If you are an unrepresented buyer looking for foreclosures or short sales in the Twin Cities Metro, you should contact me to get set up for a custom MLS search for properties marked as foreclosures or short sales. Through hours of research and trial and error, I have found a list of terms that REALTORS commonly use to note properties that are bank owned or subject to bank approval. This list of terms is likely the most comprehensive and best tested list in the region. If you are not currently under contract … [Read more...]
Foreclosures & Shorts Sales Should Be Classified As Such on MLS
February 28, 2008 by 3 Comments
There's a lively discussion going on in our office regarding foreclosures and short sales and their impact in this market. I was going to call it a debate but typically a debate has two opposing viewpoints whereas of the people I've spoken to, we all seem to be in agreement: the MLS should add a flag for foreclosures and short sales. Right now most agents do disclose if their listing is a foreclosure or short sale by saying something in either the Agent Remarks, Public Remarks, or Financial Remarks. The … [Read more...]
Short Sales & Foreclosures = More Multiple Offers
February 11, 2008 by Leave a Comment
Sounds kinda funny but many of the foreclosures & short sales I've been showing lately are receiving multiple offers... and are doing so at a much higher rate than the rest of the listings on the market! In some cases the homes sell for at or above asking price, though most still sell for less than asking. What is the reasoning for this? Well, it actually is a combination of several factors: Many buyers feel that foreclosures and short sales are the "best deals" in the market and therefore they can draw … [Read more...]
