Are you thinking about buying one of the properties in foreclosure in Lakeville? Whether you own house currently or are a MN first time home buyer, you should learn the basics before going out to buy. While there are many great values in Lakeville MN foreclosures you should be prepared for how to negotiate your offer.
If you are planning on buying Lakeville MN foreclosures you should know that the City of Lakeville is one of the fastest growing communities in the Twin Cities. As a neighboring suburb of the Twin Cities in Dakota County the population of Lakeville, Minnesota is now just over 55,000 according to the most recent census of 2010. It seems there is always something to do in Lakeville because of their well established Parks and Rec Department.Â First Time Home Buyers get a great benefit if they qualify for the Dakota County First Time Home Buyers Program If you are thinking about making a move to the south metro now is the time to check out Lakeville MN foreclosures.
A Lakeville 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 major motivation to get the property off of their books. Since there are many buyers in competition with you, you might be surprised at what you will need to offer in order to get 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.
There are 2 major factors to consider what you will want to make as an offer to purchase. The first is how long the property has been on the market and the second thing is the general property condition. Lakeville MN foreclosures that have just been listed are likely 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 go out looking for Lakeville 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 special financing such as FHA 203k or a cash offer. The selling banks will also usually limit the amount seller paid closing costs towards 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. Finally a selling bank will never look at your offer if it includes a financing contingency and if you don't provide a preapproval letter along with the offer.
The first part in the process of buying a house is to get preapproved for mortgage financing. This simply means that you talk with a local lender who analyzes your credit, income, assets, and debts. In this discussion they can tell you what types of Minnesota first time buyer programs you might be qualified for. This important first step can be done right over the phone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.
If you are looking for Lakeville foreclosures please give me a call or send me an email. There are many great values out there but knowing which one to buy will take some time and expertise. I would value the opportunity to help you in your quest for the perfect purchase!
Sales Executive, Licensed Realtor in Minnesota
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities.