Ready To Buy Edina Foreclosures?
So you want to buy one of the foreclosures in Edina? Whether you own a home now or are a Minnesota first time buyer
, you will want to learn the basics of Edina foreclosures before going out to buy. While there are plenty of great values in Edina foreclosures
you should be prepared for how to negotiate your offer.
Conveniently located in Hennepin County, Edina is a beautiful
first-ring suburb of Minneapolis. As a fully established community, the population has remained
stable at around 47,000 over the past 40 years. While large employers such as Jerry's Foods and
Fairview Southdale hospital are here, many residents enjoy an easy 20 minute commute to downtown
Minneapolis. While often considered one of the most affluent communities of the Twin Cities, MN first time home buyers may
be interested in one of the Edina's downpayment assistance
programs which offers up to $60,000 to qualified buyers. If you are
interested in buying or selling a home in Edina please give me a call.
Knowing What To Offer On A Foreclosure
bank-owned foreclosure can be a great deal sometimes because as an REO
(real-estate-owned), the bank is responsible for paying all the
maintenance costs. 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.
Foreclosure Purchases: Things to Consider
are two big factors for you to consider when determining how much to
offer. The first is how long the property has been on the market and
the second thing is the general property condition. A foreclosure that
has just been listed is 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 work through these factors as we go out looking for Edina
Financing and Foreclosures
you will need a mortgage loan to buy the foreclosure there are some
critcal things to know. First, the property must be in acceptable
condition n order to qualify for most mortgage loans. 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 closing costs towards your home loan. In most of
these cases the selling bank limits the 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.
Get Preapproved for Mortgage Financing
first step in the home buying process s to get preapproved for your
home loan. This simply means that you talk with a local 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 first step can usually be done right
over the telephone and most lenders will arrange to talk with you when
you're off work, even in the evenings or weekends.
are thinking of buying a foreclosure please send me an email or give me a
call. There are many great Edina foreclosure values out there but
knowing which one to buy will take some time and expertise. I would
very much like to help you in your search for the ideal house!
Sales Executive, Licensed Realtor in Minnesota
Century 21 Premier Group
1660 S. Highway 100, Suite #578
St. Louis Park, MN 55416
With a focus on Twin Cities real estate and surrounding communities.