As the Jefferson’s said, “we’re movin’ on up!”
Are you hoping to make the move to your “next” home?

Do you need a bigger house because of a growing family or maybe you want to move into one of the Twin Cities best school districts like Wayzata, Minnetonka, Edina or Eden Prairie. Or, maybe you just want to take advantage of the great home prices in the Twin Cities or the even better mortgage rates that lenders like Cornerstone have to offer.
As a Twin Cities home buyer, we have a great seminar that you should check out that will cover all of your questions.

Moving in a Down Market
Tuesday, June 2nd, 6:30- 8 PM

Afraid to move in this market? Learn the math behind buying a home at a great price and with a great interest rate! Take advantage of the opportunities to enhance your current financial stability in today’s low mortgage interest rate environment by joining us for our upcoming seminar and Q&A forum.

Topics include:
- Eye-opening financial benefits of buying a home now versus waiting for economic recovery
- Pricing and preparing your home to sell in this market
- How a loss on your sale may be recouped with a good buy
- Cost effective services to rent and manage your home if it doesn’t sell

Please contact me for more information or to register:
Jen McKinnon
612.384.1073
jen [at] mnrealestateteam [dot] com

Twin Cities Home Seller’s beware….what you think is lovely and important about your home may not be important to potential home buyers and could potentially turn them away. Ask your agent what to focus on and what to highlight about your home. For example – a dissertation about your sprinkler system and the computer interfacing it takes to run the system may not be as important as letting the buyer know that the entire home has fresh paint, a new roof and updated furnace.
Teresa Boardman has a great article about this on her website www.stpaulrealestateblog.com

Jen McKinnon
Realtor/Investor
AGENT REFERRAL NETWORK
MN Real Estate Team
612.384.1073
jen[at]mnrealestateteam[dot]com

(summary of information in RESOURCE September 2008 Volume 8, Number 10 – a Minnesota Association of REALTORS publication)

Any Realtor will tell you that many of the homes they show or list in the Twin Cities today are considered “as is”.  So, what does this mean and what should you know as a buyer or seller?

Here are the “as-is” basics:

• The seller does not make any warranties about the central air-conditioning, heating, plumbing and wiring systems on the property to be in working order on the date of closing.
• When making disclosures, the seller’s liability is limited to facts known to the best of their knowledge at the time of dislcosure.
• The seller of a single family residential property (including bank owned foreclosed properties) is still required (by MN Statute 513.52-513.60) to inform a potential buyer (through a Seller’s Property Disclosure) prior to accepting a purchase agreement all material facts that a seller is aware of that may significantly or adversely affect an ordinary buyer’s use or enjoyment of the property or any intended use of the property of which the seller is aware.  Typically this is used if the seller actually lived in the property being sold.
• There is also a form called the Seller’s Disclosure Alternative which allows a buyer to agree to waive the seller’s disclosure requirements listed above.  This waiver must be signed by both the buyer and the seller.  Typically, this is used if the seller did not live in the property, has not lived in it recently or if the home is a foreclosure.
• The seller / REALTOR is also required to provide a form called Buyer Purchasing “AS-IS” Addendum which gets signed buy the buyer and added to the purchase agreement.
• Seller can also provide an independent 3rd party home inspection report with any additions or corrections about the property.
• Your realtor relies on the seller’s to know material facts regarding the property and must disclose anything they know or find out through the seller.  A realtor may not waive their duty to disclose.

NOTE:  A waiver of the disclosure requirements for MN Statute listed above does not waive disclosures required by other law.  Other government disclosures that are required by law at time of sale include:  septic system, wells, valuation exclusion, lead-based paint and local government disclosures.  A seller CAN NOT waive these disclosures regardless if the buyer signs a waiver or if the property if being sold “as-is”.  The MNAR forms listed in italics above will still include these disclosures for the buyer to fill out.

As I have stated before, if you are buying an “as-is” home in the Twin Cities or anywhere else, it is highly recommended that you obtain your own independent home inspection – even if the home is new construction.  See my article http://www.twincitiesrealestategal.com/home-buying/twin-cities-home-inspections

Questions?  Please contact me!

Jen McKinnon

Realtor / Investor
AGENT REFERRAL NETWORK
Member of MN Real Estate Team – #1 team in MN 2006,2007,2008

612.384.1073
jen[at]mnrealestateteam[dot]com