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 a dumpy, unmaintained home that will sit on the market waiting forever for someone to write up a lowball offer! In many instances, that is absolutely NOT the case. People are snapping up deals all over Anoka County on acreage foreclosed homes that are in awecome 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 to see a home as soon as it lists as the good homes are selling FAST! Also, buyers must be aware--The best homes are getting MULTIPLE offers the day they list!
Here are a few Anoka County homes that I noted that sold in DAYS:
- Blaine 2003 built townhome near Tournament Players Club. Perfect 3BR with 2 baths and garage stalls listed at $110K. Sold in 1 day.
- Coon Rapids Classic 1956 3BR rambler with 1/2 acre yard in move in condition. Bank owned price at $69.9K sold in 10 days.
- Coon Rapids 1998 built 2BR/2BA/2car townhome with whirlpool bath and built-in entertainment center. Listed at $80K and sold in 9 days..
- Ramsey 1992 built, 4BR/2BA split w/kitchen appliances and family room w/wet bar and wood stove. Listed at $97.5K sold with multiple offers in 7 days.
This economy has home builders and responsible homeowners alike to let amazing properties go back to the bank. Many are still in excellent condition. Some may require a bit of cleanup or a few cosmetic changes but there are houses that are move-in ready 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:
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 Anoover 4 level 3BR/2BA 4 car built in 2002 listed for $216K...jacuzzi tub and gas fireplace too! Home originally sold without finished basement for $270K
- 1995 Built Blaine Townhome with 2BR/3BA/2Car near TPC golf course for $104,900...Previously listed at $180K. A price drop of $75K!
- 5BR/2BA/3Car on wooded 1/2 acre lot in Blaine on located across from playground with a tax value of $208K.
- Cute 2BR/2BA/2Car Centerville townhome built in 1998. Sold for $167K in 2004 now lender bargain price is $89,900.
- 4+Acres and Polebarn in Columbus A 3BR/1BA/2Car 1967 rambler with original hardwood. Previously listed at $350K bank priced at $179,900.
- 5Bedrooms on almost 5Acres in Columbus New stainless steel appliances and carpeting in this 1987 built 4 level. Original list price was $295,000 now lender bargain price is $232.9K.
- Ham Lake Executive Two Story on 4.5 Acres! 4BR/4BA/3Car treasure corner whirlpool tub and custom built-ins throughout home. Originally sold for $620K in 2004. Bank listed at $429K
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.
- Be Prepared for Multiple Offers! Well priced foreclosed homes get multiple offers. Serious buyers put in their best bid first and quickly. Every offer I have submitted on a bank-owned home in the past year has had to compete in a multiple situation and sold for MORE that it was listed for in the MLS. Expect this trend to continue as inventory is low and interest rates are very attractive.
- 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.
- 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. (The exception to this rule is the communities where there is a point of sale inspection requirement.)
- 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.
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