A foreclosed home is not the proverbial money-pit! Many bank owned properties --especially Minnesota lakeshore and acreage homes--are priced to sell and do not sit on the market forever! People are snapping up deals all over Anoka County on homes that are in great condition and priced right! Some are bank-owned foreclosures but regular traditional sellers are also pricing their homes properly to sell in this changed real estate market. As a buyer, you have to be ready as the good homes are selling FAST even in the WINTER!
Here are a few north Twin Cities metro homes that I noted that sold in DAYS over the holidays:
- East Bethel 1999 built 5BR Rambler on 3.5 acres with an additional garage located on Devils Lake. Sold in 20 days for $236K.
- Lino Lakes home 4BR/4BA/5Car garage built in 1995 on 1 acre Renaushau Lake lot. Previously sold for $675K, bank accepted $535K. Sold in 20 days.
- Linwood vintage 3BR/2BA lakehome built in 1916 on 4.3 Acres with 220ft shoreline. Bank sold for $170K in 7 days.
- Forest Lake/Columbus 1977 built, 2BR/1BA/2 car plus pole barn on 10 acres. Sold AS-IS for $104K sold in 7 days.
- Ham Lake 3BR/2BA/3 Car multi-level built in 1995 on 2.5 Acres with in-ground pool. Bank sold for $189K in 13 days.
This economy has builders and responsible homeowners alike to let amazing properties go back to the bank. Many are still in pristine condition. Some may require a bit of cleanup or a few cosmetic changes but there are many in move in condition too.
There are more deals out there too…Here are a few of the treasures I noted on the Twin Cities MLS in Anoka County today:
- Executive 3BR/5BA 2 Story in Ham Lake on 10 ACRES with 12 Car garage! 4200+ Finished with all bells & whistles. Sold in 2008 for $1.1 million...Bank Listed for $495K
- Lender-owned Linwood 3BR/2BA/2Car for $140,900 on 2 ACRES w/Polebarn…Sold in 2006 for $240K.
- 3BR/3BA/3Car Brick front Rambler on 1/2 acre in East Bethel on Coon Lake needs rehab but bank asking $234K.
- Bankowned 2BR/1BA/2 Car on south side of Coon Lake in Columbus. Tax value at $207K…Bank priced at $124K.
If you are in the market for a great deal on a foreclosed home, get your ducks in a row because homes are being offered at rock bottom prices. Here are a few tips for those considering offering on a foreclosed home.
- Banks LOVE clean offers. Buyers MUST be preapproved with credit checked and employment and funds verified. Documentation must accompany the offer or it won’t be considered.
- Banks will reject lowball offers…no negotiation. They are a business and know the value of the asset they are selling.
- Well priced foreclosed homes get multiple offers. Serious buyers put in their best bid first and quickly.
- Banks sell homes AS-IS. What you see is what you get. In most cases repairs will not be made.
- In most cases a banks will not pay for inspecting the septic system or well. Those will be the buyer’s responsibility along with all other inspections. If you chose to inspect the septic or the county requires a septic compliance test, expect to pay $400-$500 for this inspection. A well test will run around $150. A whole house inspection is $350-$500.
- Personal property is not included as part of the sale. So if the appliances are at the home when you close, they are a bonus. The bank will not remove. But they don’t guarantee will remain at the home or that they are in working order. This means if someone breaks in the home prior to the closing and takes them, the bank will not replace.
- Having your own REALTOR® to represent your interests is essential. The listing agent is under contract to represent the bank. In many cases, the bank will not allow a dual agency so if a buyer contacts the listing agent to write the offer, the buyer does not have representation. This means all of your information goes to the bank…the listing agent is required to tell the bank everything that you say about your financing and the amount you are able or willing to pay. But the agent is not required to tell you anything in return. The agent works only for the bank.
Comments(2)