According to the Minneapolis Association of Realtors the average time on market in Eagan is 148 days. You can find their latest report on Eagan here - http://www.mplsrealtor.com/downloads/lmu/Eagan.pdf
Now one thing I can tell you is that reports like this are somewhat flawed because they include short sales which look like they are active for a long time while bank negotiations are taking place. The Average Days on Market can also vary widely based on price range and style of home (townhouse, condo vs single family).
I'd be happy to run a more specific report for you showing homes in your exact price range to give you a more detailed look at similar homes and what to expect. The market is actually pretty strong right now since there are 28% fewer listings on the market this year compared to last. Homes that are priced right and show nicely are selling quickly - quite often in less than 30 days.
RE/MAX Results - Apple Valley
If it is listed as a short sale you can. It doesn't turn into a bank owned property until the redemption period expires. Email me the address and I'll look into what bank will be taking it over. I have contacts at most banks and may be able to help!
Talk to you soon!
Kris Lindahl, CRS, CDPE, SFR
Depending on your income limits, you might be eligible for down payment assistance. There tends to me more programs within Minneapolis and Saint Paul, but there are programs for suburban areas too. See link below.... more
Mobile homes are often sold as part of a vacation retreat, sometimes they are sold within a certain mobile home park or area, with or without a land lease. They are infrequently listed on MLS unless they are on a separate lot or acreage and considered a manufactured home, allowed through zoning requirements. The commissions on this type of property would vary. Unless the home is attached to the ground, on a separate lot, it would often be subject to non-mortgage financing. Usually the mobile home is considered chattel property, not residential and would be financed more like an automobile. Remember, real estate commissions are negotiable by MN state law. If this is an MLS listed property, the commission would be identified in the published listing. IF it is made available for sale in some other way, I would not be able to ascertain the kind of listing or selling arrangements would be customary. I have sold vacation or rural property where a manufactured home was attached to the property. These were considered a home and usually would have a usual and customary commission published showing the rate or percentage available to the selling agent, the broker, and any other pertinent information. I did a quick search and did not find enough current or recent listings of property to show any commission rate change.... more
There is no specific answer because it is very case by case dependent. In many cases I've seen, the practical answer is whatever it takes to install waterproofing (drain tiling, rubber membranes, etc) and repair damaged finishes. Many houses have had water damage in the past... it is how you deal with it that makes the difference.... more
Prairie Lakes is a large development and there's the potential for multiple different management companies in for the townhouses on Lafayette vs. the ones in the Kerrville area. The properties on Kerrville Trail are managed by Community Development - 763-225-6400.
I assume this is a bank owned property. The listing Realtor is responsible for pricing the property, noting condition, and presenting offers to the asset manager. The presumption is the home has been priced with the condition of the home in mind.
If the property has been listed for 30 days, chances are they will reduce maybe 10 percent unless you can present a compelling case to the listing agent as to why the property isn't worth it. But chances are the listing agent believes they have properly priced the property with condition in mind.... more
Once the sheriffs sale has occurred, Minnesota law allows for a six month redemption period. So technically you will own the home for six months after the sheriffs sale.
There are two ways to speed up the process. One is deed in lieu. The 2nd is a little used state statute that allows lenders to seize a property within five weeks after the sale. This requires a visit to a judge and proof of abandonment AND proof that the property is in danger of damage due to abandonment.
So no, everything won't be taken care of by the sheriffs sale. Continue to press the lender for a deed in lieu so you won't be stuck with your home for another six months.... more
Start calling some banks and ask to speak with their loss mitigation departments. I would focus on small local banks and work on building relationships with a select few asset managers and see if you can't get some business that way. Most real estate agents with REO contracts are unwilling to burden their asset managers with additional phone calls so they are very reluctant to give out their phone numbers. Good Luck!!
licensed MN Broker
Coldwell Banker Burnet... more
Your agent can better advise; keep in mind that short sales are by no means fast sales, no matter the method of payment, therefore much patience is needed; some lenders are quicker than others, and much will also depend on the number of liens attached to the property....... more