Community Corner
House Hunt: Homes for Sale in Mendota Heights Area
Contingency in real estate means the buyer or seller must meet a set of criteria before closing on the house.
As of last Sunday, there were 114 properties on the market in Mendota Heights, Mendota and Lilydale, ranging in price from $92,000 to $637,500. Three of these were contingent, which in real estate parlance means that an offer had been made and had been accepted, but the final outcome depended on either buyer or seller meeting a set of criteria.
Depending on the terms of the purchase agreement, the seller can continue to show, or can be forbidden from showing the home to buyers. In most cases, once an offer is accepted, a seller may not back out if a better offer comes in.
The most common contingency is a buyer’s inspection. Once the property has had an inspection, the buyer can choose to cancel the contract, ask for concessions (a drop in price or repairs before closing, for example) or simply agree to let the terms of the purchase agreement stand.
Find out what's happening in Mendota Heightswith free, real-time updates from Patch.
Lately, however, the prevalence of short sales and foreclosures has added, “An offer has been accepted contingent upon: third party approval.” That means that the investors who own the mortgage must approve the terms of the purchase agreement.
Banks can, and often do, take their time. This contingency can take weeks or months. Frustrated buyers can choose to stick with it or cancel.
Find out what's happening in Mendota Heightswith free, real-time updates from Patch.
Only one of the 114 properties for sale in the Mendota area is contingent on bank approval.
None of the following are contingent:
House No. 1: 629 Maple Park Dr., Mendota Heights
Listed by: Edina Realty
Price: $219,500 Taxes: $1,929 Association fee: $167
Description: Side-by-side town home; two bedrooms, three baths and 1,764 finished square feet. A beautiful open town home, this dwelling has a brick fireplace, hardwood floors, a tuck-under garage, with a living room that opens to a balcony overlooking a wide expanse of green space. The eat-in kitchen includes Corian counters, a pantry, recessed lights and stainless appliances. This home is located on a private road in the desirable Ivy Hill Townhome Association.
House No. 2: 953 Delaware Ave., Mendota Heights
Listed by: Coldwell Banker Burnet
Price: $399,000 Taxes: $2,095
Description: Two stories; three bedrooms, two baths and 2,507 finished square feet. This home is a classic Tutor style that will make you think you’re in England. While the architectural qualities have been preserved, updates include a chef’s style kitchen with a soapstone center isle, hardwood floors and stairs and built-in hutches. The lower level includes a beautiful second fireplace – and there’s a balcony off the third bedroom. Beautiful!
House No. 3: 882 Highview Circle., Mendota Heights
Listed by: Lentsch Company
Price: $425,000 Taxes: $5,164 Association fee: $650
Description: Side-by-side town home; four bedrooms, three baths and 4,255 finished square feet. Larger than many single family homes, this Victoria Highlands town home has new carpet, paint, kitchen appliances, light fixtures, kitchen countertops and back splash. There’s a walkout lower level, a built-in bar, gas fireplace and lots of light. The rooms are very large as well. The family room and deck are great for entertaining. Pets OK with restrictions.
House No. 4: 1883 Warrior Dr., Mendota Heights
Listed by: Coldwell Banker Burnet
Price: $549,900 Taxes: $4,659
Description: One story; four bedrooms, three baths and 3,401 finished square feet. This classic, beautifully built rambler sits on a private wooded lot on a pond. In the great space, enjoy plenty of natural light thanks to the huge windows overlooking trees and green space. The large kitchen has a center island informal dining area. There’s a screen porch that will remind you of the cabin. In the winter, choose between two fireplaces: one in the living room and one in the lower level family room.
House No. 5: 992 Caren Ct., Mendota Heights
Listed by: Edina Realty
Price: $549,900 Taxes: $4,300
Description: More than two stories; four bedrooms, three baths and 4,263 finished square feet. You could be only the second owner to live in this beautiful home. The kitchen is large, built for a serious cook and includes a breakfast nook. There is a formal dining room, a three-season sunny porch and a large patio, a lower level wet bar in the large family room, private master bath. Everything is nestled on nearly three-quarters acre on a quiet cul-du-sac.