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Scott Schultz's Blog

By Scott Schultz | Agent in Apple Valley, MN

Ready to Buy in Inver Grove Heights?

Ready To Buy Inver Grove Heights Foreclosures?

Are you presently searching for one of the properties in foreclosure in Inver Grove Heights? Whether you own your own home now or are a MN first time home buyer, you should learn the basics before going out to buy. While there are many great values in Inver Grove Heights foreclosures you will want to be prepared for how to negotiate your offer.

If you are looking for a short commute from your Twin Cities home to St. Paul, you will want to include Inver Grove Heights in that search. Situated in northern Dakota County is just a short commute to downtown St. Paul. Schools in Inver Grove Heights include Inver Grove Heights Middle School, Simley High Salem Elementary, Pine Bend Elementary, and Hilltop Elementary. First time home buyers may find Inver Grove Heights especially affordable if they qualify for the Dakota County First Time Buyers program. Whether or you’re an experienced home buyer or buying for the first time the community of Inver Grove Heights has a great deal to offer you.

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 major motivation to get the property off of their books. At the same time, banks who are selling their Inver Grove Heights foreclosures 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

There are two big factors for you to consider what you will want to make as an offer to purchase. The first factor is to consider how long the property has been on the market and the second 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 reduce the price far enough to attract cash buyers. I can help you determine these factors as we search for Inver Grove Heights foreclosures.

Financing Foreclosures

If you are planning on financing the purchase of a foreclosure there are some important things to know as well. First, the property must be in acceptable condition in order to qualify for most loan programs. Foreclosure listings that are in poor condition will either require a cash offer or special financing such as FHA 203k. 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 will limit their contribution to three per cent of the selling price. 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.

First Step In The Process

For many MN first time home buyers the intimidating question is where do I start? Your very first step towards buying your first home is to get preapproved for a mortgage. In so doing you will find out how much you are qualified for so that we can search for homes in the right price range.

If you are planning on buying a Inver Grove Heights 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 very much like to help you in your search for the ideal house!

Scott Schultz
Sales Executive, Licensed Realtor in Minnesota
Remax Results
Cell 952-221-7419
Direct 952-431-2400
Fax 952-431-0420
14451 Founders Lane
Apple Valley, MN 55124
With a focus on Apple Valley real estate and surrounding communities.

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