If you watch the news or even notice a few vacant homes in your neighborhood, you’re probably well aware of the number of people in the Minneapolis and St. Paul area facing foreclosure or possibly already in the middle of one.
Foreclosures are one of the main reason there are so many distressed homes on the market right now.
When Foreclosures are re-listed for sale from the bank that now owns them, they will be listed on the active MLS just like the rest of the homes for sale. You can find them in abundant numbers in the lower end price points and dappled throughout the mid price range homes of similar size and area. If you would like to do a search for ONLY bank-owned properties, contact your Realtor and they can customize a search for you that includes only those properties.
Unfortunately all kinds of mischief can happen when a property is vacant for any amount of time, making them prime targets for vandalism and squatters especially in the winter. If there is a vacant house near you, it is best to share this information with your neighbors so you can be on special watch over the area. And if you are considering buying one be aware that they often have more cost associated with fix-up and repairs.
Banks also require you to sign and "AS IS" waiver acknowledging that when you buy the property, it is ‘as is’ and that they are held harmless of any conditions of the property. Most banks will also not guarantee that the appliances be there at the time of close. Usually appliances that are there during showings ARE there still at close time, but banks will not guarantee it.
And when purchasing a bank-owned property, bear in mind there are often changes in closing dates and other miscommunications that may delay things. It’s not on purpose, but banks are simply not in the real estate business. If you intend to occupy the bank-owned property you’re purchasing, make sure you have a back-up plan for your residence.
Here Are A Few Helpful Articles On Bank-Properties For Your Reference:
- How Foreclosures Work
- How To Keep Your Home From Foreclosure
- Buying Foreclosures
- Pre-Foreclosures and Short-Sales
Call or email us if you have any questions about Bank Properties, we are happy to help!
Direct Line: 612-644-5380
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