Any interest in land whether present or future estate can be assigned including purchase agreements drafted and signed as part of the traditional sale process. An experienced agent can sniff out a bogus purchase agreement where the buyer seeks to tie up a property and then change the terms of the deal after the fact.

One of the biggest clues you may get in terms of having a buyer assign a purchase agreement is the insistence that the transaction is all cash and quick close, but the buyer doesn’t provide any legitimate proof of funds or any earnest money. A true quick close, all cash buyer who seeks the property without a contingency stands head and shoulders above a cash offer which morphs into a hard money load from a car finance guy. I had a 100% cash offer morph into financing, and the pre-approval provided was from a convicted mortgage fraudster—which is why it is so important to check and double check all the claims made by someone who states a transaction is all cash, or that they are able to secure financing.

The end result of jumping the gun by signing an all cash offer is that the property is all tied up. I have seen purchase agreements get assigned from builder to agent to newly formed LLC in a matter of days, with little asset verification—it can really spell trouble for a seller to sell to a buyer who has questionable ethics.

On the other hand assignment does have a legitimate purpose if one is a buyer—a large commercial transaction perhaps should stand on it’s own and have the business entity lease the property creating two going concerns that have cash flow. Assignment also can work when a buyer has acquire a purchase agreement on a property that is under it’s market value—which is great for the buyer and bad for the seller.

When in doubt, a non-assignment clause in a purchase agreement can prevent unscrupulous buyers from abusing this ability to transfer the future interest in the property. A sizeable down payment that is non-refundable is also advisable as a seller, as is triple verification of funds—making sure that claims made by a buyer whether for cash or mortgage are accurate.

Judgements can also come into play with the assignment of real estate contracts, so it’s very important to understand the balance sheet of a potential buyer or assignee. Consulting your attorney and Realtor throughout these processes is highly recommended.

As always, if you have a question about real estate, whether buying, selling, or something else, feel free to give me a call at (952) 473-1000.

Immediate buyer need for an updated or new rambler or two story home in Edina, St. Louis Park, Minnetonka, Wayzata, South Plymouth, and Eastern Orono up to $1.1 million.

• Prefer newer or updated
• 3800+ sf
• 4 beds
• 3 baths
• 3 car garage
• Prefer rambler but open to 2 story
• Large kitchen a must
• Back yard large enough for big dog
• Not a fan of light colored wood finishes

Call Dan Gustafson at (952) 473-1000.

Buyer seeks Non MLS Edina Country Club from $1.2 - $1.5 million. Please call Dan Gustafson at (952) 473-1000.

Immediate buyer need: 2 bdrm, 2 bath, 1 level living townhome in Chanhassen, Excelsior, or Minnetonka priced in the $250-$275 range if move-in ready or low $200s if needs updates. Call Dan Gustafson at (952) 473-1000.

There were 143 closed sales of single family homes on Lake Minnetonka in 2018. The prices for Lake Minnetonka Real Estate varied greatly with the smallest transaction being $335,000 for a modest home with channel lakeshore on Black Lake to $11,327,240 for the Southways Estate on Bracketts Point / Browns Bay in Orono. While this post does not address Lake Minnetonka Condo Sales, it should be noted that access to Lake Minnetonka was had for as little as $63,500 for a studio condo in the Lakewinds Yacht Club Complex in Mound.

While I won't go through every sale that happened on Lake Minnetonka, I will touch briefly on the top 10 most expensive homes on Lake Minnetonka and real estate transactions that occurred in 2018:

NON MLS Lake Minnetonka offering in Minnetrista with 153' feet of Lakeshore. Home is 5,768 feet with 6 bedrooms, 6 baths. Remodeled structure is flawless with high end details and finishes including a breathtaking view of Lake Minnetonka through walls of windows. Crisp white interior with black accents, formal and informal dining rooms, spacious great room, endless Lake Minnetonka views. If you would like more information on this property or other NON MLS Lake Minnetonka listings, please reach out to Dan Gustafson at (952) 473-1000.

Buyer seeks property up to $1,750,000 in the Minnetonka area including Wayzata School District boundary between 494 and 101 / Bushaway, Woodland, Deephaven, Greenwood, northern Shorewood etc.  They do not want to much further east than 494 or south of 7. Excelsior is too far west.  School district is not important.  NEED 4 KID’s bedrooms on one level.  Master suite can be on main or with kids.  Yard and neighborhood preferred but will consider other options for the right house.  They do not want a major remodel or build project.  Open to different styles.  If you or someone you know has a property like this they would like to sell please reach out to Dan Gustafson at (952) 473-1000.

Buyer seeks property in Minneapolis up to $1,350,000.  Lowry Hill / Kenwood / Cedar Lake area down to 54th, West of Hennepin then west of Penn.  SLP / GV: they’re starting to consider Lake Forest and Fern Hill and Tyrol.  NEED: 3 bedroom (1 is master suite), space for guest area and home office.  Space for a mud room.  Ample kitchen space for the scale of the house.  Front porch. Good flow to exterior spaces. Will do anything from complete gut project to turn-key new.  They’ll even consider a big owner-occupied duplex where they have 2 floors. 2 car.

Thanks for reading the NON MLS: The Lake Minnetonka Real Estate Blog and if you or someone you know has a property like this please reach out to Dan Gustafson at (952) 473-1000.

Up to $850,000. Minneapolis, St. Louis Park, Edina: South of 394 - West of Lyndale down to Rose Garden, then West of Penn or so (avoiding the low flying MSP air traffic) – North of 62 East of 100.  NEED: 3 Beds (1 is master suite), space for guest area, home office. Nice kitchen with flow to dining room. Main floor living space does not need to have TV area, TV area can be separate. They definitely prefer newer updates or new construction but will consider quality older homes with the right layout and price / update ratio.  Outdoor patio / deck is important. 2 car. If you or someone you know has a property like this, please reach out to Dan Gustafson at (952) 473-1000 and thanks for reading NON MLS Lake Minnetonka.

Buyer seeks a Single Family Home up to $270,000 in Minneapolis, Saint Louis Park, or Golden Valley under $270,000 with at least 2 bedrooms. Buyer prefers property to be updated, open floor plan, lots of windows, fenced yard, and a 1 car garage. If you or someone you know has a property like this please reach out to Dan Gustafson at (952) 473-1000 today!