Property Q&A in Minneapolis>Question Details

Andrew Stack, Home Buyer in Brooklyn Park, MN

How does this work? Will the bank really sell for this little?

Asked by Andrew Stack, Brooklyn Park, MN Sun Jan 27, 2013

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No. The bank will list the home for sale with a real estate brokerage at market value.
0 votes Thank Flag Link Tue May 7, 2013
Wow, it's really hard to tell, Andrew, because we don't have a complete address. It would seem unlikely because banks have personnel who are doing their homework and assigning a realistic market price. While they are usually lower than homes being sold in a traditional sale, that price seems really low.

Let us know if you can find a specific address and we'll see what we can find out about it.

Good luck!
0 votes Thank Flag Link Mon Jan 28, 2013
The only home I could find on 83rd Ct. N is one that expired and was off the market. It was selling for $199,500. However, it now seems to be owned by JP Morgan Chase Bank. In July of 2012 there seemed to be a pending sale on it with the price listed at $139,900. From what I can see, this home is no longer on the market. It might not be the home you are asking about, but it's hard to tell.
0 votes Thank Flag Link Sun Jan 27, 2013
Hi Andrew,
No, The Bank sells property for Market Value established by an Appraisal by an Appraisor and maybe
a Realtor. What you are seeing there is maybe the value of a Lien on the home or a 1st or 2nd mortgage. Realty Trac gets all their info from local tax records so it could be any number of things.
There are 4 units for sale over there.
-$49,900 2br/1ba 844sqft
-$49,900 2br/1ba 966 sqft
-$54,900 2br/1ba 924sqft
-$110,00 3be/2ba 1090sqft
Are you looking to purchase a Townhome in BP?
0 votes Thank Flag Link Sun Jan 27, 2013
The short answer is no. This reflects only part of the money owed. When a bank releases a foreclosed property for sale they have done at least a couple of BPO's (broker's professional opinions) so they have a good idea of what fair market price is. Realty Trac shows properties that are going though or have finished the foreclosure process. It could be another year before the property hits the market. If you would like to find out what is on the market today contact me or another professional Realtor.
Web Reference:
0 votes Thank Flag Link Sun Jan 27, 2013
Most likely no I work that city and the only reason it would be that low is because it was actually reflecting the association's foreclosure amount (long discussion but the first mortgage will come into play), or else there was some serious fire damage/disaster for the house.

This is through Realty Trac and not even listed yet so don't worry about it. If you want accurate listings that will show you the true list price just contact me and I will set you up. It is the only way to access the realtor portion of the MLS.

Otherwise good luck and Happy House Hunting!

0 votes Thank Flag Link Sun Jan 27, 2013
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