realestate

Mower County real estate market stalls amid ransomware fallout

Mower County officials clean up cyber attack, impacting local real estate market.

T
he ABC 6 News Team is providing local, regional and national news, as well as weather updates. However, a recent cyber attack on Mower County systems has caused disruptions to the real estate market. Many county systems are still down, making it difficult for officials to access property data stored electronically in the county recorder's office.

    This lack of access is hindering buying and selling properties, as realtors, lenders, and potential buyers need accurate information about a property's past ownership. Without this information, transactions can't proceed. "Having public records is crucial," says Marty Helle, a real estate lawyer from Austin. "Without them, we don't know who owns the property or who can sell it."

    As a result, many are halting home closings due to the uncertainty surrounding property ownership and potential liens. Kris Heichel, branch manager of Fairway Mortgage's Heichel Team, explains that lenders are hesitant to close loans without knowing if other debts might take precedence over their mortgage.

    County officials are working on temporary solutions while they try to get everything back up and running. The duration of this process is unclear, leaving the real estate market in limbo until further notice.

Mower County real estate market slows due to ransomware attacks in Minnesota.