Check out these Bank Owned Properties in Blaine MN!
Let Patti Ann Kasper be your trusted advisor when it comes to Bank Owned / REOs!
Her mission is to make you the most informed buyer in your chosen neighborhood!
Is a bank owned property for you? Buying a bank owned property is very different when compared to the conventional real estate purchase process. Whether you are looking for a property as an investment or your personal residence, you need to be aware of the unique procedures, advantages, and disadvantages that come with purchasing a Bank Owned REO property.
Consumers may miss out on the obvious bargains or good deals if they only focus on price. The condition of the property is major factor that must be taken into account.
The first step is to choose a REALTOR® who is trained as an REO Professional and understands the current real estate marketplace.
Before we go on, let's clarify... Properties that have been through the foreclosure process and are now the property of "the bank" are referred to as REOs (Real Estate Owned) by the banks and are sometimes referred to as "Bank Owned". By the time the property reaches this point, secondary mortgages have been wiped out and they generally close successfully.
Properties that are in the foreclosure process are referred to as Short Sales or sometimes pre-foreclosures. These properties need the lender's approval to be sold if the sale price is less that what is owed. The homeowner may occupy the property and attempt to redeem the loan through the Sheriff's Sale and right up to the end of the 6 month redemption period. Because there can be multiple mortgages, these properties are often very difficult, if not impossible to close successfully. Many of these listed properties are either unrealistically priced because of the sellers equity position or have terms that are not conducive to a successful sale.
Foreclosures, Short Sales, and Other Things You Need to Know - Part 1 of 3
Foreclosures, Short Sales, and Other Things You Need to Know - Part 2 of 3
Foreclosures, Short Sales, and Other Things You Need to Know - Part 3 of 3
For both Short Sales and REOs, buyers need to beware! There are many properties posted for sale that are literally unobtainable for a variety of reasons. Some listing agents post distressed properties for sale with little knowledge or awareness of the sellers ability to handle the foreclosure situation. Furthermore, lending institutions that are associated with the distressed properties are overwhelmed with the workloads associated with negotiating these sales.
Meanwhile, many buyers and their agents are getting sidetracked by concentrating on properties that area literally unobtainable for purchase. Some buyers get very excited about the price on a foreclosure/short sale property, submit a purchase agreement and often wait in frustration. Weeks later they hear a variety of reasons/excuses associated with the lack of response, knowledge, communication and/or experience in the foreclosure market. Frustrations set in for the buyers who are generally not in a position to be patient, so they continue to search without any guidance or without an REO Professional.
Are you ready to receive attainable opportunities in your mail box immediately?
For more information on my guarantees, or how I can help you find your next home, sell your home, buy a business or investment property. Just call Patti Ann Kasper today at 763-548-1418!
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Patti Ann Kasper, Your Minnesota, North Metro Twin Cities, and Blaine MN Real Estate Expert! Associates of Science Degree in Geographic Information Systems and Cartography from Anoka Ramsey Community College in Coon Rapids, Minnesota.
© Copyright Patti Ann Kasper 2009 All Right Reserved.
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