Your National Resource For Duplex Ownership

National Resources for Duplex Owners

Welcome to DuplexChick, your online destination for duplex ownership information.

Whether you're thinking of buying your first duplex home, or an experienced investor looking to sell, DuplexChick can provide you with up-to-date market information, tips on investment property ownership, and when youĂ­re ready to buy or sell, help you find a Realtor who specializes in these unique properties right in your area.

Considering Buying? See how a duplex specialist can help you get a better deal

Considering Buying?

While every Realtor can sell you a home, not every agent can do the necessary financial analysis to find a duplex that is a good investment. Click here for a neighborhood duplex specialist who can help you meet your financial goals.

Sign Up For Our Free Duplex Buyer's Guide

Considering Buying? See how a duplex specialist can help you get a better deal

Considering Buying?

Unlike single family home owners, duplex owners facing foreclosure must also contend with potential tax consequences. Whether you are an owner occupant or duplex investor enduring the stress of being behind on mortgage payments, or needing to sell even though you owe more than your duplex is worth, a short sale can help reduce damage to your credit and tax obligations.

During this stressful time, let one of our Realtors who is an expert carry the load.

Thinking of Selling?

What If I Need To Sell? Regardless of market conditions, learn the tips and tricks to maximize your equity!

Sign Up For Our Free Duplex Seller's Guide

Kari Lundin, Keller Williams Realty Integrity

7401 Metro Blvd Suite 350, Edina, MN 55439 tel. (612) 290-5998

Featured Articles

Why I Can’t Help You Help Your Realtor Find A Duplex For Sale 02.05.16

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Minneapolis Duplex for SaleFinding a duplex to buy in today’s seller’s market is the equivalent of buying a needle in a haystack.

Duplex buyers often reach out and ask me to help join the hunt. And sometimes they are just looking for hints as to where they can find all of duplex sellers who aren’t on the market in a given neighborhood or suburb.

At this point in our exchange, the state of Minnesota requires me to ask if they have signed a buyer’s representation agreement with another Realtor.

If they have, and that agreement is an “Exclusive Right To Represent Buyer”, the state says I cannot help unless or until it has either expired or they have agreed to cancel the contract. If I don’t honor that contract, I could be fined or even lose my real estate license.

As a buyer, the best thing you can do is sign either this kind of contract, or, a Non-Exclusive Right to Represent Buyer contract with a Realtor.

This document demonstrates to the agent that you are as serious and committed to finding yourself a property as they are. More importantly, it gives them the right to represent, advocate for and advise you throughout your search and the transaction.

If you are working with a Realtor in this capacity, you must have him or her reach out to me directly. The agent should also be working on their own, at a time with such tight inventory, to find you a property.

Of course, if you aren’t working with an agent, please feel free to contact me. While they aren’t quite ready to actively market their properties, I am in touch with a number of duplex owners who, under the right circumstances, would sell.

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Minneapolis Duplex Sellers An Endangered Species 01.21.16

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Duplex Sellers As Rare As Black RhinosIn recent months, you’ve probably heard from countless Realtors and national media talking heads that it’s a great time to sell your house or duplex.

If you’re like me, you kept waiting for the pundit, or the agent, to provide some statistic; some snippet of data, to back it up. And it never came.

Well, here it is.

The last moment of the great real estate market of the mid 2000′s was 2007. It was in late spring of that year that lending standards changed and everything came crashing down.

In other words, the month of January that year was still a great time to sell real estate. In fact, it was so great that there were 935 active duplex, triplex and fourplex properties available for buyers to choose from in the seven county metro area.

And now?

210.

What about a more recent comparison? In January of 2015 there were 241 active multifamily listings; that represents the equivalent of a 12.8 percent decline from one January to the next.

In other words, duplex sellers are becoming an endangered species.

In the last two weeks I’ve had a call a day either from consumers looking for duplexes, or other Realtors trying to find properties for their buyers who can’t find anything on the MLS.

Combine the two phenomenon and you have a market where duplex sellers aren’t facing a great deal of competition from other properties in the area.

In fact, the only competition is between buyers trying to beat each other to write an offer on the property!

If you’ve been thinking about selling your Twin Cities duplex, triplex or fourplex, but aren’t sure what it’s worth, give me a call or send an email. I’d be happy to let you know where you stand.

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Why Zillow’s Minneapolis Duplex Auctions Are The New Zestimates 01.19.16

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Duplex Sheriff's SaleThe real estate web site Zillow sure causes a lot of misunderstandings.

Initial confusion was a result of their Zestimates. Their algorithm had many duplex and home owners believing their properties were worth tens of thousands of dollars more than they actually were; and more recently, tens of thousands of dollars less.

More recently, Zillow’s “auction” properties have lead many duplex buyers to believe they can show up someplace, get a bidder number, and bit on a property featured on the web site.

Now, in theory, a buyer can do just that. However, at least in Minnesota, there’s an enormous hurdle in the process.

The auction the Zillow properties can be purchased at is the sheriff’s sale.

So what’s a sheriff’s sale?

When a duplex owner falls behind on mortgage payments, the bank tries to get them to get current. After three to four months of missed payments, the lender then issues a Notice of Default (NOD). This notice is published in a local periodical for a period of time, and it essentially states if the duplex owner doesn’t get caught up by the six month mark, the lender will auction the property off at a sheriff’s sale.

At the sale, the bank usually “buys” the property back. While it’s easy to envision this as the bank showing up with a briefcase full of cash, in reality, it’s a paper transaction. At the “auction” the bank is essentially asking if anyone will pay them the amount they’re asking for to

Most of the time, the amount they bid is equal to the amount the duplex owner owes on the property. Every now and then, for whatever reason, the bank decides they’ll take less.

Now, you are welcome to “buy” the property for that amount of money. First, you have to have a cashier’s check in hand sufficient to pay for the property in its entirety. In other words, you need to show up with the equivalent of cash to buy a property you’ve never been inside.

To complicate things further, you can’t just call a locksmith to meet you at the property and let you in. In Minnesota, the current duplex owner has six months to redeem the property. In other words, to pay off the amount of the winning bid, as well as additional attorneys fees and interest.

In other words, you tie up your money for six months. And, to make sure you’re following the letter of the law, you need to hire a real estate attorney to conduct the eventual removal of the current owner.

What happens when the six month redemption period is over and the current occupants have left? You take possession. Best case scenario, they left the place in perfect condition.

More likely, however, as they didn’t have the money to pay the mortgage, they didn’t have the money to do repair and maintenance either.

So again, as with their Zestimate, Zillow’s good intentions result in something that isn’t quite true.

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