South of the River News

January 17, 2009

First Time Home Buyer Seminar

Filed under: Local Events — Tags: , — Nichole Fredrickson @ 7:50 pm

With all the constant changes in the real estate and mortgage world it is imperative that you are informed on all the options that are available. Down payment assistance, prequalification, how much can I afford, is there anyway to get money to fix up the home? Just a few of the questions you may have when it comes to getting your first home.

The best way to ensure you are taking the right steps is first to get educated, and secondly to work with a lender that knows more about first time home buying than 99% of Minnesota lenders. We have access to a program where buyers are getting anywhere from $3,000 to $15,000 in down payment assistance!

That is why we are proud that we can offer a First Time Home Buyer Seminar! Join us on January 22nd in Burnsville for this free, no obligation seminar. Alec Grebis of Cornerstone Mortgage Company and our own Steve Howe, with The Minnesota Real Estate Team, will go through important information that will greatly benefit you in buying your first home.

With the incredible mortgage rates and discounted pricing on so many homes, now is the time to learn more about whether it is the right time for you! Again, no pressure, no obligagtion… just the opportunity to get informed!

To register, send me an email at nichole@mnrealestateteam.com

First Time Home Buyer Seminar

436 Gateway Blvd

Burnsville, MN 55337

January 22, 2009

6:30pm

Post to Twitter Tweet This Post

January 14, 2009

Elko New Market Homes For Sale

Filed under: Local Events, Real Estate Terms — Tags: , — Nichole Fredrickson @ 8:54 am

route-mapJust to give you a pulse on the Elko New Market area and the real estate available, here are some interesting facts:

There are currently 61 active listings. Lets break that down, into 12 townhomes, 44 single family homes,and 5 hobby farms. New construction makes up 12 of those listed homes.

Of those 61 active listings in Elko New Market, 12 of them are specified as lender owned, or foreclosed. Another 8 of them are specified as short sales. That leaves 41 that are being sold by the owner without pressure of having to bring additional money to closing to cover the difference between the sales price and the amount owed on the mortgage. Pretty good statistics if you compare those to a number of other areas in the south metro.

Elko New Market summaries show there is a home for everyone here. They are priced between $49,900 and $508,900 with an average list price of $290,217. Square footage ranges between 1,150 to 4,768, averaging a total square footage of 2,465. The average Elko New Market price per square foot is $122. Other facts include an average ‘days on market’ of 112 and the average year built of listed homes is 1999.

This information is as of January 13, 2008.

With an average commute time for Elko New Market residents of less than 20 minutes, Elko New Market is the perfect place to call home. Affordable homes, with a wide variety to choose from, proximity to larger metropolitan areas and the small town feel of Elko New Market show its versitility and appeal. If you are thinking about a move to the southern metro area, check out Elko New Market!

Post to Twitter Tweet This Post

January 12, 2009

Cap X2020 to Run Through Southern Metro

Filed under: Local Events — Tags: , , — Nichole Fredrickson @ 9:00 pm

I was one of the lucky 73,000 landowners to receive notice that the Cap X2020 project may impact my land. Nearly 3,000 landowners in Scott, Rice, Dakota and LeSeuer counties alone received letters.

What is Cap X2020? It is a collective effort between the Northern States Power Company and Great River Energy. This includes Xcel Energy. Their plan is to run a power line from Brookings, South Dakota across Minnesota to Hampton. It is proposed to be a 345 kilovolt transmission line.

Its purpose is to ”expand the electricity infrastructure to ensure continued reliable service, meet the growth in electricity demand and support renewable energy expansion” per the route permit application.

Homeowners in Lakeville, Elko New Market, New Prague and Lonsdale – listen up. This could very easily effect you!

Per their proposed map, there is a preferred route and an alternate route to the plan. The preferred route will run from Brookings, through Minneota, go up and have a substation in Granite Falls, come back down to the Lyon County substation, east toward Seaforth, Franklin, Winthrop, through a substation in Helena, up through New Prague, east through Elko New Market, (just on the southern edge of Lakeville, then over to Hampton. The alternate route would run through many of the same substations, but mainly be put just north of the preferred route. The alternate route would run through Redwood Falls, east to Belle Plaine, cut south to New Prague, Lonsdale, and then northeast through Elko New Market, stopping at a Lake Marion (Lakeville) substation before ending up in Hampton.

