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Real Estate 101

Buying and Selling Information

Buying and selling real estate is serious business.  Whether this is your first transaction or your tenth, the sales agents at Sue Hakes Realty welcome you.  And, we are ready, willing and able to help you navigate your way through the ever-changing market conditions and the buying and selling process to ensure your goals are met and your needs are exceeded.  Here are a few links that we hope you find useful.

• If you're interested in buying a home or other property, you'll find helpful information at 10 Steps to Home Ownership on Realtor.com.
• Do you have questions about buying your first home?  Log on to firstmnhome.com.
• If you're selling, check out The Home Seller's Guide to Success at Realtor.com.
• REALTOR.COM is the official site of the National Association of Realtors.  Check it out.

Agency Representation

MINNESOTA LAW REQUIRES that early in any relationship, real estate brokers or salespersons discuss with consumers what type of agency representation or relationship they desire.  The available options are disclosed on this Agency Relationships in Real Estate Transactions disclosure form.  It's important for buyers and sellers to understand representation. 

What is a "Short Sale"?

Generally speaking, a short sale is when the Seller of a property owes more money to the bank than an interested Buyer is willing to pay.  In today's real estate market where the number of foreclosures is increasing, some Sellers may consider a short sale.  To aid Sellers, Buyers and REALTORS in sorting through some of the complexities of today's real estate transactions, the Minnesota Association of REALTORS has provided two short papers entitled Seller's Legal and Tax Liability in Short Sales (dated 4/22/08) and Accepting offers "subject to bank approval" and short sale issues (dated 4/22/08).  As always, Buyers and Sellers should seek legal advice and consult a tax attorney whenever necessary.

Financing

The lenders in Grand Marais understand the values of real estate in Cook County, as well as the unique challenges associated with buying and selling real estate in Cook County.  Certainly, you should shop for the lender that best meets your specific needs.  The local banks and credit union are a great place to start shopping for your loan or other financial services.  They are eager to work with you.

• Grand Marais State Bank
• North Shore Federal Credit Union
• Security State Bank

Cook County and Grand Marais Government Information Sites

For information about regulations and other useful information in Cook County or Grand Marais, visit the following government sites:

• Cook County Government Services
• Grand Marais City Hall

Remember, at Hakes Realty, we want to be your North Shore real estate partners. Please call us, send an e-mail, or stop into our office ... we're here to help with all your real estate needs!