Looking for a foreclosure, bank-owned or short sale on lakeshore in the north east Minneapolis/St Paul metro area?
Not all lakehome foreclosures are handyman specials requiring extensive rehab work. Today's lakehome foreclosures can be AWESOME--Inside and out! This economy forced responsible homeowners to let amazing properties go back to the bank. Many are still in very good condition...some might need some work or rehab financing. There are bank-owned, lakeshore homes on the market that may require a bit of cleanup or a few cosmetic changes but there some are in move-in, MINT condition too.Here are a few of the BANK OWNED treasures I noted on the MLS in the northeast Minneapolis/St Paul metro recently:
- Bank-owned 4BR on 1 Acre in Wyoming! 2000 built rambler on Ashton Lake. 3 car garage. Listed previously at $354,900 now bank priced at $250K.
- Foreclosed Rambler on White Bear Lake! 1200+ sq ft turn-of-century opportunity! 3BR/2BA with garage. Needs work but priced to sell by local bank at $274.9K
- Carver Lake bungalow on 1/2 acre lot! 4BR/2BA/2 car needing rehab financing. Assessed at $222K. Bank asking $159,900.
- 45 Beautiful Acres and 3000 ft shore on Linn Lake! 1993 Lindstrom 2 Story w/5BR/4BA/2 car with huge polebarn. Original list $1.2mil, now foreclosure priced $585K
- Hugo Multi-level on 1.7Acres w/Bald Eagle lakeshore! 1930 Built 4BR/4BA/2 car w/2800+ sq ft and beautiful built-ins. Previous list price $620K, bank price $360K
- 2002 End Unit Townhome on Chisago Lake! 3BR/2BA/3 car garage. Master suite, hardwood floors, fireplace. Assessed at $396K now foreclosure priced at $260K!
- Lake Josephine Bank-owned 5BR/5BA/3car on 3/4 Acre Lot! 2002 built 2Story 5800 Sq ft, Theater Room, Gazebo. Previous asking $1.3mil, bank asking $895K.
AND, not all bargains are foreclosures either. Some traditional homeowners have sharpened up their pencils and priced their homes to compete with the banks! These homes are often in move in condition and with a traditional seller, buyers can expect a quick answer when they write up their purchase agreement!
- Bald Eagle Lake 5BR/3BA/3car Mint Condition! 2001 White Bear 2 Story 4400 Finished Sq Ft w/sunset views. Original list over $700K now traditional seller price $550K
- 2002 End Unit Townhome on South Center Lake! 3BR/3BA/3 car garage. Master suite, fireplace, 2600+ finished. Original listed at $250K now traditional seller dropped price by $40,000 to $210K!
- 2001 Split Level 4BR/2BA/3car on Walmark Lake! Stunning lakeviews 2600 finished square ft. Previous asking $345K, now priced by traditional sellers at $249,900.
If you are in the market for a great deal on a foreclosed home, time to get organized because the rules to buy are a bit different than when working with a traditional seller.
Seven Tips for homebuyers considering 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 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.
- Banks sell homes AS-IS. What you see is what you get. In most cases, repairs will not be made.
- Banks will not pay for inspections in most cases. This includes the septic system and/or well. Be prepared as all inspections could end up being the buyer's responsibility. 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.
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