Game Theory & Strategic Default Should I stay or should I go now?If I go there will be troubleAnd if I stay it will be doubleSo you gotta let me knowShould I stay or should I go –The Clash, “Should I Stay or Should I Go?” lyrics As more homeowners nationally find themselves “underwater,” i.e.,...Read More
Where: 16xx Cedar Lake Parkway, just northwest of Minneapolis’ Cedar Lake What: 2,500 sq. foot. contemporary overlooking the lakeHow (much): list price is $247,900 When: (re)listed January 22 Who: co-listed by Teams International and RE/MAX Associates You could easily spend $1 million-plus (still) for a home overlooking Cedar Lake in Southwest Minneapolis. So, it’s attention-getting...Read More
Valuing Foreclosures in 3 Easy Steps Based on showing dozens (hundreds?) of foreclosed properties to clients the last year or so, I’ve developed the following, “ball park” formula for pricing them: Step 1: determine their peak value (usually, sometime in mid-2006). Step 2: Subtract 50%. Step 3: Add or subtract 10% for above or below...Read More
Not a Deal . . Until it Is If selling foreclosures is a card game, the bank-owners would seem to be holding the best cards. After all, they can decide whom to sell to, what price they’ll accept, and what contracts and which title companies to use (theirs!). No wonder so many prospective Buyers find...Read More
Dotting the Dots in the I’s The latest delay in a foreclosure deal where I’m representing the Buyer? The pre-approval letter from their lender lacked the lender’s signature. The bank might as well have objected to the font type and size in my client’s offer. What’s especially annoying is that the bank-owner was sitting on...Read More
Short Sales: Hurdles and Consequences Short sales continue to be a huge factor in the Twin Cities housing market. How do I know? I’ve been showing a new client who’s a first-time Buyer properties within 5 miles of South St. Paul the last few weeks, literally from Maplewood to Cottage Grove. Out of perhaps 100...Read More
