Thursday, August 21, 2008

Another One Bites the Dust

Looks like another local fraudulent figure in the real estate world has been taken down, being sentenced to federal prison on Tuesday.

Molly L. Heise, of Chaska, was sentenced to six years or money-laundering in which she stole more than $2.5 million from the clients of her real estate closing company, Profile Title and Escrow. Her wonderful actions win her the prize of 70 months in prison and three years supervised release. She also has to pay more than $3.9 million in restitution.

Makes you wonder if she thinks it was all worth it, in the end.

Wednesday, August 20, 2008

The Wonderful World of Foreclosures

One of the luxuries agents have when showing vacant homes is that you never quite know what you are going to find when you open the front door. I have a few clients that are looking at investing in some foreclosed homes around the Lake Nokomis area, so needless to say, I have shown quite a few these last few weeks.

Foreclosures are vacant homes that the bank really doesn't care about. All they want to do is sell them. Many of the agents I have run across that specialize in foreclosures don't ever check up on the homes they list. Sometimes they take a photo of the home from their car window. If you are lucky, you might get a photo of the back of the home too. But that is about all they do.

Take for instance, the little birdie in the photo. He has been dead a while on the second floor of a foreclosure I looked at a few weeks back. He took the pleasure of dieing right in front of the only bathroom in the house, so my clients were a little put off by his presence. It didn't help matters to then go into the next bedroom to only have another dead bird laying near the attic door. Strike clients, though at one time interested in the house, decided against it. I took the liberty of calling the agent and leaving them a message about the dead birds. Who knows if they ever cleaned up the mess.

But my point it, you never know what you are going to find inside a foreclosed home, so it is best to keep an open mind. Some homes have mold problems, some have updating issues, some need to be torn down, while others have been torn apart by the previous tenants. I heard about one owner in Prior Lake who has been foreclosed on and is still living in the home. He is "getting back" at the bank by stripping the property of everything he can, and then selling it on Craigslist. Supposedly someone bought his retaining wall, and dismantled it stone by stone. He also sold his deck. I heard his shingles are also for sale for anyone that wants to come take them off his roof.

Foreclosure makes people do funny things, and lets buyers see anything you can imagine.

Monday, August 11, 2008

Downtown Minneapolis Towers

Monday morning was beautiful with blue sky and lots of natural light. As you can see, the buildings reflect the blue very well, what with all the glass on these architectural towers.

To see a few pictures of my approach to Minneapolis, check out my Minneapolis Luxury Real Estate Blog.