Anoka County Lakeshore and Acreage Foreclosures—Write Offer NOW or Regret Later!

By
Real Estate Agent with Boardman Realty Minnesota License#90858

Stop thinking of foreclosures as the proverbial money-pit that will sit on the market forever! In many instances, that is just not the case. People are snapping up deals all over Anoka County on homes that are in great condition and priced to sell. Some are bank-owned foreclosures but many are sellers just 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!

Here are a few north Twin Citiebankowned signs by Teri Eckholm Realtors metro homes that I noted that sold in DAYS:

  • Ham Lake 1992 built home on 1.5 acres with an additional garage. Totally rehabbed with cherry cabinets & brand new stainless appliances listed at $209K. Sold in 11 days.
  • Forest Lake home 4BR/3BA on ½ acre with extra garage. Bank owned price at $154K sold in 8 days.
  • Hugo new construction REO executive built rambler on 10 Acres for $439K sold in 42 days.
  • North Branch 2003 built, 4BR/3BA split w/4 attached garage and detached garage on acre lot for $242K sold in 16 days.

This economy has forced 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:

  • New Construction 4BR/3BA Rambler in Fridley w/master suite, upgraded flooring/lighting and appliances included for under $250K
  • Lender-owned brand-new St. Francis townhome with 3BR/2BA/2Car for $99,900...A price drop of over $80K!
  • 5BR/4BA two story new construction executive estate in Ham Lake on 2+Wooded acres original list just over $1 Million...bank asking less than $780K
  • Bankowned 4BR/4BA executive two-story with all the bells and whistles in the TPC Golf community in Blaine. Builder listed at $619K...Bank priced at $499K
  • TWO Executive Blaine REO Beauties in The Lakes. A 3BR/3BA rambler that originally sold for over $640K in 2005 bank priced today at $415K. AND a 5BR/5BA brick two story lakeshore home sold for over $1 million in 2005 just listed at under $615K!
  • Andover home on 2.4 acres on the Rum River with indoor heated pool. 4BR/3BA/5Car assessed by county at over $700K. Bank priced at $374K.

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.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Buying a Home? Check out my new HOME BUYER'S BLOG!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

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Posted by

Teri Eckholm. REALTOR with Boardman Realty, is a native Minnesotan who has lived and worked in the Minneapolis St Paul metro all of her life. She specializes in lakeshore homes, acreage properties and first time home buyers but assists anyone making a move in the north and east Twin Cities metro.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give Teri , a call or visit her website for a FREE Home Buyer Success Guide or FREE Home Value Report She specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2019 terieckholm.com

 

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Ambassador
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Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Excellent post Teri!  BTW...thanks for helping Laura out yesterday.  I knew you could steer her in the right direction.

 

 

You rock!

Jun 02, 2009 08:01 AM #1
Rainmaker
720,287
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Anna--Thank you! And as for helping Laura...No problem! :)

Jun 02, 2009 09:32 AM #2
Ambassador
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Hi Teri, you are right about many deals out there foreclosure or otherwise. One of the worst things as a buyer we can do is generalize or think we know everything about the market. They need to call YOU!!!

Jun 02, 2009 10:37 AM #3
Rainmaker
2,762,803
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Teri, I just saw a foreclosure here and I have to say, the home was well taken care of!  There are some great bargains out there and many are very well kept up. 

Jun 02, 2009 11:30 AM #4
Rainmaker
575,553
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

Buyers better jump in now as the inventory goes down they will only be able to wish for these kind of prices.

Jun 02, 2009 02:50 PM #5
Rainmaker
720,287
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Gary--You know on two of these, I did have clients that I called immediately about as they listed. One we went and saw, the other they delayed on. The one they saw was a deal...just not their deal. Working with an agent that gets to know your needs is critical if you want a deal!

Jun 03, 2009 01:16 AM #6
Rainmaker
720,287
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Carole--Exactly! If you as a Feng Shui staging consultant are starting to notice the good foreclosures in your area, they are all over. (You are as close to being a representative of the general public as it gets).

Jun 03, 2009 01:18 AM #7
Rainmaker
720,287
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Terry--Inventory is dropping quickly and the bargains are being scooped up. There is no telling if there really will be that second wave of foreclosures as many short sales are being negotiated.

Jun 03, 2009 01:19 AM #8
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Teri - many believe because it says foreclosure, that means they can make low ball offer.  Yes many foreclosed properties are getting multiple offers.

Jun 03, 2009 04:39 PM #9
Rainmaker
720,287
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Jennifer--Exactly! Some properties that are in serious disrepair, still call for a lower offer but most foreclosures are not falling into that catagory. A well priced home in good condition will have many interested parties and the offers that are the strongest will get the home. Bank owned does not mean trashed anymore!

Jun 05, 2009 12:25 AM #10
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Teri Eckholm

REALTOR Serving Mpls/St Paul North & East Metro
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