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Joe Scherer's Blog

By Joseph Scherer | Agent in Dakota County, MN

Ready to buy a foreclosure

Knowing What To Offer On A Foreclosure

A bank-owned foreclosure can be a great deal sometimes because the bank owns it and is paying for all of the upkeep and property taxes. As opposed to a property offered as a short sale, the selling bank has a big motivation to get the listing off of their books. At the same time, banks who are involved in 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.

One thing you should know is that bank-owned properties will limit the amount that they will contribute towards your closing costs. If you buy a traditional sale we can usually negotiate for the seller to pay all of your costs. With either a foreclosure or a short sale however you will generally need to cover some of the costs on your own. If you qualify for a Minnesota down payment assistance programs this can usually be used to offset some of the remaining closing costs.

Are you planning on buying a home soon? If you have not already done so, you should get preapproved for a home loan. Once you have done so we can focus our searches on properties that you can reasonably afford. I work with home buyers throughout the Twin Cities and would love the opportunity to help you start your search. Please call or email me and we can get started.

Joe Scherer
Sales Executive, Licensed Realtor in Minnesota 
Century 21 Premier Group 
Cell 612-991-6365 
1660 S. Highway 100, Suite #578
Parkdale Plaza
St. Louis Park, MN  55416
With a focus on Twin Cities real estate and surrounding communities.

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