The letter received was very vague, tip-toing around the impact that it would have on the land it ran through and the price it is willing to pay to have right-of-way on your land. It simply states that it would resemble a utility easement. Interviews with Star Tribune say it will be a 150 foot-wide-easement. One sentence later, the application notice mentions that land owners that do not cooperate may be subject to eminent domain laws in accordance with the applicants authority under Minnesota Statutes Chapter 117.

The letter is dated December 29th, and mentions that within 60 days the application process is considered complete and that public hearings will follow. At those meetings, any member of the public may speak, and may even propose additional routes for consideration.

For more information, please visit the site they provided at http://energyfacilities.puc.state.mn.us/

I will keep you updated as to any new information as it becomes available.

Post to Twitter Tweet This Post

Who Needs Title Insurance

Filed under: Real Estate Terms — Tags: , , — Nichole Fredrickson @ 10:25 am

First of all, insurance is a crazy monster on its own…. so much to understand, so many options. When it comes to title insurance, here are a few key things to know. I must disclose, that as a Realtor, title insurance is NOT my strong-point, but the basics are here. For more information or for actual quotes on title insurance for your new home, please visit www.TrademarkTitleServices.com.

Title insurance basically insures your interest in ownership of the property. Its coverage would kick in if you had fraudulent liens placed against your property, or in the case of title mistakes that could have been made during your purchase. It also protects you against mistakes made in earlier sales of the home. It covers things as simple as correction of a name spelling or as messy as inaccurate property boundary lines.

Paying for title insurance isn’t an annual fee, it is a one-time fee that is based on the the purchase price of the property. It is usually paid for at closing.

There are two types of title insurance. First there are lender’s policies. These cover the your mortgage company and whoever holds the mortgage on your home. Most of the time, the lender will REQUIRE purchase of a lender’s policy. It is often common for the lender to include the cost of that title insurance somewhere in the closing costs that you pay to your lender. There are also owner’s policies. More times than not, this comes in handy when there are property line disputes, or when old liens and incorrect information has been recorded against the home. Your owner’s policy is a minimal expense, especially if you ever need to use it! The owner’s policy that you purchase is usually less expensive than 2 hours of attorneys fees, and that is generous considering I have never seen a claim be resolved in less than 2 billing hours. :-)

Lastly, ask your title company if a discount on the title insurance premium is available. Often, if the home has been bought or sold just a few years after the most recent sale, there is less work required to secure a title insurance policy. Sometimes when you sell the property, you may even get a portion of that title insurance premium you paid, back at closing.

Like I mentioned earlier, we are barely scratching the surface of the title insurance web. More information is available at www.TrademarkTitleServices.com.

Post to Twitter Tweet This Post

January 11, 2009

Homeowners Insurance Basics

Filed under: Home Tips, Real Estate Terms — Tags: , — Nichole Fredrickson @ 10:24 pm

Homeowners insurance can sometimes be overwhelming, but when you are buying a new home, take advantage of the time and ask questions to better understand your coverage. Below are just a few tips on understanding your insurance.

Coverage Exclusions: Be sure to ask and watch for any exclusions in your homeowners insurance coverage. Most policies will not cover earthquakes or floods. In Minnesota, earthquakes are not something we often think about, and until lately, floods weren’t that commonly thought about either. Flood insurance is usually available as an add on, but the point is to make sure you know what if any exclusions are in your policy.

Claim Limitations: Many policies are covered for a risk such as a home burglary, but watch for limits on those risks. Most times, there are limits on personal property such as electronics, art and jewelry. If you have items of great value, look into a separate policy for those items.

Replacement Cost: If something were to destroy your home, and you need to rebuild or ‘replace’ it, you need to know how much it will cost to do so. Make sure your insurace is sufficient enough to cover all of those replacement costs. If your home is insured for $200,000 and was destroyed by a tornado, you will only receive $200,000. If you meet with a home builder and they say it will cost $235,000 to rebuild the exact some structure, you are underinsured.

Cash Value: Let’s say your home was destroyed. Let’s say you decided not to rebuild, but to take your insurance settlement and move to the other side of town. Your settlement will be your replacement cost MINUS depreciation. That is the actual cash value. Replacement Cost – Depreciation = Actual Cash Value. Make sure your actual cash value is enough to cover your mortgage balance, moving costs, etc.

