Why should I use a realtor to buy or sell property?
If I purchase real estate in your market area, how can I be sure I will be making a sound investment?
How do I know I can build what I want on a particular property or use it in a certain way?
How can I finance my real estate purchase?
How can I get information about a particular lake, river or geographic area?
Where can I stay when I come to your area to look at properties?
How can I get an accurate idea of how much my property is worth?
Do I have to put in a new septic system when I sell my house or cabin?
Are there marinas and marine sales and service on or near Lake Vermilion?
Are there official surveyors in the area that I can call on?
Is there a handy list of contractors or service providers available?
Are there tax advantages to buying a second home?
What requirements do I need to follow to remodel or add a deck to my lake home?
How, where and when can I dispose of trash and other refuse?
* If you have additional questions about any of these topics please contact me at 218-666-5352 Office,
218-666-2316 Home, e-mail: dale@bicrealty.com
Question:Why should I use a REALTOR® to buy or sell property?
Answer:
Buying or selling real estate are very complex processes. By working with a REALTOR® you will
gain many important advantages over the "do it yourself" approach. The primary advantage,
however, is that you will be working with a very knowledgeable professional who is obligated
to be honest and fair with you. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS®
and as such, is a provider of real estate related services consistent with a strict Code of Ethics
and the highest standards of professionalism.
If you are buying, a REALTOR® can save you time and money by making your search shorter and more
efficient. Knowledge of properties on the market of the type you are looking for and the many
factors which impact the value of those properties is something only a professional who works in
the market every day can provide. Once the "right" property is found, having ex pert advice
during the negotiation, financing and closing phases of the transaction is critical to your
successful acquisition of the property.
If you are selling, a REALTOR® can save you time and money by providing expert knowledge of
property values and economic trends. The most important process in selling a property is
pricing it correctly for current market conditions. Most property owners who try to sell
their properties on their own ( FSBO - For Sale By Owner ) either price their properties
too low and cheat themselves out of many thousands of dollars or, most often, price their
properties too high, driving potential buyers away by giving the impression that they are
unrealistic or just not serious about selling. A REALTOR® can help you receive the highest
possible selling price within a time frame which is consistent with your plans and goals.
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Question:If I purchase real estate in your market area, how can I be sure I will be making a sound investment?
Answer:
While past results do not guarantee f uture performance, long-term sales data for this area show excellent
appreciation for most types of property, especially waterfront property. This is primarily due to the fact
that Northeast Minnesota is one of the most popular recreational areas in the U.S. In economic terms,
this is also due to the fact that there is a low, fixed supply of privately owned land, most is owned by
units of government, timber or mining companies, and a rapidly growing demand for the available properties
by buyers. Low supply and high demand normally translates into rising property values. By working with a
REALTOR® you can be confident that you will be informed of all material facts which could adversely
affect your use of the property and, therefore, its value. This is not necessarily the case if you
purchase property directly from the owner (FSBO - For Sale By Owner).
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Question:How do I know I can build what I want on a particular property or use it in a certain way?
Answer:
You should check with the County, To wnship or City Planning and Zoning Department ( whichever one has jurisdiction) to determine the
zoning classification, requirements and restrictions which impact the property you are considering. Many of these are also dependent
on County Health Department requirements for on site sewage disposal systems.
Helpful links -->
Zoning Requirements / Building Permits
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Question:How can I finance my real estate purchase?
Answer:
Most real estate purchases in our area are financed by local banks, mortgage brokers or credit unions. Before you b egin your
property search it is a good idea to visit with a financial professional at one of these lending institutions, complete a loan
application and determine how large of a mortgage loan you will qualify for. Being "pre-qualified" gives you an advantage
when you make an offer on the property of your choice because you can present the seller with evidence that you will be able to
secure the necessary financing. You can also use on-line financial calculators to get a general idea of what your loan payments
might be (A good example would be - www.fucusfinancial.com).
Helpful links -->
American Bank --
Boundary Waters Bank --
Northern State Bank --
State Bank of Tower
Cook Area Credit Union --
Queen City Savings & Loan
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Question:How can I get an accurate idea of how much my property is worth?
Answer:
A property is ultimately only worth what someone will pay for it. Everything else is an estimate of value. To determine a
property's market value, most people turn to either an appraisal or a comparative market analysis. An appraisal is a
certified fee appraiser's estimate of value of a property at a given point in time. A comparative market analysis is a
real estate agent's informal estimate of the value of a property based upon recent sales of similar properties in a
certain area. Most agents will do a comparative market analysis for you for free but it is important to keep in mind
that the accuracy of the estimated value is only as good as the quality of the sales data used and the competence and
experience of the real estate professional.
You can do your own value comparisons by looking up recent sales of similar properties in public records.
Helpful links -->
Property Tax Information -- St Louis County Assessor -- Online Property Valuation
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Question:Do I have to put in a new septic system when I sell my house or cabin?
Answer:
You are not automatically required to replace your septic system but the County does require that you do have a valid
Certificate of Compliance at the Point of Sale ( transfer of ownership of the property). Ordinance 55 ( St. Louis County)
requires a Compliance Inspection by a State Certified Designer 1 / Inspector or transfer agreement prior to the transfer
of your property. If your existing system is inspected and found to be "failing" or" an "imminent threat to public health",
it must be replaced prior to property transfer or within a specified time period. Who pays for this replacement can be part
of the negotiation between seller and buyer. Experienced real estate professionals have been through this process many times
and can give you good advice on the best way to proceed with your particular situation.
Helpful link -->
Septic System Requirements / Permits
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Question:Are there marinas and marine sales and service on or near Lake Vermilion?
Answer:
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Timbuktu Marina
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218-666-2434
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Vermilion Boat Works
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218-666-2276
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Aronson Boat Works
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218-753-4190
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Birch Point Marine
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218-753-4404
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Gruben's Marina
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218-753-5000
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Shamrock Marina, Inc.
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218-753-5457
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77 Marine & Recreation
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218-753-8998
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Question:Is there a handy list of contractors or service providers available?
Answer:
The list linked to from below of contractors or service providers contains professionals who I have some experience with and recommend.
This is not a complete list. There are certainly other qualified professionals who you may want to contact.
The link is
HERE!
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