Category Archives: Foreclosures

Short Sale vs. Foreclosure vs. Traditional

Traditional Seller A traditional seller is a home that is owned by a person (or people) that are trying to sell their home. This is the typical seller, such as John and Jane Doe on Main Street. When making an offer to a traditional seller, the response time is usually within a few hours, andRead More…

Buying a Foreclosure

Buying a Foreclosure

There are many buyers, perhaps like yourself, that are looking to foreclosures as a good deal, a way to get a lower price on a home that you can put work into to gain equity.  If this describes you, read on. Buying a foreclosed property means that you are purchasing a property that has beenRead More…

Difference between Short Sale and Foreclosure

What’s the difference between a Short Sale and a Foreclosure? A Short Sale is when the homeowner owes more than the property is worth, and cannot pay back the difference. They are short of full payoff. Here’s an example: Let’s say the homeowner buys a house for $200,000, with a primary mortgage of $160,000, andRead More…

Foreclosure Process Timeline

In the Minneapolis / St. Paul and suburbs, the typical process for a foreclosure goes something like this. Upon missing the first mortgage payment, the bank sends a nice, friendly letter reminding them of a missed payment. After another one or two missed payments, the letters get a little less friendly. After 4 or 5Read More…