Looking for a foreclosure, bank-owned or short sale but need to be able to live in the home immediately after closing?
Good news is that foreclosures are no longer always trashed, fixer-uppers. Today's foreclosures can be simply AWESOME! This economy has forced builders and responsible homeowners alike to let amazing properties go back to the bank. Many are still in very good condition. Some still may require a bit of cleanup or a few cosmetic changes but there are many homes that you can move right into too!
Here are a few of the treasures I noted on the Twin Cities MLS in Anoka County this weekend:
- New Construction Foreclosure on Coon Lake! 60ft of shoreline and brandnew 4BR/2BA on north side of Coon Lake in East Bethel. Builder listed at $600K;bank priced ½ off at $299K.
- East Bethel Acreage with underground sprinklers, master suite and 4BR on one level. 4BR/3BA with 3 car built in 2001 and EXTRA garage sold for $393K just listed this weekend by bank for $222K!
- Bank-owned New Construction 5BR/4BA Rambler in Ham Lake. Executive home with 5 car attached garage. Tax valued at $589K bank asking $499K includes heated garage, wet bar, landscaping!
- 3BR/2BA/3Car 2004 built splitlevel on 3 acres in Burns Township. Just listed this weekend for $139K. Originally sold in 2004 for $265K.
- Modified 2 story 3BR/2BA/3 Car on 1/4 ac in St. Francis. Just listed this weekend for $169,900 by bank. Anoka County tax value $219K--$50,000 higher than asking!
- Brand NEW Andover One-Story Twin Home! 2BR/2BA/3Car with master suite. Builder priced at $265K...Bank asking $150,000!
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...often with 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. Buyers must be prepared to make all necessary repairs out of their own pocket after closing.
- 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.
Copyright 2009 Teri Eckholm