Minnesota Realtor Alex Anderson

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Minnesota Real Estate And MN Homes For Sale

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First of all, most people already know that “MLS” stands for the Multiple Listing Service. But what many people don’t know is that the MN MLS contains all kinds of info that the public CAN’T see, but a Realtor CAN. Now, keep in mind, this information differs greatly from state to state and region to region and is always changing. The good people working for the MLS are constantly looking to make improvements: better ways to serve the public and serve the Realtors it represents. They just recently, for example, began featuring units to rent in Minnesota, not just ones for sale. They are also constantly looking for ways to provide more and more precise information about these listings, adding more fields and more information so that the general public can look at the listings and have a clean, clear, concise idea of what they looking at before they go to see it.

Here, in my home state of Minnesota, the MLS contains real estate for sale – past and present and some rentals that are available. What John Q. Public can see are only the units currently listed as “Active” for sale or for rent, meaning they are currently available for offers. Active listings however may or may not have accepted offers on them. Many active listings are “active”, meaning you may make an offer on it, but already have accepted offers but are waiting on some other contingency. For example, if a home has an accepted offer on it but is waiting on bank approval in the case of a short sale or even foreclosure. Another common example is when a home has an accepted offer, but the buyer is doing an inspection to make sure the home is in as good of condition as it appears. This typically happens within one week of acceptance, but means the home stays active in the MLS so others may view, and even make offers on the home during this period.

Banks do make it a practice to keep properties listed as “Active” even if they have multiple offers on them, since only a very few may ever close. This is the case with short sales and foreclosures. As companies, it is in their best interest to do this. During this period they often even continue to lower the price.

On the MLS what John Q. Public CAN see, is any ‘active’ home for sale or for rent in Minnesota, including the number of beds, baths and garage stalls, estimated dimensions of the home and each of its rooms, lot size, county, school district, tree coverage and any comments from the selling agent. In conjunction with Minnesota county tax records, a pretty thorough view of the properties history may be painted. When further information is needed, a licensed MN Realtor can open up the MLS file and find out most additional information including, but not limited to listing history, continuous days on the market, subdivision, legal description, property ID, type of heat, fuel, air conditioning, water and sewer. They may also have access to any supplements that may have been posted, additional room description, appliances, special conveniences and features and seller financing as well as if the home is a potential short sale, foreclosure or has already been foreclosed.

Realty these days is a bit of tricky business often, with so many houses that have foreclosed and may be getting run down without someone there to care for the place. So many people had unfortunate circumstances causing them to default on their mortgage during the recession and all these circumstance affected the community at large. But good deals are still abundant. Although Minnesota is one of only five major markets in the nation that is recovering, the short sales and foreclosures are still happening. They are tapering off somewhat, but they are out there.

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