Tornado complicates Minneapolis foreclosure situation

The Minnesota Public Radio News site reported:

Pat Paulson, a REALTOR® with EXIT Realty Metro, recently sold a foreclosed home in north Minneapolis. But when a tornado pierced the home’s roof with branches on Sunday, that killed the sale.

"It was on the market for only a few days before an offer was accepted," Paulson said. "Unfortunately, that buyer, because of the damage done to the house, has decided to back out of the deal."

Luckily for Paulson, the company managing the house and the lender that owns it are discussing an insurance claim to repair the property. For a lot of other bank-owned properties in north Minneapolis, that process will not be as easy. The tornado knocked down trees, tangled power lines and left more than 200 foreclosed and vacant buildings in limbo.

Who really owns these damaged homes? Are they insured? Read the article.

 

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