Real Estate Versus Personal Property
In a real estate transaction, there can often be confusion as to to the difference between real estate and personal property when writing up a purchase agreement. Real Esate Real Estate, also known as real property , includes land and any permanently attached additions, such as houses and other buildings. Items that are permanently affixed […]
Self Directed IRA for Real Estate
A Self-Directed IRA for real estate, also known as a Real Estate IRA, lets you invest directly in properties. Unlike traditional IRAs limited to certain asset classes like stocks, bonds, and mutual fund, these types of retirement accounts allow you to build retirement wealth with alternative assets. For more information: Self Directed IRA For Real […]
Home Repair Loan
Need a home repair loan for essential home repairs? Low interest (1%) home repair loans are available from USDA. Click here for more information:https://www.rd.usda.gov/mn
Homeowners Insurance
Minnesota Homeowners Insurance: Types of Coverage and Reimbursements to know when when buying a home. Quick Takeaways In Minnesota, average homeowners insurance premiums have increased by 39 percent over the past seven years, and 15 percent in 2023 alone. Homeowners insurance is a “package policy”—this means it covers both actual, physical property and legal responsibility […]
Lake Vermilion Homes and Cabins Sold YTD
As the year winds down, we have seen a lot of changes in the local real estate market including second home and lake cabins. Below is a link to the lake homes on Lake Vermilion that have been sold year to date by B.I.C. Realty and other realtors as data provided by our local Range […]
Should You Accept the First Offer on Your Home?
You just got your home listed and you received a strong offer! Congratulations! Now, you need to decide if you should accept your first, strong offer or hold out for a stronger offer. It’s a big decision home sellers have to make. A seller may think they have underpriced their home and they will get […]
Minnesota Floodplain Guide ***NEW***
The Minnesota DNR just released this floodplain management QUICK GUIDE with useful graphics for professionals and landowners regarding floodplain issues and concerns in Minnesota. This will be very helpful document for home owners and buyers looking to buy land on rivers or lakes that could possibly be affected by floodplain issues and more prone to […]
Major Loan Options for Buyers
Major loan options for buyers they should know about. This includes FHA, VA, Conventional and Vacation Properties. Home Loan Highlights: You should be know about the major loan options for buyers that are available. There are a number of different loan options available to buyers for the different properties they wish to purchase including vacation […]
Purchasing Property and Septic Systems
Buying a cabin or home creates excitement, however, this purchase also requires some thought and planning about how wastewater will be treated. Purchasing property and septic systems In certain conditions, St. Louis County may require that you have the septic system inspected to determine if it is in compliance when purchasing property that has a septic […]
Tax Aspects of Home Ownership: Selling a Home
This article was written by a Turbo Tax Expert, dated 12/1/2022 Profit on home sale usually tax-free Many home sellers don’t even have to report the transaction to the IRS. But if you’re one of the exceptions, knowing the rules about excluding the profit from your income can help you hold down your tax bill. […]