The time seems to be flying as it seem like the last 3 months have gone by so quickly. For the last few weeks, Jeff Allen & I have been putting the final touches on the 3rd Quarter update to our report on Foreclosure and Short Sale activity in the Greater Minneapolis/St. Paul Region. We’ve revised the methodology to account for a new field our MLS recently added that discloses SOME of the properties that are either a foreclosure and short sale. We also found some additional terms that agents have been using to describe their listings as being Lender Mediated.
A phenomenon that has also been picking up in the last few months is the usage of “not a foreclosure,” “not a short sale” and others. It seems that many agents and/or their sellers have come to feel that it is important to note that their properties that are not in a distressed sales situation. In a market where many foreclosures are in horrible condition and a short sale can take 2 weeks to 4 months to negotiate (and only maybe successfully) I would agree that in many cases it is good to distance your property from that market if there’s any chance of misperception. In this quarter’s report we’ve made sure to exclude properties that are listed with those terms.