Foreclosures and Short Sales
<$100,000 $100,000 - $250,000 $250,000 - $500,000
$500,000 - $1,000,000 >$1,000,000
The unfortunate growth of foreclosures and short sales (i.e., lender-mediated properties) has had substantial effects on the Twin Cities housing market.
Foreclosures are properties in which the financial institution has repossessed the home from the owner due to nonpayment of mortgage obligations. Short sales are unique arrangements where the financial institution and in-default homeowner work together in an attempt to sell the home before it is foreclosed upon.
This lender-mediated activity has significantly different effects than traditional real estate because a lender is intimately involved in the transaction—either by acting as the current owner/seller in the case of a foreclosure or as a less-direct intermediary with approval powers in the case of a short sale.
- Information Courtesy of the Minneapolis Area Association of Realtors
If you are considering the purchase of a foreclosed or short sale property, you should consider consulting with one of our experienced real estate professionals to help guide you through these often troubled waters. Now a look at the properties by price range:
<$100,000 $100,000 - $250,000 $250,000 - $500,000
$500,000 - $1,000,000 >$1,000,000
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