Want To Buy A Mounds View Foreclosure?

So you want to buy one of the foreclosures in Mounds View? Whether you own your own home now 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 Mounds View foreclosures you will want to be prepared for how to negotiate your offer.

Mounds View Community Info

Mounds View, MN is a convenient northern suburb located just north of Minneapolis and St. Paul. With a population of just over 12,000, Mounds View residents enjoy the benefits of a small town despite their location near the central metro. Located in Ramsey County, first time home buyers may want to check out the Ramsey County First Home program with down payment assistance of up to $10,000. If you are looking to buy or sell a home in Mounds View, please don't hestitate giving me a call.

Knowing What To Offer On A Foreclosure

A Mounds View foreclosure can be a great value because the bank owns it and is paying for the maintenance of it. As opposed to a short sale, the selling bank has a major motivation to get the property off of their books. At the same time, banks who are involved in selling a foreclosure want to maximize the amount they get 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.

Things to Consider in Buying Foreclosures

There are 2 major factors to consider what you will make as an offer. The first thing is to consider how long the property has been listed on the market and the second thing is the general property condition. A foreclosure listing that has just been listed for sale is apt 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 home that is in poor condition may not be able to be financed so the bank may reduce the price far enough to attract cash buyers. I can help you determine these factors as we search for Mounds View foreclosures.

Financing and Foreclosures

If you are going to be 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 n order to qualify for most mortgage loans. Foreclosure listings that are in poor condition will either require a cash offer or special financing such as FHA 203k. The selling banks will also usually limit the amount seller paid closing costs towards your home loan. In most of these cases the selling bank will limit their contribution to 3 per cent of the selling price, or 2 per cent if you are an investor. 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.

Get Preapproved for Mortgage Financing

The first step in the process of buying a home s to get preapproved for your home loan. This means that you meet with a local mortgage lender who will review your financial situation. In this discussion they can tell you what types of Minnesota first time buyer programs you might be qualified for. This critical first part can be done over the phone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.

Ready to Find A Foreclosed Home?

If you are looking for Mounds View foreclosures please send me an email or give me a call. There are many great Mounds View foreclosure values out there but knowing which one to buy will take some time and expertise. I would value the opportunity to help you in your search for the ideal house!

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.