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Foreclosure in Burnsville : Real Estate Advice

  • All50
  • Local Info0
  • Home Buying18
  • Home Selling1
  • Market Conditions1

Activity 5
Fri Mar 5, 2010
Aaron Dickinson answered:
I would recommend deleting this question since the other question you posted will get you far more detailed answers
0 votes 5 answers Share Flag
Sat Mar 6, 2010
Ralph Windschuh answered:
It would appear that the only way to stop the sheriff sale would be to get a court order to stop it. I would suggest speaking to an attorney to see what your options are. Good luck to you. ... more
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Wed Mar 3, 2010
CCC answered:
Hi, $225 to $250
FIRST: ask the listing agent for an authorization to de winterized the property. Once you have approval, then, ask them for a refrerral of the company that winterized it. City needs to be contacted to "connect" (turn on) the watter. At the time of the dewinterization, the company/person doing it must check for leackage around the house. ... more
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Sat Jun 27, 2009
Patrick Howard answered:
Hi Donna,

It looks like you have an eye on a house that's currently in the foreclosure process. Typically there is a six month redemption period after the sheriff’s sale. After that, it will most likely take 2-3 mos after the redemption deadline for the bank to put it on the market. Regarding your second question, I'm not aware of any way to purchase the house from the bank before it's been listed for sale. To my knowledge, banks don't sell homes directly to the public. First of all they don't know what the market value is until they receive a BPO (Broker's Price Opinion) and also each state has different laws and requirements to sell a house. Therefore, they will sell it through a real estate broker and possibly work through a third party that handles these types of homes as well. Unfortunately, if you aren't able to buy the home before the sheriff’s sale, I don't see that you'll have a chance until it comes back on the market again.

If you're really interested in one particular house, I would absolutely make sure that you've spoken to a lender and done all the necessary pre-approvals. I would also have a Realtor with experience in bank mediated transactions ready to go so you can be the first one to make an offer. I'm seeing the trend lately that banks will deeply discount the homes so as to draw a lot of interest. This often results in multiple offers that drive the price up over the listing price and will sell very quickly. If you're truly serious about buying that particular house, it's not the time to play any games or put in a low bid.

I hope this helps. Good luck!

Patrick
... more
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Wed Nov 21, 2007
Jason Tangen answered:
Depending on the type of auction and the seller, you may not need any money down or you might have to purchase to entire property with cash after the auction. You should either contact the auctioneer or carefully read their flyers to see the terms upon successful bid at auction. Most auction companies have a disclaimer at the bottom of their advertisements laying out the specific details for completing the transaction after the auction is over. ... more
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