MN MLS – Changing with a Changing Market
Date Posted:
Friday, May 8 2009 2:23 PM
The Twin Cities has entered a market dominated by lender mediated transactions and there seems to be a buying frenzy going on out there. Foreclosure inventories are way down and buyers seem to be writing offers the minute a new listing hits the market. Seeing multiple offers on a property with 24 hours of hitting the market is not uncommon. For instance here is a look at my week of writing offers on foreclosures:
Tuesday – single family home, 9 days on market and had 4 offers already
Wednesday – duplex, 1 day on market and had 1 offer already
Friday – single family home, 2 days on market and has 3 offers already
We have almost entered a market where you write an offer first and then go see the property because by the time you schedule a showing you are probably too late.
Thanks to the NorthStarMLS, searching for lender mediated listings has become a lot easier and puts all of us on a level playing field. The MN MLS recently added three new fields to their search parameters making it easier for agents to run a detailed search and in turn allowing them to better serve clients. The new fields include "In Foreclosure," "Lender Owned" and "Potential Short Sale." Here are the comments from NorthStarMls on the changes:
The current "In Foreclosure/Lender Owned?" field will be replaced with two separate fields: "In Foreclosure" and "Lender Owned." As with the current combined field, the options will be Yes, No and Not Disclosed.
NorthstarMLS continues to define "In Foreclosure" as: The homeowner being served official notice of foreclosure by a governing entity.
"Potential Short Sale?" is our third new field. The options here are also Yes, No and Not Disclosed. Existing listings will have nothing selected for this field. If you want to make a selection, you will need to go to Home Base and edit the listing.
For NorthstarMLS, we define "Short Sale" as: A transaction where title transfers; where the sale price is insufficient to pay the total of all liens and costs of the sale; and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies.
The new fields will also be available for broker/agent Web sites (through Broker Reciprocity) after a three week notice period for developers. Therefore, the new fields will be visible to the public.
NorthstarMLS continues to define "In Foreclosure" as: The homeowner being served official notice of foreclosure by a governing entity.
"Potential Short Sale?" is our third new field. The options here are also Yes, No and Not Disclosed. Existing listings will have nothing selected for this field. If you want to make a selection, you will need to go to Home Base and edit the listing.
For NorthstarMLS, we define "Short Sale" as: A transaction where title transfers; where the sale price is insufficient to pay the total of all liens and costs of the sale; and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies.
The new fields will also be available for broker/agent Web sites (through Broker Reciprocity) after a three week notice period for developers. Therefore, the new fields will be visible to the public.
As indicated by the MLS these same fields will be available on broker reciprocity websites like this one and you can find all "In Foreclosure," "Lender Owned" and "Potential Short Sale" properties currently listed on the MN MLS through this web site. One thing to keep in mind though and as I talked about in two previous posts What's New with the Minnesota MLS and IDX and "MLS Search" only your Realtor can see the actual MLS. A realtor can see the MLS in real time as well, which in this market of multiple offers can be critical.
If you are a buyer in this market be prepared to move quickly and while you are free to use this site in your real estate search or any other broker reciprocity site I would recommend contacting a Realtor to set up a real time search for you in order to not miss out on a deal or your dream home.
Comments
Real estate in MN
Posted by minnesota real estateMay 19, 2009 12:00 AM CDTGreat post! It is amazing to see that homes are moving so quickly!