties every spring and summer which has been keep prices affordable.

 
Copyright 2014 www.terieckholm.com

6 Spring Home Maintenance Tips for your Honey-Do List!

Yesterday was the warmest Minnesota day so far in 2014. In fact, it was the warmest day since mid-October of last year! It finally feels like spring is here. Soon many homeowners in the Minneapolis/St Paul metro will be starting "honey-do" list of spring projects. Keeping your home in tiptop shape is essential in maintaining your property’s value. Even if you don’t intend to sell your home this summer, there are a few essential things to check, repair and or replace after a long winter.
 

As a Minnesota REALTOR®, I see often see homes that have not been properly cared for. Throughout Anoka County, Chisago County and northern Washington County, the areas where I work extensively, I have seen houses with interior ceiling damage from leaking roofs, severely cracked driveways and worn out decks that are frankly too scary to stand on.

Surprisingly, some of these properties are not foreclosures or distressed sales. Some sellers just don’t want to make repairs prior to selling for a homebuyer’s benefit. But since they deferred all the maintenance for several years, they are faced with having to make thousands of dollars in repairs in order to sell for top dollar. Not making the repairs means being priced to compete directly with distressed properties selling at thousands less. Neither choice is appealing to a home seller.

With hindsight being 20/20, many of these property wish they could turn back time and keep the home in better condition all along and enjoy the benefits of a well maintained home. There is less sticker-shock if  you assess your property on an annual basis and make necessary repairs as required rather than all at one time just prior to selling.

Here are 6 spring maintenance tips that will not only beautify your home, but also aid in retaining your home’s value for years to come:
 
Roof—Walk around the exterior of your home with binoculars if necessary and check for any missing shingles that may have been blown off during a winter storm. If any shingles are missing or you see other concerns such as curling or broken corners, bring in a contractor to assess the situation. Make repairs promptly to avoid water damage to the interior of your home.

Siding—Power wash debris buildup from vinyl or aluminum siding. Buildup can stain siding overtime. Be thoughtful of where you place your sprinklers and BBQ grill. Iron rich water can cause staining and a hot grill near vinyl siding will cause it to melt.

Deck—Check for any settling or worn boards on your deck. Pay special attention to any steps as damage often occurs in the corners where wet debris can collect and rot the wood. If the supports of your deck appear to be pulling away from the home or if the boards are weather-worn, have it reviewed by a professional before that first summer barbeque.

Paint & Stain—Did the harsh winter sleet, snow and ice cause the paint or stain on your siding, trim or deck to start to peel? Make repairs promptly to minimize damage to wood below.

Gutters—Gutters filled with leaves? Take the time to clean out to prevent water backups. Keeping water away from the foundation is the best way to keep water out of your basement. If your gutters are clogged, they cannot do the job and the rains will pour right over the clogged-gutter’s edge near the walls of your home. Consider adding screens or guards to prevent leave buildup in the future.

Driveway—This past year’s brutal winter with its deep was especially tough on roads throughout the metro. Your asphalt driveway might have taken a beating too. Cracks and holes need to be filled or they will get worse. It is recommended that blacktop driveways also be seal-coated every 2 years and possibly more often if located in an open area with long term sun exposure.

 
Copyright 2014 www.terieckholm.com

Does a 666 Address affect the Value of a Home?

As a REALTOR® who works in the north and east Minneapolis/St Paul metro, one of my favorite things to do is provide people with a comparative market analysis of their home. I work hard to get the price right whether it is for a single family home, an urban condo, a hobby farm or property with a lakeshore view. Getting the price right is imperative to selling quickly in any real estate market.  But every once in a while a house will come along that is affected has an unusual stigma. The most common is what I call the "Busy Road Factor".  It is just what it sounds like.  The home is by all accounts a great property but it is located on a busy road. This situation dramatically affects the number of interested buyers because most people avoid living on busy roads.

I drive thought Anoka, Ramsey  & Washington Counties on a regular bases. As a real estate agent, I tend to take many of the same major roads day after day. Of course I notice the for sale signs that pop up along these roads. Often a sign goes up and then 6 months or a year later the sign is switched out on the same house when they try a new real estate agent…sold signs go up slowly along busy roads. A home seller is literally dead in the water before the house is listed if they do not account for the negative impact the road will have on their sale price.  But what other things affect price that are not quite as obvious. How about an address?

Recently, homeowners in Spring Lake Park, Minnesota paid to have their house number changed from 666 to the less eyebrow raising number 668.  This got me thinking about whether or not homes sold slower with these unusual digits. I decided to run a search for sold homes with this infamous address. I wasn’t too surprised that this was not a very common address. Of the handful of 666 addressed homes that were sold in the past few years, the properties didn’t linger on the market for more than a few days or weeks. Almost all were foreclosures…that is a sign or coincidence, depending on your level of superstition.

