Jenny, Home Buyer in Inver Grove Heights,...

HELLO,HOW DO I FIND A GOOD REO HOME AROUND 130K

Asked by Jenny, Inver Grove Heights, MN Sun Apr 6, 2008

Help the community by answering this question:

Answers

13
Hi Jennifer - Sometimes just a good home can actually be better than a good REO home. In the past, REO's would've been "good deals". At this time, they are a big share of the market and sometimes can be priced higher than some seller offered homes. I would recommend simply searching the market for any available home that suits your needs in your price range. This opens you up to all possibilities. REO transactions can be a bit tricky, and most likely you will be running accross more of them than anything else. The best home is going to be the one you are most comfortable with based on what you would like out of it. Happy Hunting!
1 vote Thank Flag Link Tue May 6, 2008
Most REO properties are listed within the MLS. Then submitted to thousands of websites locally and nationally because of the listing feeds that are associated with the MLS. Be aware of websites that ask for information or trial memberships. Those websites are out to make money and a lot of times the information is outdated.
1 vote Thank Flag Link Wed Apr 30, 2008
Jenny, you may use my web site http://www.kathylindbeckismyrealtor.com. I also know about one Hud home in inver grove you may want to look at.
0 votes Thank Flag Link Tue Jul 13, 2010
yes, I would advise you to contact a realtor in your area as they have the most up to date information available.
0 votes Thank Flag Link Sat Apr 17, 2010
Hi Jenny,

Good for you! You've just started on your journey. Each person is unique in their needs and what you want and don't want. If you're looking to stay around Inver Grove and want someone who know the homes and area I would be happy to help as I live in Inver Grove and have been a real estate consultant for 29 years.

Best wishes,

Kim Eisen
0 votes Thank Flag Link Sat Jul 25, 2009
First of all, describe good home. Do you mean a good investment that you need to put about 80k into to make it worth $350k or do you mean a first time home buyer's option that is priced to sell and in decent shape at $130k? Are you talking about a townhome or a single family home with a yard? Were you only looking in IGH or were you considering other areas?

There are homes in that price point that could be a good option, but it really depends on your needs. Talk to an agent that can help you put better parameters on what you are looking for by asking you more questions. You will be best served by finding an agent that specializes in the areas you are considering.
0 votes Thank Flag Link Tue Apr 29, 2008
Hi Jennifer, the first thing you will want to do is start working with a Realtor and they will help locate and show you properties that fit your needs. You will also want to contact several Mortgage Broker's and get pre-approved for a loan and you will know how much buying power you have. Typically before a Realtor takes you out to see homes they want you to be pre-approved and they will also speak with you to find out what your wants and needs in a home are. Then they conduct a search and take you out to see homes. When you find the home that works for you they will write your purchase agreement and help with the negotiations. Keep in mind that you do not pay for your Realtor / Buyer's Representative. Realtor's get paid from the proceeds collected by the people selling their home. There are currently 66 homes on the MLS site that can only be accessed by a Real Estate Licensee that belongs to an association. The criteria I used for the search were: Location - Eagan, Inver Grove Heights, Apple Valley , Burnsville, Rosemount, Lakeville, Farmington; Price Range - ($95,000-130,000); 2+ Beds, 1+ Baths; Style of home- (Single Family, Town Home, Twin Home) I did not include Condo's. This search pulled up properties that are Foreclosure/Short Sale/ Bank Owned and normal listings. If you would like me to send you a Home Buyer's Guide or would like the names of some lenders please email me at erbest@cbburnet.com Happy House Hunting
Emily Best
Coldwell Banker Burnet
0 votes Thank Flag Link Sat Apr 19, 2008
Hi Jennifer,
Searching the MLS, there appears to be several options in the South suburbs of St. Paul. It depends on whether you want a single family, condo or townhome and what other criteria you're looking for (bedrooms, baths, etc.).

South St. Paul appears to have the largest number of REO homes, with some also in Cottage Grove and IGH. Both Highway 61 and 52 have easy access to downtown St. Paul.

We primarily work with buyers, and many of them find our home search to be the easiest they've used:

http://www.thegoheens.com/search

Good luck and let us know if you need any help.
Web Reference: http://www.thegoheens.com
0 votes Thank Flag Link Sun Apr 6, 2008
Jennifer -

The agents you speak of are most likely sending you to Saint Paul as they have the largest amount of REO properties for sale. I did a quick search of REOs in Inver Grove Heights, Apple Valley, Eagan, and Burnsville, and came up with 12 homes, mostly townhomes, for sale. I live in the south Metro so you are looking at a commute time from anywhere of 15-40 minutes, depending how far south you go. If you stay along the 35 E corridor, you will have a relatively easy path into Saint Paul. If you look into Apple Valley, Rosemount, Lakeville, or Farmington, streets like Pilot Knob and Cedar Avenue (77) will get you into Saint Paul as well.
0 votes Thank Flag Link Sun Apr 6, 2008
Jennifer,
When you say "good" what are you thinking? Good condition, good price? At that price point the homes might be in rough shape. Remember your going to be buying "as is" I would find a Realtor to help you through the process.
Michael Doyle
0 votes Thank Flag Link Sun Apr 6, 2008
NO WE HAVENT FOUND THE BEST REALTOR YET WE KEEP FINDING ONES THAT WANT US TO GO TO ST.PAUL AND WE KEEP TELLING THEM NO MY BOYFRIEND AND I DO. YES WE DO WORK IN ST.PAUL BUT WE CHOSE NOT TO LIVE IN ST.PAUL WE WANT TO LIVE IN THE SOUTH BURBS IF ST.PAUL, MN
0 votes Thank Flag Link Sun Apr 6, 2008
Jennifer........are you working with a Realtor? That'd be the best way to find a great REO property. The reason for that is, the mls has a few fields that are privy only to Realtors, and REO properties have information listed in those fields that tell Realtors that they are bank or corporate owned.

Get a great Realtor working for you! What area are you looking in?

Thanks, Todd Norsted
Web Reference: http://www.toddnorsted.com
0 votes Thank Flag Link Sun Apr 6, 2008
Jennifer -

There are many homes listed for sale that are real estate owned by banks in the multiple listing system. For the most part, this is the first place a bank puts them, and sometimes the only advertising done. If you have an area you are specifically looking in, like Inver Grove Heights, let me know and I will send you a list of current REOs available.
0 votes Thank Flag Link Sun Apr 6, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer