Minnesota Real Estate

Minnesota Real Estate - Short Sales

I was in Maple Grove, Minnesota today talking about real estate with another real estate friend. My friend was concerned about improper marketing and "Short Sales" and how they influence the real estate market. I went on to add that the MLS is currently skewed because some agents are marketing homes as "Short Sale" listings that aren't even bank approved sales. This posses a problem because when the purchase agreement is written on the "Short Sale" property, the bank looks at the purchase agreement (in many cases) and doesn't approve the sale price (what a waste of time for everyone). At times, these homes are shown on MLS as "Sold Pending" and during this intrim period (prior to the sale falling apart) other agents see the listing status of the "Short Sale" property, at a discounted price, and receive an unrealistic understanding of what the actual real estate market is capable of. This is confusing and frusterating for agents and clients that are selling and buying real estate. My suggestion to this mess is quite simple! Have the MLS indicate in the MLS listing wheather or not the listed property is priced at a bank APPROVED discounted rate or NOT. If the price isn't bank approved and the property is marketed as a "Short Sale" listing BUYER AND AGENT BEWARE!

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