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The Perfect Bank Foreclosure Client

I have been working with one foreclosure seller for more than two years now and it has been a great experience.  While you hear of many horror stories about the process and the problems, I am thankful to say that I haven't had those issues with this seller.  My inventory with this seller is almost all sold so now I am on the lookout for a new relationship with the same characteristics.  Here is what I'm looking for in a bank foreclosure client relationship: Treat Each Property Like A Real Property Part of the … [Read more...]

How Much 'Shadow Inventory' Is There?

The National Association of REALTORS has put together a video discussing the amount and type of  'Shadow Inventory' nationally.  The biggest problem with such figures is that they are still based off of sampling & definitions of what is or is not counted in the definition.  Regardless of what the actual number is, the video discusses how banks are putting more focus on short sales than they have in the past - which I believe to be a much better option than letting these properties go through the entire … [Read more...]

2010 Foreclosure "Tidal Wave" Just Another High Tide?

For a year or so there have been stories of more foreclosures coming.  While I don't doubt the warning and we're starting to see a tick up in sheriff sales, I do think that given the speed that the banks are going that it will be 2011 before we see much of this expected surge of foreclosure/REO inventory on the market. Minnesota Home Ownership Center's report of mortgage delinquency (pre-foreclosure) notices are very high, a lot of the increasing delinquencies are sitting in limbo in the period prior to a … [Read more...]

What Happens to Vacant Foreclosures?

Star Tribune has an article discussing how many houses in foreclosure sit in limbo between the owner that is losing it and the bank that is repossessing it.  There are a few things in the story that aren't quite right but the gist is good.  Worth a read.  The comments from readers are just sad - it shows how little much of the public understands about the process. … [Read more...]

Traditional Sellers Have Window of Opportunity

A while back we released the 2nd Quarter Foreclosure (REO) & Short Sales Report, which not only debuted another revision to the methodology that decreased the counts of foreclosures and short sales significantly, but also showed positive trends in this market segment.  Good signs included: New Lender Mediated listing activity has remained steady over the last 5 quarters Lender Mediated sales continue their 3-year trend - going up and up each quarter Lender Mediated inventory for sale has been dropping due … [Read more...]

Inventory of Foreclosures & Short Sales in Twin Cities Dropping Fast

Monthly Lender Mediated Inventory - Through April 1 2009

Today MAAR released the quarterly update to their report: "Foreclosures and Short Sales in the Twin Cities Housing Market," which was co-developed and authored by Jeff Allen from MAAR and myself. Today's headline number is that while foreclosures and short sales (what we call lender mediated sales) are still a large part of our new listings and our inventory, they are an even larger part of our sales, which means that the for sale inventory of these lender mediated listings is dropping dramatically.  In fact, … [Read more...]

Q4 Lender Mediated Report & City Level Data Released

Hennepin County Sheriff Sales through December 2008

Today I am pleased to announce the release of the Foreclosures and Short Sales in the Twin Cities Housing Market: Q4 2008 Update.  This is the 4th installment of quarterly reporting of lender mediated sales and their impact in the Greater Minneapolis/St. Paul area, which I co-author with the musically, intellectually, politically and statistically talented Jeff Allen.  2008 reports from quarters 1, 2 and 3 are also available. Here's how to know if buying a foreclosure or short sale is right for you. This … [Read more...]

Already Bruised & Beaten, Cities Take a Swing at Banks

I couldn't decide what title to use... the one I did or this one: "City Screws Property Owners When no one is Looking" - which do you like better? I recently received a bill from a twin cities suburb for a foreclosure property I maintain.  Last year after it was abandoned and before I took over the lawn maintenance the city decided it was a "nuisance property" and hired a contractor to do monthly mowings.  Between the contractor's fees and the city's profit fees the total for 3 mowings added up to over $1100!  … [Read more...]

Is Buying A Foreclosure Right For Me?

Here is a list of questions to help you figure out if exploring this home-buying avenue is right for you. 1. When do I need to move? The timeline for foreclosure/lender mediated properties can be unpredictable response times to an offer in short sale or bank owned can vary. You must have flexibility in your closing date to be able to adjust to timeline. 2. How handy am I? Unforeseen issues will crop up, especially with seasonal changes will you be able to remedy those issues with sweat equity, or will you … [Read more...]

Q&A: Twin Cities Foreclosure Information

I often get questions on where to find information on foreclosure properties in the Minneapolis/St. Paul area.  Here are a few free resources that you can refer to: Hennepin County Foreclosures Dakota County Foreclosures Search Foreclosures and Short Sales currently for sale Unfortunately the other counties have not become user-friendly enough to post their sheriff sales onlines... I really wish they would.  I regularly reference Hennepin County's data for myriad reasons and I'm sure I'm not the only one.  … [Read more...]


TwinCitiesRealEstateBlog.com is not a Multiple Listing Service MLS, nor does it offer MLS access.
This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.