"Location, Location Location" is the real estate mantra. If your home is located on a busy road, you cannot change it the same way you can petition to change your address. The best you can do is change the selling price. In order to sell, you need to factor in for the busy road. This will mean pricing your home significantly lower than all other homes on the market with similar features to attract buyers.
 
This phenomenon does not only affect properties on busy roads! There are other undesirable location situations that are very tough sells when the market is good but become next to impossible when there are many homes for the buyers to select from.  These unwanted locations include properties which are next to or near the following:

•     Cemeteries
•     Industrial Parks
•     Huge Power Lines/Transformers
•     Gas Pipelines
•     Landfills
•     Airports
•     Prisons
•     Flood plains
•     Train Tracks
•     Shopping centers
•     Gas Stations
•     Open Land either for sale or not that has undetermined development potential
•     Gun ranges
•     Auto Salvage Yards and other disposal businesses

Tips for Dealing with the Busy Road Factor to get your home SOLD

1.     Be Realistic. Don't ignore the elephant in the room. Set your price reflecting the undesirable location
2.     Best Foot Forward Make sure everything else regarding your home is a positive. Make any and all repairs, stage the home and market its unique positive features.
3.     Work with a Professional REALTOR® An experienced professional real estate agent can assist you in pricing your home correctly factoring in all adverse conditions.
4.     Be Ready to Negotiate. When buyers submit a purchase agreement for review, don't pass on a low offer. Counter and try to reach terms that are acceptable for both parties.
5.     Be Patient. In most cases, a property affected by the Busy Road Factor, will required twice the market time compared to the average home.

 
Copyright 2014 www.terieckholm.com

Completing a Minnesota's Home Seller Disclosure--What is a Unique Well Number?

Every time I do a listing on acreage I fear for my sellers getting writer's cramp with the amount of pages they need to complete. In addition to the Minnesota's seller’s disclosure form for residential real estate which runs about 9 pages, there is a 3 page well disclosure and another 3 pages to disclose anything and everything known about the private sewer or  septic system plus the handy-dandy location map to note where the well/septic are located. Add in the federally required lead based paint disclosure if the home was constructed prior to 1978 just for fun.  Plus there's a form that must be completed if the property was ever used for the production of methamphetamine, but thankfully, most home sellers do not have to complete that one. This makes the grand total of required disclosure paperwork for most acreage homes in Minnesota to be 16-18 pages. That’s quite a bit of writing but it is essential when selling your home...and it needs to be completed correctly.

I counsel my clients selling homes on acreage to complete their disclosures in detail because interested buyers need to know the correct information. When it comes to the well disclosure, it is very easy to complete properly if the home was constructed in the last few decades. This information is online and has been for years. Sadly, many sellers don't know how to look up their well, so often the forms are incomplete. 

How do you find your Minnesota  Well?  If the well on you property was constructed after 1975, use the Minnesota Department of Health’s Unique Well Number LOOK UP TOOL Every well constructed since the late 1970's has been tagged with a metal tag and its unique number. The numbers are logged and tracked by the MDH. The tag gives the number but not the depth of the well and it can be difficult to read. I recommend to my sellers to use the well number look up tool, print the report and attach it to the disclosure.

Once located, I recommend that sellers print out a copy of the report and attach to the disclosure paperwork because it shows all the necessary well construction details (i.e. who constructed, when, depth, type, etc.) 

HELPFUL TIPS FOR USING THE LOOK-UP TOOL I have noted a few important tips for using this website because it can be a bit frustrating if you are not familiar with it. Here are a few quick tips to simply your look-up experience:

1. Use Internet Explorer as your browser. The site doesn’t always work well with newer browsers like Firefox and Chrome. There isn’t a mobile app for this either.
2. Disable pop-up blockers. The map and information will show in a pop-up window and it looks like the site isn’t working if you have pop-up windows blocked.
3. The information posted will not always show the current owner but the name of the owner or builder that filed the original paperwork.
4. Sometimes the well will not always be listed by street address but still can be found by looking at the plat map of the street.

Take the time to fill out the form correctly as this is important information for the new buyer. Buyers appreciate having all the correct details on the disclosures. It takes a bit of research, but in the end, it will give a buyer the information they need to make an informed decision. Since many other sellers leave this information blank, homeowners who go the extra mile will make their property stand out from the rest!

 
Copyright 2014 www.terieckholm.com

Speechless Sunday (Almost) Thinking Spring!

The unexpected temperatures nearing 60 degrees this afternoon in my Anoka County backyard are making me think that our crab apple blossoms may actually bloom soon. Spring is here on the calendar and warmer temperature have the real estate market really heating up. Buyers are out, but the housing supply is limited right now throughout the Minneapolis/St Paul metro. This is giving home sellers the upper-hand right now but only until the spring housing supply catches up. If you were waiting until spring to list your home, now is the time!

