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I'm in the "Top-50" Listing Agents within Coldwell Banker Burnet. I live real estate 7 days a week! I specialize in many facets of Real Estate including Upper Bracket Homes, Bank Owned / REO properties, short-sales and investment properties as well as being RELOCATION certified. I'm in property investment clubs as well as property management as well.
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Scott Hutchisnon Thu Sep 18
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Scott Hutchinson answered:
There are some buyers out there, and the Western Burbs have been doing pretty good; however, the cost of dirt right now is pretty cheap (when compared to a few years ago). There are many "ready" lots for the consumer to choose from. There are still some great strategies to sell and market lots though. Best of luck! - Sun Nov 16 2008, 10:37
Scott Hutchinson answered:
Susan,
You are correct, many of the Bank Owned homes in MPLS are beat-up; however, the well priced ones usually go pretty fast. As others have already stated, many homeowners that are in default and foreclose, usually end up giving up and letting the house go. Also remember, a lot of default in MPLS occured in non-owner occupied homes that were poorly managed.
Best of luck!! - Sun Nov 9 2008, 16:34
Scott Hutchinson answered:
Why would you even consider signing over "all" of the interest of your house to someone, but still be obligated for the mortgage and the promissory note (that you previously signed when you bought the house)? This is a complete scam. I have run into this a lot lately.....a lot of times they will even offer you a few grand for the quitclaim deed. - Thu Oct 30 2008, 18:34
Scott Hutchinson answered:
I think after explaining the situation, they should have done their due diligence prior to sending a legal notice. Most big management companies/associations have a process that defines a "service dog". I personally do not think you should pay this since it could have been avoided.
My 2-cents---Best of luck! - Thu Oct 30 2008, 08:57
Scott Hutchinson answered:
The answer is "Yes", as they are not able to get clear marketable title. I have been in this situation numerous times, and if you can hang in there until they get marketable title (may take 3-6 months...or more), it may be well worth it. If you can be in contact with the attorney/paralegal that is representing the bank, you may be able to get a lot more information. There will be more than adequate language in the purchase agreement that protects them from performing, so your best bet is to concentrate your efforts on figuring out the time-line and the specifics to close.
I hope this helps and best of luck! - Tue Oct 21 2008, 06:19
Conventional Sales, Bank Owned, Corp Owned, Short-Sales, and investment properties.
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Currently in the Top-50 Listing Agents with Coldwell Baner Burnet
January 2002—present
Top-50 Listing Agents /Coldwell Banker Burnet
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