Minneapolis Duplex Foreclosure Freeze Thaws

seated snowmanIt may be cold outside, but last month, Bank of America rather quietly thawed out its national duplex foreclosure freeze.

What does this mean to you?

Well, in south Minneapolis and parts of St Paul alone, I can can think of at least 15-20 duplexes that were slated to go to Sheriff’s Sale last summer and because of the “robo-signing controversy” and subesequent foreclosure moratorium, didn’t.

But they are going to Sherif’s Sale in January and February.

Which means they will either hit the market as short sales or, more likely, foreclosures. The short sales will happen this spring.

Property owners have six months to redeem the amount bid at the Sheriff’s Sale, and if they fail to do so, the bank takes control of the property.

These duplexes should start hitting the market in mid-summer to early fall.

If you’re a seller, this means you should think about getting your property listed before the wave of foreclosures comes ashore.

And if you’re a buyer, you should align yourself with a Realtor who, as a result of specializing in duplexes and distressed properties,  knows where they are and can help you pre-empt your competition for those that are especially good values.

As I said, I know of at least 15 – 20 already!