Short Sale Multiple Choice My client made an offer November 17 on a South Minneapolis short sale (the lender(s) must agree to accept less than the outstanding mortgage balance). When did he hear back from the listing agent (representing the Seller)? a. November 29b. December 3c. December 21d. January 23 Answer: none of the above....Read More
“$5,000 here, $10,000 there”To paraphrase a *famous quote, “$5,000 here, $10,000 there, and pretty soon you’re talking about real money.” In this case, the money consists of incentives offered to first-time home Buyers. New home builders have been offering Buyer incentives for quite some time (upgraded finishes, discounted loans, plasma TVs, etc.). However, now government...Read More
2445 Portland Ave. So. Minneapolis Asking Price: $132,905Assessed Tax Value: $505,500Property Taxes (2009): $8,216Last Sale: $480,000 (3/1/2007) This 5,200 FSF, Brick Four-plex came (back) on the market late Friday afternoon. A quick look at its selling history indicates that it’s been on and off the market, at ever lower prices, since July, 2005. What it...Read More
To Help Clear Housing Market, Peg Tax Value to Last Sale Price “Believe me, it’s not what it is.”—New Yorker cartoon That’s what’s the woman caught in bed with another man, says to her husband standing in the bedroom doorway. And that’s what government authorities are effectively saying to anyone who buys foreclosed properties at...Read More
Surviving the Shakeout Edina Realty held its annual meeting for its 2,500-plus local Realtors today at St. Paul’s Xcel Center. I couldn’t catch all of it — clients come first — but what I saw was a combination pep talk, unusually frank discussion of today’s brutal market, and an emotional presentation by Bob Peltier, Edina’s...Read More
Lack of Standardized ContractsCreates Foreclosure Can of Worms From a realtor’s perspective, representing a Buyer trying to purchase a foreclosure can present an endless can of worms. For starters, there’s the issue of the house’s condition. What is it? Unlike a typical owner-occupied home, there are no disclosures, and the Buyer usually must agree to...Read More