Liability: The more you have, the more liability you have. Most policies will cover you if the pizza delivery man slips on the icey sidewalk, or your babysitter breaks a leg trying to keep the kids out of the trees :-) . Expenses like medical care, court costs and other settlements decided on my the courts are usually covered to a certain point. Policies will have a maximum coverage amount for liability. Make sure your liability coverage covers your assets!

Post to Twitter Tweet This Post

Don’t Fall into 1 of the 5 Most Common Homebuyer Mistakes

Filed under: Home Tips — Tags: , — Nichole Fredrickson @ 10:01 pm

1. Be sure to communicate fully with your lender. Don’t make the mistake of NOT asking ENOUGH questions. You could end up in the wrong loan program or miss out on the best rate or terms. Make sure that before you start shopping for your dream home, you are fully pre-approved.

2. Procrastination! If you find the home you love and really want, don’t wait until it is too late. It can sometimes be tempting in this market to wait it out and see if the listing price gets reduced, or you may feel the need to see a few more to make sure this is the one you want. if you find the perfect place, jump on it. Multiple offers mean you may end up paying MORE for the home than you would have if you would have taken action right away.

3. Don’t try to go it alone. Having a Realtor on your side is priceless. Having a dedicated Realtor that has a team of professionals behind them is even better. If there are problems in the transaction, you will greatly benefit from the experience of a good Realtor. If you have never bought a home before, you may miss important deadlines and details by trying to represent yourself. Working directly with the listing agent isn’t always your best bet either. When ‘dual agency’ comes into play, you can’t be fully represented. Find a buyers agent you can trust, it will make a world of difference.

4. Don’t waste time with junk offers. Knowledge is powerful and there is plenty of it available about todays market prices and market conditions. If you plan on a serious low-ball offer, you may offend the sellers to the point of them rejecting your offer all together. Make your offers solid offers and you will have much better luck than if you end up with 15 counteroffers back and forth.

5. Think about selling the home BEFORE you buy it. Statistics show that the average first-time homebuyer only stays in the home for 4 years before moving. When that time comes, are there any pitfalls of the home that will make re-sale harder for you in the future?

Post to Twitter Tweet This Post

January 3, 2009

Dan Ryan, Local Hero, Loses His Battle with ALS

Filed under: Local Events — Tags: , , , , , , — Nichole Fredrickson @ 11:00 pm

Ryan, Dan P.

Dan Ryan, 48, of Farmington, died Friday, January 2, 2009, surrounded by family and friends.

Dan lost his three year battle with ALS (Lou Gehrig’s Disease) but most assuredly won the war of life.

Dan was born December 19, 1960. Blessed with an unmatched work ethic and uncanny mechanical skills, Dan achieved and excelled in the family-run business of Genz-Ryan Plumbing and Heating and as founder of DPR Motorsports. Dan loved his mechanical trades business and his hobbies: racing, hunting, snowmobiling and of course Bud Light. Dan loved his family more than anything, without reservations.

A 1979 graduate of Rosemount High School, Dan was preceded in death by his friends John Strese and Roy Ruzicka, and his niece Chloe Boyum.

Dan is survived by wife of 28 years, Lisa (nee Boyum); children Alison Gilbertson (Troy), Jacob and Dan Jr; parents Jack and Margie Ryan and Gary and Connie Boyum; brothers Mike, Tom, Bob, Marc (Dianne) and Jon (Nicolle); grandson Tanner Gilbertson; brother-in-law Todd Boyum (Stephanie); and 15 nieces and nephews. Dan is also survived by legions of friends, associates, visitors and helpers that Lisa and the kids want to thank for their boundless love and devotion throughout Dan’s illness.

Visitation at Elko Speedway, Elko, Minn., Tuesday, 3-8 pm. Funeral 11 am Wednesday, St. Joseph’s Catholic Church, Rosemount, Minn. Burial to follow. Lunch at Rosemount Community Center to follow.

In lieu of flowers or gifts, Dan’s family has set up a memorial fund, which will donate all funds received to “A Race Worth Winning – ALS“,  a non-profit organization set up by Dan’s closest friends and family members, with the sole purpose of supporting families who are dealing with the horrible effects of ALS. Donations made payable to: Dan Ryan Memorial Fund, c/o Vermillion State Bank, PO Box 28, Vermillion, MN 55085.

We shall never forget and will always love you.

Post to Twitter Tweet This Post

Powered by WordPress