Every now and then, Minneapolis duplex owners facing foreclosure get a wish granted.
Like Cinderella, they’re always skeptical at best.
What’s the miracle? For some unknown reason, their lender decided to bid less than the amount of their loan at the Sheriff’s Sale and that new number is now the amount they owe on their first mortgage.
In other words, if they can come up with that amount during the six months the state of Minnesota allows as a Redemption Period, they can either keep their property or sell it for a profit.
Before you get too excited, know that it doesn’t happen very often. I watch this pretty closely and while I haven’t kept count, my guess it’s maybe one out of every 30 duplexes that go to auction at the Sheriff’s office.
For the duplex owners who hear me out, this can completely turn everything around. One owner I helped pocketed $85,000, another $45,oo0.
It sounds too good to be true. And most Realtors don’t know about it. I love that. It means I get to play Fairy Godmother.