Twin Cities Real Estate Blog

A perspective on the Minneapolis/St. Paul housing market

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Category: Foreclosures and Short Sales

Why Loan Modifications & Short Sales Are So Tough

22 January, 2010 (06:50) | Community Issues, Foreclosures and Short Sales, Info for Sellers, Neighborhood Info, special financing | By: Aaron Dickinson - Edina Realty

Minnesota Home Ownership Center does a great job of helping struggling homeowners determine and exercise their options.  Their blog post yesterday introduced me to a short article from Public Citizen that explains a large part of our problems in negotiating loan mods and short sales.

Investors Competing with Home Buyers on Foreclosures

20 January, 2010 (08:57) | Community Issues, Foreclosures and Short Sales, Info for Buyers, Market Stats, Opinion, Personal Experiences, investors, special financing | By: Aaron Dickinson - Edina Realty

In the last 12 months I’ve had a few situations where my client’s offer on a foreclosure was rejected in favor of a cash offer.  In my office, I know of many others that have experienced the same thing.
With the data provided by RMLS that I used yesterday to comment about FHA transactions, I am also able [...]

Think REALTORS Are Rich?

13 January, 2010 (08:01) | Community Issues, Foreclosures and Short Sales, MLS Compliment & Criticism, Market Stats, Opinion, Personal Experiences | By: Aaron Dickinson - Edina Realty

The 3 local REALTOR associations released 2009 housing statistics and I started going through them and my eyes were drawn to the number of closed sales in 2009 -  45,200.
Since most sales have a Buyer’s Agent and a Seller’s Agent, we’re looking at a total of approximately 90,000 trasaction “sides.”
The Twin Cities associations have approximately [...]

Financing For Some Condos Becoming Very, Very, Very Difficult

11 January, 2010 (08:56) | Community Issues, Foreclosures and Short Sales, Info for Buyers, Info for Sellers, Market Stats, New Construction, Opinion, Personal Experiences, city grants | By: Aaron Dickinson - Edina Realty

The housing boom brought us a slew of new community developments including condos, townhomes and retail/condo buildings.  While financing on townhomes is still doable, financing options for condo & mixed-use buildings is becoming very difficult.  The developments with the hardest time getting financing are the ones that have had the highest rates of foreclosure.
So many condos built from 2005-2008 in [...]

8 Predictions for 2010 Housing Market

7 January, 2010 (08:17) | Crystal Ball Projections, Foreclosures and Short Sales, Opinion | By: Aaron Dickinson - Edina Realty

Doing It Again In 2010
What does 2010 hold in store for buyers, sellers and Realtors?  I predict that it will be much the same as what we saw in 2009 here in the Twin Cities:

Foreclosures will continue to come on the market and many will be scooped up quickly with multiple offers.
The “next wave” of [...]

Vacant Houses for Sale

3 January, 2010 (08:45) | Community Issues, Foreclosures and Short Sales, Info for Sellers, Landscaping, Opinion, Personal Experiences, Useless Ramblings | By: Aaron Dickinson - Edina Realty

Dear Owners & Listing Agents of vacant relocation properties, short sales and foreclosures:
Today I showed one house that was completely unshoveled and a 2nd that was partially shoveled but very icy.  In both cases I and my clients almost fell a couple times each.  This is not a good way to get people to buy your [...]

Homeowners Losing Their Houses Strip Them for Money

30 December, 2009 (08:35) | Community Issues, Foreclosures and Short Sales, Opinion | By: Aaron Dickinson - Edina Realty

CNBC has posted an article about how some homeowners are stripping their houses of practically everything before they are repossessed by the bank.  Some homeowners will say that they’ve been victimized by the bank, yet these same people typically haven’t been making payments to the bank in 6-12+ months and their stripping of the house can cost thousands [...]

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