Foreclosure in Minneapolis>Question Details

Mike Harrison, Home Buyer in Minneapolis, MN

Where is the best place to find foreclosure info?

Asked by Mike Harrison, Minneapolis, MN Mon Jan 28, 2008

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11
Hi Mike- If your going to buy only one property. Then, I agree use an agent. But, if you are going to make this a part ime or full time business you will need to make the maximum profit on each transaction. Properties with the most profit are GONE before they are listed on the agents MLS. Therefore, agents will not generally have access to the properties. Contact title/escrow companies and ask to receive foreclosure lists. Also, ask if they offer free or nominal fee foreclosure seminars. You will learn what I'm telling you the best deals is way ahead of the agent's MLS is true. Check to see if there is a real estate club in you area. Real estate club offer a tremendous opportunities for exposure, education, and motitvation. I'm sure there are services in your area that will supply you with NOD's Notice of Defaults, pre-foreclosure and foreclosure lists daliy or weekly for a nominal monthly fee. Start looking at the propeties on the list. The most successful investors buy the best deals way before they reach the agent's MLS. Buying from the agent's MLS is buying retail. buying directly from the source is wholesale. Suck up all the knowledge you can.
Good Luck from a successful investor, Bill
1 vote Thank Flag Link Sat Mar 15, 2008
I'd go with a combination of online resources and an agent you trust. Do your homework online first, get a idea for whats out there and then contact an agent to verify and move forward. But I'd certainly start on your own, there are plenty of free resources, but if you don't have all day to sift through a million places, just go with one of the big pay sites.
0 votes Thank Flag Link Sun Oct 17, 2010
A real estate agent, local newspapers, real estate web sites.
Web Reference: http://www.funkyhuts.com
0 votes Thank Flag Link Fri Aug 27, 2010
In addition to all the great information you were given below, another good site is realtytrac.com. You can also go directly to bank websites as they will list their foreclosures as well. Many agents have spots on their own websites with their bank foreclosure listings. Another great resource is reotrans.com They list all foreclosures as well. Hope this helps.
0 votes Thank Flag Link Thu Dec 18, 2008
You can also look on http://www.foreclosuresUS.com
0 votes Thank Flag Link Mon Dec 15, 2008
Mike,

In Minnesota the vast majority of foreclosures take place through a process called foreclosure by advertisement. In these cases a property must be advertised in a local newspaper for 6 weeks prior to the foreclosure sale. I will echo that you will want the help of a real estate pro here, but if you want to do the core research it will start in these publications. Finance and Commerce (newspaper) is a decent source for Minneapolis foreclosures. There are also websites and services that take this information from the local papers and put it online - you might also check them out.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Sun Dec 14, 2008
Hi Mike........

Truly your best source for foreclosure info is a good realtor that's seasoned in the foreclosure area.

Should you need further help or have other questions, don't hesitate to ask!

Thanks, Todd Norsted
Web Reference: http://www.toddnorsted.com
0 votes Thank Flag Link Wed Feb 13, 2008
Hi Mike,

Trulia has this information. I've included a link below to the foreclosures listed in Minneapolis.

Best Wishes,

Emily Gibson
Customer Service Representative
0 votes Thank Flag Link Tue Jan 29, 2008
Many people are finding what they are looking for at http://www.forclosure.com
0 votes Thank Flag Link Tue Jan 29, 2008
Mike, I would have to agree with the last post that the best resource to get information would be a realtor. I am a foreclosure, and Short-Sale specialist for Home Buyers not the banks. What is the difference? The agents who have these listings are obligated to represent the best interest on the banks. Yes, there is dual agency and you can sign a buyer representation agreement with one of these listing agents but this drastically restricts your ability to negotiate a great deal. I have helped first time homebuyers save $10,000+ on the purchase of foreclosure homes. If you are interested in learning more I would be happy to sit down with you and show you how my team can save you thousands on the purchase of your new home. I will also show you why you don't want to use the agents listing these foreclosures and short-sales properties. In the end these agents are not looking out for your best interest and it's not their fault. Please feel free to e-mail or call me with questions it will not be a waste of your time. You can find my contact information by clicking on the webreferences and going to "contact" .
0 votes Thank Flag Link Tue Jan 29, 2008
Honestly: a real estate agent who specializes in foreclosures.

There are many sites out there that have foreclosure data and resources. The problem is taking that information and turning it into knowledge. An agent that works this market daily will have all the tools and information you need but will also have the knowledge and experience to make the best use of it. Just because it is a foreclosure does not mean it is a good deal!
0 votes Thank Flag Link Mon Jan 28, 2008
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