How to buy a Shoreview foreclosure
So you want to buy one of the foreclosures in Shoreview? Whether you own house currently or are a Minnesota first time buyer
, you will want to learn the basics of Shoreview foreclosures before going out to buy. While there are many great values in Shoreview foreclosures
you will want to be prepared for how to negotiate your purchase transaction.
Shoreview, MN Information
The City of Shoreview is a great place to consider if you are planning on buying a home. Located in Ramsey County is a convenient second-ring suburb just north of Saint Paul. Family Circle magazine named Shoreview as one of the Top 10 best places to live
in a 2008 article. With seven lakes in the community Shoreview, MN
offers recreational opportunities for everyone. If you're searching for
affordable Minnesota housing consider looking in Shoreview.
Foreclosures are Bank-Owned
foreclosure can be a great value 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.
Factors in Buying Foreclosures
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. Shoreview
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 have to reduce the price far enough to attract
cash buyers. I can help you determine these factors as we go out
looking for Shoreview foreclosures.
Financing and Foreclosures
you are planning on financing the purchase of a foreclosure there are
some important things to know as well. First, the house itself must be
in acceptable condition to the lender n order to qualify for most
mortgage loans. Properties that are in poor condition will either
require a cash offer or special mortgage financing such as the FHA 203k
program. 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 three per
cent of the selling price. Finally a selling bank will never look at
your offer if it includes a financing contingency 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 many MN first time buyers
the big question is where do I start? Your first step to home
ownership is to get preapproved for a mortgage. In so doing you will
find out how much you are qualified for so that we can research homes in
a comfortable price range.
If you are planning on buying
a Shoreview foreclosure please send me an email or give me a call.
There are many great values out there but knowing which one takes some
time and expertise. I would value the opportunity to help you in your
quest for the perfect purchase!
Sales Executive, Licensed Realtor in MinnesotaÂ
Century 21 Premier GroupÂ
1660 S. Highway 100, Suite #578
St. Louis Park, MNÂ 55416
With a focus on Twin Cities real estate and surrounding communities.