My New Blog

My real estate partner Sue Marshall and I have been researching lake homes around the Twin Cities. Evaluating homes for our client's and investors seeking remodeling opportunities and houses to knock down and rebuild new construction.

The house we looked today was a home on Prior Lake for under $450k. Now this house was a tear down. It was a cute cabin in it's day. However, the electrical was questionable as was the insulation and the water stains on the ceiling and the space heater to heat the home.

Although it is important to note that the value is in the location on the lake and the 50+ feet of prime sandy shoreline, water clarity, acreage etc. The views were amazing. I thought that the neighbors were a little close for comfort on this 50 foot wide lot. (Could be handy when you need someone to look out for you, perhaps borrow a cup of sugar, that type of thing).

The real estate video highlighting this property will be posted online within the week on our HOME Page. In the video Sue and I give you a tour of the home and areas of concern. PLEASE remember when you buy a home to have a professional home inspection. Any home. Home inspectors have a trained eye and will catch something you may not even have thought of. I once saved a client $8,000.00 for a new deck on a townhouse where the association said they were not responsible. Well I read the association documents thoroughly and thankfully our home inspector told us the deck needed replacement. The association ended up paying for the new deck. The $380.00 my clients paid for the home inspection saved them headaches and thousands of dollars. The association ended up revising the association documents as a result.

Meanwhile, I will research the restrictions with the City of Prior Lake. A few questions I will ask will be-What size of house can be built on this lot? What are the setback and height restrictions, landscaping restrictions, environment utility restrictions etc.

You may be wondering yourself what is wrong with an "AS IS" property? It could mean that the Seller is not making any warranties about the condition of the property. Selling "as is" does not necessarily mean that anything is wrong with the property. Perhaps the home has been vacant, or owned by another family member. It could be that the homeowner does not have the money for repairs and therefore has discounted the price of the home to reflect such repairs.

Real estate agents often say the most important thing to consider when buying a home is “location, location, location.”  And while that’s true to a certain extent, another important consideration is “structure, structure, structure.”  In other words, if your home is perfectly located but lacks structural integrity, you may be in for some sleepless nights ahead trying to figure out how to climb out of your money pit.

Know exactly what you are getting into before initiating a contract. Make sure you have an "AS IS" addendum with your purchase agreement.

Enjoy the day!

Constance