The Minnesota Home Ownership Center has been tracking pre-foreclosure notices received by foreclosure counseling agencies throughout Minnesota and just posted some updated charts that show 2010 pre-foreclosure notices are consistently higher than the same time frame in 2009. Through June 2010, notices are up a considerable 20%:
Based on my personal analysis of our local MLS database, approximately 1300 Twin Cities sellers and at least as many buyers may be waiting for their offer on a short sale property to be reviewed and accepted/rejected/countered by the seller's lender(s). The number of buyers waiting for answers may be substantially higher than the number ...
Twin Cities February closed sales showed that bank owned foreclosures were 35% of the month's closed units and short sales represented another 13% - making Lender-Mediated homes sales almost 50% of all residential home sales in the Minneapolis/St. Paul region.On a bank-owned home the Seller is of course the bank and therefore the Listing Agent represents ...
The Minnesota Home Ownership Center has just put out another good resource for buyers - this one discusses things to consider before making an offer on a short sale.Short sales can be a good opportunity and can also be a waste of 2-6 months' of waiting too - each situation is different. It's important to understand ...
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.