Many people want that very good deal on a big piece of land in the country. Although there aren't as many foreclosures on Minnesota acreage as there were a few years ago, from time to time, there is a deal that might be too good to pass up on a hobby farm in the Minneapolis/St Paul suburbs. However, buying a foreclosure is different than buying from a more traditional seller. The biggest difference when buying a property from the bank is that buyers are often required to waive their rights to a seller’s disclosure. (This actually does make sense; no one at the bank can properly complete the disclosure because they have not lived in the home.) In most cases, no one from the bank has ever set foot on the property. So when buying a foreclosure on acreage, what are some of the things home buyers should do to be avoid a housing nightmare ?
First off, find a REALTOR® that works with acreage properties. Your neighborhood agent in the Twin Cities might be the best agent on the block when it comes to selling townhomes, condos and dealing with HOA issues but if they could be over their heads when it comes to dealing with the issues that come up purchasing larger properties. The agent for the bank will not have time to walk a city agent through the necessary paperwork. It is best to find a agent that knows her way around a septic drain field and pole barn. Here are a few more tips that I recommend:
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