Want To Buy A
Are you thinking about buying one of the
foreclosures in Maplewood? Whether you own a home now or are a Minnesota
first time home buyer
, you will want to learn the basics before going out to
buy. While there are many great values in Maplewood foreclosures you will want
to be prepared for how to negotiate your offer.
A short commute away from downtown St. Paul, the City of Maplewood is an excellent
place to look for homes for both first time home buyers and move-up buyers. The
community of Maplewood, MN is definitely proud to be home of the world
headquarter's of 3M corporation. Being so near to downtown St.
Paul, Maplewood residents are blessed with a unique blend of ponds, lakes and
wooded areas even throughout its residential areas. The city offers an extensive
list of recreational
opportunities. If you are looking for a great place to live conveniently
near the cities please call me to help you with your search for Maplewood.
A 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, 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
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 Foreclosure
There 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 listing that is in poor overall
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 work through these
factors as we search for foreclosures.
Tips On Buying
If you are going to be 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. Foreclosure
listings 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 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 if you don't provide a preapproval letter
along with the offer.
The first step in the home buying process is to get prequalified for
financing. 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 even do this with you
when you are off from work.
If you are looking for Maplewood foreclosures please send me an email or give
me a call. There are many great Maplewood foreclosure 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!
Scott Schultz www.scottschultz.remax-northcentral.com
Sales Executive, Licensed Realtor in Minnesota
14451 Founders Lane
Valley, MN 55124
With a focus on Apple Valley real
estate and surrounding communities.