Friday, February 24, 2012

Home Sweet Home on a Budget! Foreclosures on Acreage in Anoka County

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

Good news is that foreclosures are not always destroyed homes requiring major rehab. Some of today's foreclosures can be MOVE IN READY! 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 treasures I noted on the Twin Cities MLS in Anoka County:

  • Andover 5BR/3BA on 2.5 Wooded Acres. New septic, appliances,& carpet. Sold for $380K in 2007, bank asking $249,900.
  • Starter home in Columbus on 9 Acres. Move in condition 3BR/1BA/2 Car. $169,900.
  • Ham Lake 4BR/3BA/2 Car 1994 Stone front Rambler on 4+ Acre Lot  New Appliances, carpet & septic. Bank offering at $207.5K.
  • 10 Acre Executive Estate in Ham Lake with 12 Stall Garage! 3BR/5BA w/Granite, New Stainless appliances, HWD, whirlpool mstr suite& sauna. Sold in 2008 for $1.1 Million, bank list $495K.
  • Linwood 6BR/4BA 2Story w/3 Stall Garage+Pole Barn on 3 Acres 4500+ Finished +Unfinished Basement. Four fireplaces, new carpeting offered by the bank for $339.9K.
  • 4BR/2BA on 43 Acres backing to Golf Course in Oak Grove with 1100+ finished sq ft and 2 stall garage bank list price $194,900!
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 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 2012