Blaine Foreclosures: When And How To Buy

By
Real Estate Agent with IBR Realty

Looking To Buy Blaine Foreclosures?

Are you thinking about buying one of the foreclosures in Blaine? 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 Blaine foreclosuresyou will want to be prepared for how to negotiate your offer.

Information About Blaine

When looking to buy a suburban home to the Twin Cities make the city of Blaine one of your possibilities. Just 13 miles from Minneapolis and 20 miles from Saint Paul, Blaine offers all the benefits of a Twin Cities suburb. As a neighboring community to the Twin Cities, the City of Blaine has doubled its population over the last 3 decades. Mostly located in the County of Anoka, some portions of Blaine are in Ramsey county also. Take a moment to watch this brief video which was produced by the City of Blaine, MN. If you are thinking about about buying or selling Blaine foreclosures, please call me for further information.

Knowing What To Offer On A Foreclosure

A Blaine 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 transaction, the selling bank has a big motivation to get the listing 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.

Foreclosure Purchases: Things to Consider

There are two big factors to consider what you will want to make as an offer to purchase. The first factor is to consider how long the property has been on the market and the second 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 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 go out looking for Blaine foreclosures.

Financing Foreclosures

If you are going to be financing the purchase of a foreclosure there are some critcal things to know. First, the listing 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 a cash offer or special financing such as FHA 203k. The selling banks will also usually limit the amount seller paid concessions towards the closing costs of your home loan. In most cases the selling bank limits the 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.

First Step In The Process

For many MN first time buyers the intimidating question is where do I start? Your very first step to home ownership is to get preapproved for a mortgage. 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 planning on buying a Blaine foreclosure please give me a call or send me an email. There are many great 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.

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Rainmaker
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Bruce Hicks
Best Homes Hawaii - Honolulu, HI
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Aloha Casey, just commenting to build up my points.  Do you have a lot of Foreclosures in your area?  Here, there are foreclosures, but we concentrate more on REO's and Short Sales, even though Short Sales accounted for about 10% of the overall market for the past 12 months.  Everyone is expecting an increase in that number as we go into 2012.

Dec 14, 2011 05:59 AM #1
Rainer
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Casey J. Anderson
IBR Realty - Woodbury, MN

I can't say that there are a ton of foreclosures, but short sales are most certainly visible these days.  As a whole, the entry level price points are turning over at a much better clip of late.  The affordable prices combined with agreeable rates are definitely swaying people towards buying versus renting.

Dec 16, 2011 08:00 AM #2
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Rainer
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Casey J. Anderson

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