How To Buy Vadnais Heights Foreclosures?

So you want to buy a foreclosure in Vadnais Heights? Whether you own house currently or are a Minnesota first time home buyer, you will want to learn the basics before going out to buy. While there are many great values in Vadnais Heights foreclosures you should be prepared for how to negotiate your offer.

Community Info About Vadnais Heights

Located just north of downtown St. Paul, Vadnais Heights ,MN is a beautiful smaller suburb in the Twin Cities Metro. With an easy 20-minute commute to all of the attractions of the larger city, residents here also enjoy the feel of small Minnesota town. Living in Vadnais Heights means you'll have easy access to more than 100 acres of parkland spread across 14 city parks. With plenty of affordable housing, MN first time home buyers may benefit from the Ramsey County First Home program. If you are interested in buying or selling a home in Vadnais Heights please give me a call.

Knowing What To Offer On A Foreclosure

A Vadnais Heights foreclosure can be a great value because the bank owns it and is paying for all of the upkeep and property taxes. As opposed to a short sale transaction, the selling bank has a major motivation to get the property off of their books. At the same time, banks who are selling their Vadnais Heights foreclosures 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 2 major factors to consider what you will make as an offer. The first factor is to consider how long the property has been on the market and the second thing is the general property condition. Vadnais Heights foreclosures that have just been listed are 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 with traditional mortgage financing 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 house itself must be in acceptable condition to the lender in order to qualify for most loan programs. Foreclosure listings 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 closing costs towards your home loan. In most cases today the selling bank will limit their contribution to three per cent of the selling price. Additionally, a selling bank will never look at your offer if it includes a financing contingency for the sale of a home and never if you do not provide a letter of financing preapproval along with your offer.

First Step In The Process

For many MN first time home buyers the big, intimidating question is where do I start the process? Your first step to home ownership is to get prequalified for a home loan. By doing so you find out how much of a loan you are qualified for so that we can search for homes in the right price range.

If you are thinking of buying a foreclosure please give me a call or send me an email. There are many great Vadnais Heights 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 quest for the perfect purchase!

Casey Anderson
Sales Executive, Licensed Realtor in Minnesota
IBR Realty
caseyanderson@ibrrealty.com
Cell 651-245-1820
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities.