Ready To BuyÂ Vadnais HeightsÂ Foreclosures?
Are you presently searching for one of the foreclosures in Vadnais Heights? 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 plenty of great values inÂ Vadnais HeightsÂ foreclosures
you will want to be prepared for how to negotiate your purchase transaction.
City of Vadnais Heights
Located just north of downtown St. Paul, Vadnais Heights ,MN is a beautiful smaller suburb in the Twin Cities Metro. With an easy 20-minute commute to all of the attractions of the larger city, residents here also enjoy the feel of small Minnesota town. Living in Vadnais Heights means you'll have easy access to more than 100 acres of parkland spread across 14 city parks. With plenty of affordable housing, MN first time home buyers may benefit from the Ramsey County First Home program. If you are interested in buying or selling a home in Vadnais Heights please give me a call.
A foreclosure can be a great value because the bank owns it and is paying for all of the upkeep and property taxes. 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 maximize the amount they get 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 Foreclosures
There are 2 major factors to consider when determining how much to offer. The first thing is to consider how long the property has been listed on the market and the second thing is to analyze the overall condition of the home.Â Â Vadnais HeightsÂ foreclosures that have just been listed are likely to sell for near the listing price (or even higher), while a bank that has a house that has been on the market a long time might be willing to negotiate for deeper 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 determine these factors as we search for foreclosures.
If you will need a mortgage loan to buy the foreclosure there are some critcal things to know. First, the house itself must be in acceptable condition to the lender in order to qualify for most loan programs. Properties that are in poor condition will either require a cash offer or special financing such as FHA 203k. Selling banks will also tend to 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 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 means that you meet with a local mortgage lender who will review your financial situation. In doing so they can tell you what types of MN 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.
Ready to Find A Foreclosed Home?
If you are thinking of buying a foreclosure please send me an email or give me a call. There are many great foreclosure 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.