“Not a Foreclosure! Not a Short Sale!”

Sellers don’t usually start out proclaiming what they’re not. But this isn’t a usual market.

In some Twin Cities neighborhoods, the normal ratio of “traditional” sales relative to lender-mediated sales (foreclosures, short sales) has inverted. Furthermore, many Buyers have come to associate lender-mediated deals with extra risk and hassle.

So, to avoid being lumped in with the bank deals, more Sellers are trumpeting their non-bank owned status on MLS.

Translated, here’s what they’re really saying (or trying to):

–If you make an offer, you’ll get a prompt response (1-2 days, vs. one week or more).
–The Seller is willing to vouch for the condition of the property; provide the standard Minnesota disclosures; and comply with any applicable municipal inspection requirements.
— The home has been fairly priced — not 30% under market, to foment a bidding war, or 30% over, because that’s what the Seller needs to pay off their mortgage.
–You may write an offer using the standard Minnesota Purchase agreement forms and addenda (vs. using custom, bank-required forms with untested terms, Buyer booby traps, etc.)
–If you reach agreement on terms with the Seller, then find legitimate issues during the Inspection, you’ll be able to negotiate an accommodation with the Seller (vs. taking it or leaving it).
–If you have questions about the property or its status during the course of the deal, the listing agent (representing the Seller) will actually return your phone calls and email’s.
–The Buyer will be able to use their own title company (vs. the bank’s), to check on outstanding liens, taxes, city assessments, etc.
–At the end of the process, the Buyer’s Realtor won’t have to fight to collect the percentage commission advertised on MLS.

I could keep adding to this list . . . but you probably get the idea.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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