Minnesota Short Sales & Foreclosures – 50% Of All Sales
Written by Rob Reinke on January 1, 2009 – 6:11 pm -In recent months the number of short sales and foreclosures coming onto the market in Minnesota (also called lender mediated properties) has increased drastically. This past month’s local numbers showed that nearly 50% of all sales were lender mediated properties. This is a HUGE number..!! Never before have we experienced this sort of statistic in this market. This is a clear indication that the “standard”, “retail” seller is having a much more difficult time selling their home unless it is prices comparatively with all the short sales and foreclosures also listed on the MLS.
Buyers are looking for great values right now and they are finding them in short sales and foreclosures. They know that there will be work needed in many occasions when purchasing one of these properties. Some have light cosmetic updates that are needed and others more serious repairs. When the average buyer looks at what they can purchase the property for and then what they would need to put into it for updates and repairs, they are finding that they can be better off with a Minnesota short sale or foreclosure.
If you or anyone you know is facing a situation where there is more month left at the end of the paychecks and not sure how the mortgage will get paid, please do not hesitate to call me. I am a Minnesota short sale expert and I can help you avoid foreclosure.
Thank you.
Rob Reinke
CDPE (Certified Distressed Property Expert)
763-242-6303
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