“They Can’t Do That!!” (Can They??) Add one more item to the list of annoyances — and expenses — associated with buying a foreclosure in the Twin Cities. So, word the last week or so is that at least some banks in town selling REO (“Real estate owned”) properties — also known as foreclosures — are...Read More
Bank Foreclosure Sales Recall ’90’s IPO’s We’ve seen this movie before. Specifically, many of the practices embraced today by banks selling foreclosures, or Real Estate Owned (“REO”), echo tactics used by Wall Street more than a decade ago to sell “hot” tech IPO’s (“initial public offerings”). Consider these 3 parallels: One. Artificially low prices. At...Read More
Worst-Kept Secret: Foreclosure Banks Flaunting MN Disclosure Laws A problem has arisen in Minnesota regarding lenders who have acquired property through foreclosure and then listed those properties for sale to Minnesota consumers. The problem is that lenders are refusing to comply with Minnesota disclosure laws. –Donald D. Smith and Brad J. Boyd, “Seller Disclosure Obligations...Read More
