Would a bank swap properties?
Umm, I highly highly doubt it. I saw this question asked over at Trulia Voices today and thought I would give my 2 cents.
Never mind the lower part of the question because I have no idea what he is getting at. Basically I had nothing better to talk about so I found this Q somewhere else 
Lets take a look at the question, would a bank swap property? Last time I checked they had tons of inventory that they are trying to get rid off and more waiting in the wings because defaults aren’t slowing down anytime soon.
It’s definitely not as easy as it seems for a bank to own property nor are they in the business to hold onto property. They want to get rid of it. Doesn’t hurt to try but good luck figuring out who to contact at the lender 
That’s it for now
Trying to sell upper bracket, good luck!
The Twin Cities luxury home market has definitely been slow. Some areas have been performing well but this article over on the Minneapolis Association of Realtors website definitely hits it point on.
A 33.5 month supply of active inventory on the market gives it an absorption rate that seems like it will never come back down. Slow demand, prime ARM loans resetting, new construction homes going bank owned all play into effect.
Just like any other listing out there, sellers in the upper bracket price points are ready to make a deal.
Huhhhh
$15,000 Tax Credit Making A Return?
Drop your thoughts on the tax credit below
Questions To Ask Before Submitting A Short Sale Offer
Due to the current state of the real estate market in the Twin Cities, economic conditions… short sales are probably here to stay for awhile. There are some challenges to short sales that can be overlooked.
I’m touching on this topic because I have been showing quite a few short sales lately especially in the southwest metro and these questions have been on top of mind.
These little transactions can be fairly pesky if you don’t have somebody that actually knows what they are doing. Although ‘most’ real estate agents will claim these days they are experts because they took a class or claim to complete X% of short sales they list. Don’t be fooled by trickery.
By asking some questions up front, you have a better idea of what you are getting yourself into and therefore your short sale transaction is less likely of being derailed. Although it might happen later on down the road
- Is the listing agent experienced with short sales? Provide proof
- Who will be handling the short sale negotiation?
- Has the short sale package been submitted and noted receipt from the bank?
- Do you have a point of contact at the bank? Is there a loss mitigator assigned to the file?
- How many banks/creditors/etc involved?
- Who are the name(s) of the lender? Is it FHA or VA?
- Does the loan have private mortgage insurance (PMI)?
- How many liens are currently on the property?
- Has the borrower/homeowner quit making payments on the mortgage(s)?
These are questions that should be asked before you submit your offer on a short sale in Minnesota. The reason, simple… you the buyer need to make an educated decision when it comes to writing a purchase agreement on the property. You don’t want to get stuck in a transaction that you might not have the time for.
Issues affecting short sales being completed
Many agents as well as lenders have absolutely no idea what they are doing when it comes to getting a short sale accomplished. I seem to think that when banks want to fire somebody, they place them in the loss mitigation department that handles short sales. Banks lack staff and suffiecent training. A lot of short sales are lucky if they even close. By the time the lender digs through the stack of files on the desk getting ready to sign off, the redemption period is over the bank then has control of the property.
There really isn’t any uniform way of handling short sales. Each lender handles it differently and there really isn’t a streamlined process in place.
Sometimes a second lien holder will hold up the approval of the short sale in order to get more money before releasing the lien. It doesn’t make much sense because they can hold up the the sale and then the house goes into foreclosure, which results in nothing.
Having a buyer’s agent that knows what questions to ask can really save you in the long run. Hopefully this helps out and provides some cost or time saving advice.
Write Offers On Multiple Properties?
I had seen this question in an internet forum and I can’t really recall where I had seen it and I also had a client ask me the same question.
Can you make offers on multiple properties in Minnesota?
To answer the question, YES but there are certain disclosures when doing so. On line 43 of the Purchase Agreement, there is a question that states “This Purchase IS or IS NOT subject to the cancellation of a previously written purchase agreement dated ____________”. If it is, then there is a specific clause that requires a cancellation agreement of previous purchase agreement that must be obtained by a certain date decided on by both parties.
So, would I recommend it? Possibly on one, but never no more than that. It might be hard to cancellation agreements on more than one and at that time you are playing your odds.
Why?
Some buyers are having to wait months at a time to hear back from lenders on short sales. Buyers may have the time to wait to hear back, more than likely they don’t. Always be aware when making an offer on a short sale about the wait time. Nobody knows, each one is different.
Sunday Mashup
Here are some links from the past week
- Looks like heading north might be a good thing. Duluth is apparently poised to be one of the top 10 housing markets that will see the most appreciation in the next 10 years. Coming in at #6 with a 3.74% rise.
- A realistic look at a housing? Housing prices are expected to fall for the next year, then stabilize with a possible rebound in 2012.
- Get a $3 Million house for just $10? Find out how
- 5 New Tools for Online/Wired/Tech Savvy Home Buyers here
- Time to bust out that plastic, here are ways to buy a home on the credit card.
- Old skateboard decks used to make a cool modern chair.
- US cash reserves traded for gold on cash4gold.com via Calculated Risk
Have any links to add? Drop them in the comments below.
Trying Something New
Get Out And See Some Luxury This Weekend
Looking for something to do this weekend? Why not set out on a self-guided home tour of luxury and upper bracket homes throughout the Twin Cities. The 9th annual Luxury Home Tour actually kicked off last weekend but has two more weekends to go.
Whether you are just dreaming, need ideas or looking to build, get a great idea of what’s out there and see some of the best Twin Cities luxury home builders.
Dates and Times
Fridays 1-7pm Saturday and Sunday 12-6pm
- June 12-14
- June 29-22
- June 26-28
Check out the website for homes on tour or a ‘must see‘ list of properties.
Tickets or passports to the homes will be needed and they run $20 at Caribou Coffe or $25 at the homes.
Vote Now! Twin Cities Hottest Realtor
Hahaha… KDWB is holding a Mr & Mrs Hot Property Realtor(r) contest over on their website. I would have applied but it turns out they only take business cards with corny photos/head shots on them and I hold neither. I use Dropcard for my virtual biz card, as another way of being paperless.
As it turns out, I know one of the real estate agents in the running for the crown. Actually as a little joke, Sherri Earley from the Biondich Group (which I work for) submitted her biz card and if you would be so ever kind to throw her a vote… I’m sure she would appreciate it.
Also if you are in the mood for some hideous Realtor(r) marketing ads, the website Gawker has some pretty rough stuff. Although the Twin Cities has it’s fair share horrible of bus benches, it appears that none made it to the website.
If you see one, take a quick pic and send it my way for my laughing pleasure.
-
Online Booking
-
Home Buyer Un-Seminar
Come join the barcamp experience home buyer un-seminar
-
Powered By
Jason Sandquist
Biondich Group
651.503.7132
You can contact me above or just fill out this simple form. Privacy policy: No Spam
Period!
-
Find Me Here
Living Twin Cities Community
Already a member?
Login
- JasonSandquist: @drewmeyers cheers! 07/02/09 10:50pm
- JasonSandquist: trying to go see Public Enemies tonight, any peeps seen it already? thoughts? 07/02/09 10:49pm
- JasonSandquist: @tylerrealtor I thought these things only went down on Fridays, maybe early holiday ;-) 07/02/09 10:49pm
-
Market Stats
-
Directories
