Everyone hears about how many foreclosures are out there for sale. Buyers new to the market salivate over the deals they are going to get when buying a bank owned home. The only problem is right now there are really not that many bank owned homes available.
Here is a list of some of the area cities in Minnesota that I typically help buyers find great values on bank owned properties:
Cambridge MN has 11 ACTIVE bank owned property listings that don't have an offer on them. Isanti has 10 bank owned properties available.
Elk River has 16 bank owned homes for sale. Princeton also has 16 bank owned listings for sale. Zimmerman has 13 bank owned listings ready for purchase.
What happens is that the good ones sell fast because many of them come on the market and are priced well. Some of these were overpriced and are having the proper price drops so they fall into the market price range, so those are the ones that stay on the market for a while. Often buyers even make low offers on these homes and don't get them.
When the bank lists them at the right price they sell. But as you can see in these area towns there are really not a ton of options out there. Like I mentioned yesterday the time to BUY IS NOW! So if you see one that is a good deal, be ready, and buy it!