How To Buy South Saint Paul Foreclosures?
Are you looking to buy one of the foreclosures in South Saint Paul? Whether you own your own home now or are aÂ Minnesota first time buyer, you will want to learn the basics ofÂ South Saint Paul foreclosuresÂ before going out to buy. While there are many great values inÂ South Saint Paul foreclosuresÂ you should be prepared for how to negotiate your offer.
South Saint Paul: Community Information
Just south of downtown Saint Paul, MN you will find the city ofÂ South Saint Paul. Steeped in Minnesota history, South St. Paul is one of the historic major meat packing districts of the United States. Because South Saint Paul is located in Dakota County qualifying Minnesota first time home buyers can stand to benefit from theÂ Dakota County first time buyer program. With a goodÂ Park and Rec programÂ available in South Saint Paul it seems there's always something to do! With plenty of affordable housing available this is a great place to search for homes for theÂ MN first time home buyer. Is South Saint Paul right for you? Let's take some time to discuss the possibilities!
Knowing What To Offer On A Foreclosure
A 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 distinct motivation to get the home off of their books. At the same time, banks who are selling a foreclosure want to get the highest value they can 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.
Factors in Foreclosure Buying
There are 2 major factors to consider what you will make as an offer. The first is 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, while a bank that has a home that has been on the market a long time may be willing to negotiate for deep 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 work through these factors as we search for 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 for it to qualify for most mortgage programs. Properties that are in poor condition will either require special financing such as FHA 203k or a cash offer. The selling banks will also usually limit the amount seller paid concessions towards the closing costs of your home loan. In most cases today 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.
First Step To Buy A Home: Get Preapproved
For manyÂ MN first time home buyersÂ the intimidating question is where do I start? Your very first step towards buying your first home is to get preapproved for a first time buyer's mortgage. By doing so you find out how much you are qualified for so that we can search for homes in the right price range.
If you are looking for South Saint Paul foreclosures please give me a call or send me an email. There are many great foreclosure values out there but knowing which one takes some time and expertise. I would value the opportunity to help you in your search for the ideal house!
Angela CunninghamÂ Â
Sales Executive, Licensed Realtor in MinnesotaÂ
Century 21 Premier GroupÂ
1660 S. Highway 100, Suite #578Â
St. Louis Park, MN 55416Â
With a focus onÂ Minneapolis Real EstateÂ and surrounding communities.