Michael is a Realtor, GRI with the leading real estate company in Minnesota, Edina Realty. He was just voted a 2007 Super Agent by Minneapolis/St Paul magazine for outstanding customer service. With 10 years of experience and over 35 million in sales Michael is very well qualified to help you whether you are buying or selling. Please visit his website http://michaeldoyle.edinarealty.com for more information.
Keep in mind with a short sale the bank can reject all offers and foreclose. if it's being offered "subject to bank approval" the bank may not approve and foreclose to protect their asset.
Michael Doyle Realtor - Sat Apr 26 2008, 13:38
Jennifer,
Without knowing what the house is worth it's impossible to know how much to counter. Have your agent do a market on what the house is worth now and what it will be worth once you repair it. Don't go over 80 percent of what the CMA says to worth right now.
Michael Doyle Realtor - Sat Apr 26 2008, 13:32
Kelly,
Have the house tested for radon at your expense after closing and if the results are high look into mitigation. This is not something to just ignore. Most buyers do not test for radon but they should. if your inspection period has passed it's too late to ask the seller to make any additional repairs.
Michael Doyle Realtor - Sat Apr 26 2008, 13:27
Sue,
With a short sale the seller is asking the bank to take less then they are owed. The bank may decide not to take any of the offers and foreclose on the property. Once that happens it will be re-listed at a new price. What we are seeing is houses being put on MLS at prices the bank hasn't agreed to. A lot of these "short sales" never happen.
Michael Doyle Realtor - Sat Apr 26 2008, 13:23
Ravi,
I think you will get a get deal if you buy right now. You should be able to buy at 2004 prices. If you can stay there for five years you should be fine. The single family homes you will find under 200k in Maple Grove will need a lot of work so a town house might be a wise choice. Good luck on your search.
Michael Doyle Realtor - Sat Apr 26 2008, 13:16
MVPs or 'Most Valuable Players' are key Trulia Voices members who have been contributing high-quality content throughout 2008 and providing valuable advice to consumers and real estate professionals.