 
Copyright 2014 www.terieckholm.com

Vaccinate Your Dog or Cat! See the Wolves!

Vaccination Clinic at Carlos Avery Wildlife Science Center

The wolf sanctuary in Columbus Minnesota is near and dear to my heart. It is just a few miles as the crow, or better yet, as the hawk flies from my home. On a cool crisp evening when the world is quiet in my Ham Lake front yard, I can easily hear the wolves howling from across the fields. The Wildlife Science Center (The WSC)is not only home to several types of wolves, a number of other animals call the refuge home including bobcats, fox, owls and hawks. A few of the wolves are somewhat celebrities as they were featured in the Animal Planet Series Growing Up Wolf.

The first weekend in April, the WSC has a special event planned for pet owners, and you don’t have to be from the Ham Lake, Forest Lake, Columbus area either. The Carlos Avery wolf sanctuary or WSC is holding a Pet Vaccination Clinic. Bring in your leashed dog or crated cat for its annual shots and see the wolves and other animals at the refuge.

The event is being held Saturday April 5 from 10 a.m. until 3 p.m. Click HERE for additional details on the 2014 Wildlife Science Center Dog and Cat Vaccination Clinic

 
Copyright 2014 www.terieckholm.com

Selling a Home with Oak Trees or Oak Wilt?

Got Oaks? Trimming trees in the winter is  recommended to prevent OAK WILT!

As a REALTOR® in Anoka County in Minnesota and owner of my own oak-filled acreage, we just had a tree professional swinging from our oaks and taking out a few branches that we were concerned about. It is important to trim trees before May 1 to prevent the spread of oak wilt which is a devastating tree-killing disease.

From time to time I see sellers’ disclosures filled out by homeowners that sort of “pooh-poohing” the problem of infected trees. One seller had a comment that stated,  “oak wilt is common in Anoka County but there are several other varieties of trees on the property that will fill in any loss of oak trees in time.”No prevention. No removing of dead trees. Just let the hundred year old oaks die and the buyer can deal with it.
In this particular home, I advised my clients that the landscape would be forever changed if one or two trees are infected with oak wilt and not treated or removed quickly and properly. The disease will continue to spread through the several dozen oaks on this 4+ acres of land. The loss of the mature trees would have a significant negative affect the value of the property. With lack of proper treatment it is a certainty that eventually all the towering shady oaks would die.
 
On another seller's disclosure for a home in Chisago County with a small grove of oaks  just started to die from oak wilt, the seller wrote in "oak wilt" in response to the question about diseased trees. No treatment plan, no root cutting to prevent the spread to the hundreds of other oaks on the property. With root cutting and treatment, the other trees on the back acreage could be spared. 

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. 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.  It's pretty doubtful there will be a purchase agreement in most cases. Acreage buyers cross your oak wilt-infested property off their list another property without a second thought.

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

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 in the
  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 2014 www.terieckholm.com

This REALTOR Welcomes Helicopter Parents!

“I was accused of being a helicopter parent.”  This statement was recently made by a friend of mine while we were chatting at a local coffee shop about our adult children.

My response to her was, “Really? Did you say thank you?”

Being a helicopter parent doesn’t always have to be a bad thing. It means you care about your children enough to give them advice rather than let them go off on their own and make mistakes. Okay, it’s not a good thing to ride with them on the school bus, follow them into the classroom and do their homework. But a mom going to check out colleges with her daughter or a dad going to the car dealer with his son isn’t such a bad thing is it? 

As a REALTOR®, I come across helicopter parents all the time. Buying a first home can be an exciting, but also a somewhat scary, experience. It is the first big purchase most young people make. One that will have lasting effects on their live if they make a huge mistake. I am not surprised when my young buyers say that their parents want to see the house or attend a showing. In fact, I welcome moms and dads to attend showings or a meeting where we write up a purchase agreement. Usually after a few minutes of questioning by a concerned parent, they realize I am not just out to sell a house as quickly as possible. What I want as a buyer’s agent is the same thing that any parent would want for their child. I want my client, their child, to be happy with their home purchase. When someone signs a buyer’s contract for representation with me, I have fiduciary duties to put their needs first. I work in the best interest of my client at all times. This means full disclosure on the condition of the home, pointing out things to ask the sellers or an inspector about as well as preparing the paperwork noting contingencies that will protect the buyer if everything is not as it seems.

I have received almost as many thank you notes and emails from parents after successful closings as I have from my home buyers.   After all, we had the same goal, for the new home owners to be happy with their first home.

Copyright 2014 www.terieckholm.com