Comments on: Traditional, Bank Owned and Short Sales – A Comparison

By: Twin Cities Real Estate Blog » Traditional Sellers Have Window of Opportunity

Mon, 28 Dec 2009 22:34:21 +0000

[...] The other component of lender mediated listings, short sales, are a significant part of the listings we have for sale today (approximately 15%) but make up a miniscule number of the closed sales (5%) according to the analysis of June’s sales activity… the first month in which we could break out bank owned homes and short sales separately. Reasons for this include the following: [...]

By: Kathryn

Kathryn — Sun, 26 Apr 2009 21:15:23 +0000

Aaron,

Thanks for the info. The Sheriff department responded and did not consider it a crime. They said that as long as it wasn’t attached it was fine. My thinking is that it is a REO and everything is now owned by the bank. I was just hoping someone had a rule from the real estate law I could refer to. Oh, and BTW, it wasn’t me.

By: Aaron Dickinson - Edina Realty

Aaron Dickinson - Edina Realty — Sun, 26 Apr 2009 18:27:29 +0000

Kathryn,

Unfortunately I cannot answer that because it requires and interpretation of law and I am not an attorney. From a layman’s perspective though, the property is owned by the bank and to go onto it without permission is trespassing.

By: Kathryn

Kathryn — Sun, 26 Apr 2009 15:32:33 +0000

I guess I should tell you this is in the state of California.

By: Kathryn

Kathryn — Sun, 26 Apr 2009 15:27:30 +0000

Question: What does real estate law say about a property that has been foreclosed upon and is currently owned by the bank, but the previous owner gives permission to a neighbor to take fertilizer out of the backyard that they left there?

By: Donovan Wadholm

Donovan Wadholm — Sat, 25 Apr 2009 18:24:18 +0000

I really enjoy your posts. They are very informative and insightful. I personally find the info helpful for investing (in the stock market now but perhaps real estate in TC later) as I believe that the Twin Cities will be one of the first major markets to turn around.

Donovan Wadholm Jr

Here in Fargo we have seem minimal price reductions and in other parts of the state continued price increases…so again it is awesome to hear the word from down on the streets.

By: Aaron Dickinson - Edina Realty

Aaron Dickinson - Edina Realty — Fri, 24 Apr 2009 19:16:06 +0000

The percentage of damaged homes is really dependent on times of year. Any foreclosures over the summer and secured by fall are usually not damaged and typically only cosmetics are needed. In the winter I’d say about 10% – 15% have freeze damage.

As for trashed houses, I’d say that only 10% are really trashed. Copper pipe stealing has fallen in my opinion because commodity prices have gone down and it is harder to sell the scrap on the open market now.

By: ryan l

ryan l — Fri, 24 Apr 2009 16:02:26 +0000

Good information.

I feel like short of having to wait on the offer we got pretty lucky in our short sale purchase.

What percentage of foreclosed homes that you see are trashed (water damage, missing pipes, broken windows etc) vs needing cosmetic repairs (carpet, painting, thorough cleaning)

Working in Multi-housing I saw plenty of people that flat out never understood “ownership” get evicted they would neglect their units and flat out trash homes (crayon on the wall, animal feces on the floor, water damage from leaks that had existed for months) but I also saw people who faced unplanned hardship(lost job etc) and were unfortunately evicted as well…they left the homes in much better condition and sometimes actually steam cleaned the carpet!

I guess I assume that as more and more “regular” type of folks get foreclosed on you’d see homes in better and better condition.