Foreclosed homes in certain BPark neighborhood. I want to buy but aren't listed anywhere. How to buy?

Asked by Lovebpark, Brooklyn Park, MN Thu Aug 13, 2009

Should I try to contact the bank directly or use my realtor? If we use the realtor, and work out a deal, would she get any commission? (I don't want to waste her time) Thanks!

There are literally dozens of houses foreclosed in the neighborhood we want to live in. Nice, big houses and I've lived in the area for many years,moved to Minneapolis about 8 years ago. I want to move back and help this neighborhood survive &thrive!

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Jackie Funk, Agent, Minneapolis, MN
Thu Aug 13, 2009
Work with your REALTOR! Many listing agents are not putting signs on the properties, but they are listed on MLS. Most listing brokers DO pay the broker representing the buyers. It is not wasting our time - is important for us to get buyers in a home that fits their needs and they feel proud to call home. BP is a great opportunity right now, but buyers must be pre-approved and ready to go because the good homes are selling extremely fast. Good luck to you!
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Cameron Piper, Agent, Forest Lake, MN
Thu Aug 13, 2009

A good place to start would be the county recorders office to review the foreclosure documents recorded against the property. You want to know who won the sherriff's auction and it would be useful to know how much they bought it for. From there you can call the bank who won and ask to speak to someone in the loss mitigation department, from there the process depends on the bank.

Conversly you can also knock on the doors of the properties and see if anyone is living there during the redemption period. If you find an amiable seller you may be able to pursue a short sale with the seller even prior to the expiration of the redemption period. As Aaron points out however, these are both long shot scenarios.

Be sure to include your agent in all of these conversations as these are not waters you want to wade in alone.

Cameron Piper
#1 Trulia Agent in MN
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Aaron Dickin…, Agent, Champlin, MN
Thu Aug 13, 2009
It would be important to verify if they are foreclosures still in the redemption period or after. If they are still in redemption you would need to try to do a short sale with the seller. If it is after redemption then the bank can sell it directly.

I just recently did one of these with TCF - we watched for this particular house to complete redemption and tracked down the asset manager and was able to gain access for a showing and write up an offer... all before it was listed (and in fact it didn't get listed because we signed a PA).

When I discussed my buyer's interest I included an agreement for me to get compensated and they had no problem agreeing to it.

This process is often not fruitful but it is worth trying if you really want the neighborhood... just don't expect miracles - I was very surprised I got my deal together.
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