Last week I received a text inquiry from someone who had read my blog asking if I had any homes currently listed on a Minnesota wetland. I was excited as though I didn't have any current listings on one of Minnesota's greatest resource; I know there are many well-priced homes currently listed throughout Anoka, Chisago and Washington Counties on beautiful property with views of our Minnesota lakes and wetlands.
I made the connection and my "buyer" was calling not to buy, he had already bought a home located on a wetland. It was another question on Minnesota disclosures. What should have been disclosed to him before he purchased. As this was turning into a legal question, I directed him to call an attorney for legal advice.
But his question is valid, "What does need to be disclosed when selling a home in Minnesota?"
The advice I give to my clients, is to disclose anything and everything you would want to know as a prospective buyer. If your property is near lakeshore or wetland, there is a good chance the Minnesota Department of Natural Resources has restrictions on what can be done to the landscaping. This is something that I would recommend that my sellers disclose as most buyers would want to be aware of any building restrictions.
These days so many properties are now bank-owned and lender mediated sales. Do foreclosures, REO properties and short sales have different disclosure requirements in Minnesota? In a word; no. But seller who have limited knowledge of the condition of the property do have options available. Often a bank will require that a buyer waive their rights to a disclosure and buy the property AS-IS I came across a great YouTube video from the Minnesota Association of REALTORS® where Chris Galler, COO of MAR, explains the Minnesota disclosure law as it relates to foreclosures in great detail.
Still confused about real estate disclosures? Let me help! If you are buying or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocat
ion Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities MLS Home Search. 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 Teri Eckholm http://www.terieckholm.com/
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If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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..JPG)
Buying a Home? Check out my HOME BUYER'S BLOG!
Copyright 2010 Teri Eckholm http://www.terieckholm.com/
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LIKE MY BLOG? Subscribe and let me email you an update!
Subscribe to Teri's Notes & Anecdotes on Twin Cities Real Estate by Email
Good advice Teri. In my book it is always better to give more information than less.
We seem to get no disclosure from the banks here and buyers accept it but need to be aware of the options available to them. Good presentation.
Bill--Buyers usually don't get upset about what is disclosed before the sale but get very upset when something is not disclosed. More is much better in the case of disclosure. :)
Terry--There are things that must be disclosed in some communities and while a bank can require a waiver for the disclosure, a licensee cannot avoid disclosing any known defect no matter if the rights are waived or not. I like that our state association has this video to reiterate the law.