I noticed your posting. What a great house with wonderful space. An unusual one for the area! Yes it is in foreclosure....still in the redemption period. I do have some knowledge of this property, and would love to answer any questions for you! I do a lot of work in the East Edina area as I have lived in the area for almost ...... 19 years now! Give a call. Kim Melin Coldwell Banker Burnet 952-201-4758
Hennepin County's data on this property: http://www4.co.hennepin.mn.us/webforeclosure/propertydetail.
Since the Redemption Period is almost over, it is very unlikely that a deal could be done today... they take more time than is available. The mortgagee is stated as: "Deutsche Bank National Trust Company, as trustee" suggesting that this is one of the loans repackaged up and sold as a CDO on the open market.
In probably 95% of the time, especially with large banks, the bank WILL NOT talk to any individual buyer(s) and will list the house with one of their local real estate agents and require all offers to be submitted through them, so you would have to wait until the house is listed for sale on the MLS to make an offer.
The bank bid $878,876.85 at Sheriff's Sale, which sounds like what is owed against the property. In most circumstances though, the house will be listed for substantially less than the Sheriff's Sale price. The house could be listed in as little as a week or two after the expiration of the redemption period or it may take a month or more... it can vary between properties and lenders.
I work with buyers and sellers of both traditional and foreclosed properties. I am also co-author of a groundbreaking report on foreclosures and short sales in the Twin Cities market: http://www.twincitiesrealestateblog.com/wp-content/uploads/2
Each agent that has responded to your question so far has a different style for working with their clients and in fact we each are with different brokers as well. Since Trulia is not going to give you a specific recommendation on who to talk to, I suggest you talk to more than one of us to find the agent that you are most comfortable with in regards to competency, personality, knowledge and experience. I would also recommend looking at their past answers to other questions as well.
Aaron M. Dickinson
It looks like the home is now owned by Deutsche Bank National Trust Company. The owner has until 12/19/08 to redeem the property, as the property was sold at the sheriff's sale in April. Most likely, after the redemption period this month is over, the bank will begin the process of putting the home on the market. If you would like me to look into the matter further, please feel free to contact me anytime.
I work exclusively with buyers on the purchase of Foreclosure and Short-Sale purchases. I strongly recommend that you donâ€™t work with the listing agent because their client is the bank and that is where their loyalties lie. When you work with me you have a much stronger negotiating position and will be able to get a better price for this home. I would be happy to help you write an offer on this property. If you would like to ask me any question or set up a time to meet please feel free to call or email me anytime. Below is my Guarantee to all my clients when they work with me.
$10,000 Savings on Your Home Purchase Guaranteed or Iâ€™ll Pay You $1,000