Property Q&A in Saint Paul>Question Details

nmmerrell, Other/Just Looking in Saint Paul, MN

This is a foreclosed home and not in very good condition anymore. how would i get info on how to purchase this home cheap?

Asked by nmmerrell, Saint Paul, MN Wed Mar 21, 2012

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This question is about this property: http://www.trulia.com/homes/Minnesota/Saint_Paul/sold/133462…

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5
Find out which bank owns it. some of them have web sites that you can find it on. Not everything is for sale all the time. wait for it.
0 votes Thank Flag Link Fri Mar 23, 2012
Hi NM,

This property is not currently listed on MLS. It is close to foreclosure and may go to an active listing or may go in the auction queue. As a buyer, or investor, you will want to work with a Realtor experienced in this type of property.

When purchasing property in poor condition I usually work the problem in reverse. What would market price of the property be if it were in good or great condition? If I want to buy, fix, and sell how long will it be on market before it sells and what are my marketing / Realtor expenses? How much will it cost to get it in that condition? How long will it take to do the work (time is money)? How much are my carrying costs? And finally, what is the cost of acquiring the property? How much of a contingency fund do I need? If I know the answers to these questions, is there a profit left for me (or my investors)?
0 votes Thank Flag Link Wed Mar 21, 2012
Auction Date: Postponed - Awaiting Update

Foreclosure Information
Recording Date: 12/8/2011
Entered On: 12/25/2011
Opening Bid: $359,672

This home has not officially gone through the sheriff sale according to my records. It appears the Owner has been facing foreclosure since 2009 and has successfully prevent such Sheriff Sale from occurring. This can be done in many ways, but sufficient to say, the home owner is knowledgeable of the foreclosure process and/or has an agent or attorney assisting them in the process.

The strategy at this point would be to have me approach the owner to see if they are interested in selling the home as a short sale, to prevent a foreclosure from appearing on their credit record. This way we can make an offer that is reflective of the market pricing and condition of the home. If I did this I would act at a "Dual Agent" for you the Seller, and they as a buyer, to facilitate hen assist the negotiations and ultimate acceptance and closure of the deal.

There are many, many hurdles along the way, but this strategy has provided my clients an opportunity to purchase a home that is in imminent foreclosure, circumventing the long wait (6-Month Home Owner Redemption Period & 1-3 Months wait for the foreclosing lender to eventually list the home to sell. You can see that the wait can be up to a year, if not longer in some cases.

If I can be of assistance in executing this strategy, please call me at 952-210-6962; otherwise best of luck in your pursuit of this home. As an advisement, there are a lot of homes in the process of foreclosure, I have multiple databases beyond just the MLS that can identify these homes. I am a specialist in foreclosure, bankruptcy, estate and distressed properties and have negotiate directly with servicers, lenders, investors and insurance companies to successfully accomplish this and other strategies. Obviously I cannot guarantee any result, as the hurdles ahead can sometimes be insurmountable; but I commit my services to achieve our end game.

All The Best,

dsg

David Saint Germain
Realtor
T 952-210-6962 F 651-244-9583
david@metrohomesmarket.com
http://www.MetroHomesMarket.com
0 votes Thank Flag Link Wed Mar 21, 2012
In this situation I would recommend contacting a Realtor to help you buy the property, and ensure that you get it for the right price. We are able to send you foreclosure properties directly into your inbox every day just like this one that are great deals.

Then it comes down to whether you are conventional, cash, FHA, or other. FHA buyers don't tend to get the best deals because FHA will not finance homes in very bad condition, however there is a way to get around this.

It does not really cost anything to work with a realtor, and foreclosures are a very challenging transaction compared to normal real estate.

I don't really work that specific area, but I can always help you with a good referral if you are interested. Just contact me directly through Trulia!

~Chris
0 votes Thank Flag Link Wed Mar 21, 2012
Your best bet would be to contact an agent and have him/her (or me!) set up an automatic search for you on this property. On average it is 6 months to a year after the foreclosure that the bank's REO department gets the house on the market.

This one is not on the market yet. It last sold in 2004 for $319,000.

Regards,

Paul Johnson
Edina Realty
651-276-0903
"I help buyers and sellers find each other"
0 votes Thank Flag Link Wed Mar 21, 2012
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