Want To Buy A Maplewood Foreclosure?
Are you thinking about buying one of the foreclosures in Maplewood? Whether you own your own home now or are a MN first time home buyer, you should learn the basics before going out to buy. While there are many great values in Maplewood foreclosures you should be prepared for how to negotiate your offer.
Maplewood, MN Community Info
Just a ten minute commute from St. Paul, Maplewood is an excellent community for both first time home buyers and move-up buyers. The City of Maplewood, MN is certainly proud to be home to the world headquarter's of 3M corp. Being so close to the city, Maplewood residents find them their neighborhoods amidst a unique blend of lakes, ponds and wooded areas. The city proudly offers an extensive list of recreational opportunities. If you are looking for a great place to live conveniently near the cities you will definitely want to look for homes in Maplewood.
Knowing What To Offer On A Foreclosure
A bank-owned foreclosure can be a great deal sometimes because as an REO (real-estate-owned), the bank is responsible for paying all the maintenance costs. As opposed to a property offered as a short sale, the selling bank has a big motivation to get the listing off of their books. At the same time, banks who are selling a foreclosure want to get the highest value they can out of the property. In the lower price ranges it has turned into a sellers market meaning that many foreclosures sell for well above the listing price! Knowing what to offer for the foreclosure is critical in terms of being successful with your purchase.
Factors in Foreclosure Buying
There are two big factors to consider when determining how much to offer. The first factor is to consider how long the property has been on the market and the second thing is to analyze the overall condition of the home. A foreclosure that has just been listed is likely to sell for near the listing price (or even higher), while a bank that has a house that has been on the market a long time might be willing to negotiate for deeper discounts. Also, a listing that is in poor overall condition may not be able to be financed so the bank may have to reduce the price far enough to attract cash buyers. I can help you determine these factors as we search for foreclosures.
If you are planning on financing the purchase of a foreclosure there are some important things to know as well. First, the property must be in acceptable condition n order to qualify for most mortgage loans. Properties that are in poor condition will either require special financing such as FHA 203k or a cash offer. The selling banks will also usually limit the amount seller paid concessions towards the closing costs of your home loan. In most cases today the selling bank limits the contribution to 3 per cent of the selling price, or 2 per cent if you are an investor. Finally a selling bank will never look at your offer if it includes a financing contingency and if you don't provide a preapproval letter along with the offer.
First Step In The Process
For many Minnesota first time home buyers the big, intimidating question is where do I start the process? Your very first step towards buying your first home is to get preapproved for a mortgage. In so doing you will find out how much you are qualified for so that we can research homes in a price range with comfortable payments for you.
If you are planning on buying a Maplewood foreclosure please send me an email or give me a call. There are many great Maplewood foreclosure values out there but knowing which one to buy will take some time and expertise. I would very much like to help you in your search for the ideal house!
Sales Executive, Licensed Realtor in Minnesota
Woodbury, MN 55125
With a focus on Woodbury homes for sale and surrounding communities