Appraisal Issues Back on the Front-BurnerAs the saying goes, “April showers bring May flowers.” In the real estate market this Spring, the equivalent is, “April multiple offers bring . . . May appraisal issues” (OK, so it doesn’t have the same ring to it). One of the consequences of a home selling in multiple offers...Read More
Where: 37XX 17th Ave. South, Minneapolis What: 4 BR/2 BA, 2,386 FSF When: on market, April 3; closed, May 22; days on market: 2 How much: list price – $88,900; sold price – $121,000 Want an example of a too-cheap foreclosure setting off a feeding frenzy? This spacious 1 1/2 story (much bigger than it...Read More
Four Questions to Ask, or, “Context, Context, Context” With multiple offers making a comeback — especially bank foreclosures that are “priced to sell” (and then some) — it once again bears asking: ‘how do you know if the property you’re interested in is really in multiple offers?’ Herewith are the four ways to tell. One....Read More
Multiple Offer “Rules of Engagement”:Highest (Offer) & Best (Terms) Careful readers of MLS listings these days will notice more references to the phrase “highest and best” — as in “highest and best offers due by noon, Tuesday.” What exactly is the listing agent talking about? Two things. First, multiple offers have been received for the...Read More
More B.S. (“Bait & Switch”) from the Foreclosure Banks The water cooler is long gone, but that doesn’t mean Realtors don’t engage in “water cooler talk.” One of the hottest topics at the moment is foreclosures. Here’s how it appears to the (above) average Realtor — OK, me — who’s had some passing involvement representing...Read More
(More) Market Manipulation?In my last post, “Banks Price Low to Elicit Multiple Offers,” I discussed the increasingly popular tactic of foreclosure Sellers pricing low to precipitate bidding wars. What I left out was the identity of the banks who appear to be behind many of them: notorious, sub-prime lenders such as Countrywide and Indymac. Just...Read More
