Move-In Ready Foreclosures in Ramsey County! Deals for First Time Buyers & Lakeshore Buyers!

Good news is that foreclosures are no longer always trashed, fixer-uppers. Today's foreclosures can be simply AWESOME! This economy has forced builders and responsible homeowners alike to let amazing properties go back to the bank. Many are still in pristine condition. Some still may require a bit of cleanup or a few cosmetic changes but there are many in move in condition too.

Here are a few of the lakeshore and high-end treasures I noted on the Twin Cities MLS in Ramsey County this past week:

• Detached executive town home in White Bear Lake. Master suite, custom kitchen, 2005 blt., assessed value over $475K, bank asking $380K.
• Bald Eagle Lakeshore. Two story home with attached guest suite& 6 car garage. Assessed by county at over $750K now priced under $460K.
• Picture perfect North Oaks split level w/lots of windows. Originally listed for nearly $700K now short sale priced at $499K.

Now if you are a first time buyer, here are a few foreclosures you might want to consider. Remember, if you buy a home before December 1, you will qualify for an $8000 credit when you file your taxes. Learn more about the $8000 credit HERE or call me at 651-336-7073. If you need additional help with a down payment or fix up funds and want to live in St. Paul, check out Live MSP.

• One level town home in Battle Creek area of St. Paul. 2BR/2/BA and 2Car Built in 2002. Sold originally for over $170K. Now bank-owned and under $130K.
• Maplewood 2story 2002 townhome. Over 1800 ft sq ft. Orig owner asking price $234K, bank asking only $155K.
• 2006 Townhome near Mall and St. John’s Hospital. Beautiful, stylish. Sold for over $230K but bank priced at under $185K.
• Mpwd Townhome New Construction Short Sale. Previous asking $290K now priced at $219K.
• 2005 built rambler near Harvest Park in Maplewood. Sgl fam home on almost ½ acre. Sold for $384K bank asking less than $225K.
• Near Keller Golf Course’03blt multi-lvl home. 4BR/3BA/3Car with vaulted ceilings and fireplace. Assessed at $347K, bank asking $250K.
• Almost new single family on St Paul’s East side. Rambler blt in ’06 4BR/2BA.Bank priced under $100K.
• 3M area executive ’06 3BR THome. Granite counters, Master suite. Owner asked $234K. Bank wants $115K.
• 2005 blt 2story in Phalen. 3BR/2BA/2Car single fam home with deck. Sold for $205K 4 years ago, bank asking less than $145K.
• Mac/Grov 2004 built Condo. 2BR/2BA/1Car. Owner asked $334K originally. Bank offering at less than $190K.

Want more information on any of these great foreclosures? Give me a call at 651-336-7073.
If you are in the market for a great deal on a foreclosed home, time to get organized because the rules to buy are a bit different than when working with a traditional seller.
Seven Tips for homebuyers considering a foreclosed home:

1. Banks LOVE clean offers. Buyers MUST be preapproved with credit checked and employment and funds verified. Documentation must accompany the offer or it won't be considered.
2. Banks reject lowball offers...Usually with no negotiation. They are a business and know the value of the asset they are selling.
3. Well priced foreclosed homes get multiple offers. Serious buyers put in their best bid first.
4. Banks sell homes AS-IS. What you see is what you get. Repairs will not be made.
5. Banks will not pay for inspections in most cases. This includes the septic system and/or well. Be prepared as all inspections could end up being the buyer's responsibility. If you chose to inspect the septic or the county requires a septic compliance test, expect to pay $400-$500 for this inspection. A well test will run around $150. A whole house inspection is $350-$500.
6. Personal property is not included as part of the sale. So if the appliances are at the home when you close, they are a bonus. The bank will not remove. But they don't guarantee will remain at the home or that they are in working order. This means if someone breaks in the home prior to the closing and takes them, the bank will not replace.
7. Having your own REALTOR® to represent your interests is essential. The listing agent is under contract to represent the bank. In many cases, the bank will not allow a dual agency so if a buyer contacts the listing agent to write the offer, the buyer does not have representation. This means all of your information goes to the bank...the listing agent is required to tell the bank everything that you say about your financing and the amount you are able or willing to pay. But the agent is not required to tell you anything in return. The agent works only for the bank.

Copyright 2009 Teri Eckholm http://www.terieckholm.com/