Not Just “Location, Location, Location” Twin Cities home Buyers (and readers of this blog) know that multiple offers are back, big-time, this year. But not everywhere, or for every property type or at every price point. So, what makes for a sure-fire bidding war, like the one that just erupted at 4340 Colfax Avenue...Read More
It’s certainly one of the odder real estate misnomers. So, “winterizing” a home doesn’t necessarily mean that it’s winter. Rather, what it invariably means is that the home is: a) a bank-owned foreclosure; b) vacant; and c) therefore not being watched vigilantly. To minimize carrying expenses and potential liability, banks will typically have the water...Read More
Can You Say, “Legal Mess?” Buyer is aware that property may be currently occupied & financing must be cash only. Seller may not be able to convey possession at the time of closing. Eviction proceedings may have begun. –Excerpt, MLS There’s one too many “may” and “maybe’s” in the foregoing MLS excerpt for my clients....Read More
Are “Traditional Sellers” Waiting For Fewer Foreclosures? Want a shorthand for knowing when the housing market has truly turned around? Watch what’s called “the median sale price” — statisticians’ term for the midpoint of a given group. So, the median price of 101 sold homes would be that price which is lower than 50 of...Read More
The Case for RTC II (“RTC²?”) It seems increasingly apparent — at least to this observer — that what lies in our collective future is some sort of successor to The Resolution Trust Corporation (“RTC”). It was the RTC, of course, that successfully dealt with (and disposed of) all the foreclosed commercial properties left in the...Read More
Can Bank-Sellers Be Choosers? Days 0-7: No offers considered. 8-12: Offers considered on property ONLY from NSP buyers, municipalities, non-profit organizations & owner occupant. 13+: All offers considered from all buyers. –Excerpt, foreclosure on MLS With the caveat that I don’t specialize in foreclosures, this is the 4th time in as many weeks that I’ve...Read More
