Saturday, July 11, 2009

Anoka County Lakeshore, Acreage and New Construction Foreclosures: Home Sweet Home on a Budget!

Looking for a foreclosure, bank-owned or short sale but need to be able to live in the home immediately after closing?

It's time to stop thinking of foreclosures as the proverbial money-pit sitting on the market forever! In many instances, that is just not the case. People are snapping up deals all over Anoka County on homes that are in great condition and priced to sell. Some are bank-owned foreclosures but many are sellers just pricing their homes properly to sell in this changed real estate market. As a buyer, you have to be ready as the good homes are selling FAST!

Here are a few north Twin Cities metro homes that I noted that sold in DAYS:

  • Ham Lake 1992 built home on 1.5 acres with an additional garage. Totally rehabbed with cherry cabinets & brand new stainless appliances listed at $209K. Sold in 11 days.

  • Forest Lake home 4BR/3BA on ½ acre with extra garage. Bank owned price at $154K sold in 8 days.

  • Hugo new construction REO executive built rambler on 10 Acres for $439K sold in 42 days.

  • North Branch 2003 built, 4BR/3BA split w/4 attached garage and detached garage on acre lot for $242K sold in 16 days.
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 may require a bit of cleanup or a few cosmetic changes but there are many in move in condition too.

There are more deals out there too…Here are a few of the treasures I noted on the Twin Cities MLS in Anoka County today:
  • Bankowned New Const. 4BR/2BA 2 story w/50ft on Coon in E. Bethel for $309K...nearly half the original list price of $699K
  • Almost complete Ham Lake Mod 2Sty with 5BR/3BA/3Car on 1+Acre for $239,900...Previously listed at $400K. A price drop of $160K!

  • 5BR/4BA/5Car attached new construction executive rambler in Ham Lake on an acre for under $500K.

  • Bankowned 4BR/3BA Andover multi-level over 1/2 Acre on City water and sewer! with all the bells and whistles. Builder listed at $479K…Bank dropped price another $30,000 to $349K!

  • TWO Executive Blaine REO Beauties in The Lakes. A 3BR/3BA rambler that originally sold for over $640K in 2005 bank priced today at $415K. AND a 5BR/5BA brick two story lakeshore home sold for over $1 million in 2005 just listed at under $615K!

  • Cute 2BR/2BA/2Car Anoka endunit townhome Original list price just under $200K now lender bargain price is $134K.
If you are in the market for a great deal on a foreclosed home, get your ducks in a row because homes are being offered at rock bottom prices. Here are a few tips for those considering offering on a foreclosed home.
  • 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.

  • Banks will reject lowball offers…no negotiation. They are a business and know the value of the asset they are selling.

  • Well priced foreclosed homes get multiple offers. Serious buyers put in their best bid first and quickly.

  • Banks sell homes AS-IS. What you see is what you get. In most cases repairs will not be made.

  • In most cases a banks will not pay for inspecting the septic system or well. Those will be the buyer’s responsibility along with all other inspections. 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.

  • 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.

  • 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