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2 in 3 Bank Owned Homes Under $100k Sold to Cash Buyers


During the first 6 months of 2010, 63% of all the bank owned homes under $100,000 were purchased with cash.  Why is this? Banks LOVE cashBanks that have foreclosure inventory on their books want to sell those homes quickly and they want to be sure that if they accept an offer that the buyer will be able to close on the property. Cash offers can close quickly and also eliminate concerns about appraisals and the buyer's lender approvals so the seller has higher confidence it will close.  All things being equal, … [Read more...]

Investors Competing with Home Buyers on Foreclosures

minneapolis north types of buyer financing

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 to dig down deeper and look at the detail at the MLS-area level.  In Minneapolis-North, median sales prices have fallen from around $150,000 in 2006 to around $50,000 today - due almost entirely to the fact … [Read more...]


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This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.