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Buyers Due Diligence when buying a bank owned foreclosure
Do your due diligence when making an offer on a bank owned property. Everything should be taken care of by your agent, bank and title company. Sometimes you never know, somethings might fall through the cracks.
Here are a few things to check on
- Get a property inspection, enough said.
- Make sure to follow up with the city on Truth In Housing requirements. Some cities don’t have Truth In Housing.
- Contact the city for current tax and assessment information.
- Make sure no squatters or renters are occupying the property. (It happens, I’ve heard stories)
- Is there a well or septic tank on the property? Verify with county or city regarding requirements.
- Check with the homeowners’ association, if there is one, to see if there are any delinquent dues, transfer fees and any assessments.
- Call the city and county to find out about any assessments for unpaid utilities, sewer and water bills.
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Lender Foreclosure Auction coming back to Minneapolis November 15 & 16
Back again is another lender foreclosure auction on November 15th & 16th at the Minneapolis Convention Center. Public open houses are on 12pm -4pm on Novermber 1st, 8th and 9th. Bring your inspectors for your pre-inspections because once the gavel drops, it’s official!
Don’t know where the convention center is, get directions here.
Let me know if you are going, we can meet up!
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Search bank foreclosures now available
Now available on this site is a new foreclosure search that allows you to search foreclosures. I have gone through and created links to individual cities for a hyper local search or you can start your own REO search.
What makes this so good is the optimized map search that is blazing fast by Diverse Solutions. Well, that’s not the only thing that makes this so good. Get neighborhood information if you unfamiliar with the area, see what kind of local amenities are nearby.
Create an account for free to save your searches for review later. If you like RSS feeds, subscribe to new listings via a RSS feed. A wide variety of tools are available in the search as well such as mortgage calculators, school info and your very own Zestimate from Zillow.
Having trouble finding what you are looking, chat with us in real time when it is available via the live chat feature located at the top of the search box. So there you go, knock yourself out and happy REO hunting!
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What did it sell for at the Sherrif’s Sale
For whatever it is worth, below is a list of links to find history on homes or bank foreclosures that sold straight from Sheriff’s office. You won’t find any information of upcoming sales, Minnesota State law requires the attorney’s office who represent the lender in the foreclosure proceedings must publish the sale in a legal newspaper for 5 weeks.
Hennepin County Sheriff’s Sale
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Apple Valley REO & Foreclosure Update
Here is a market update for Apple Valley REO and Foreclosure listings.
Active Listings
- Currently there are 67 listings on the MLS in Apple Valley that are REO
- Of those 67 Listings, 36 are single family homes
- 2 condos in Apple Valley are REO
- 29 townhomes are REO
- Prices range from $64,900 to $499,900
Listings Sold
Four listings sold have sold in Apple Valley during the month of September that were REO. Two single family homes and two townhomes.
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Good find on bank owned foreclosed homes becoming cheaper
With the amount of foreclosed bank owned homes on the market, here is a good article on Newsweek about lenders making homes even cheaper
Bank Owned homes around the Twin Cities are also noticeably a lot less than traditional homes that are for sale. Most REO homes are selling at discounts between 15% to 30% and sometimes more. Banks are starting to get a lot of inventory and there portfolios are only expected to grow.
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Will banks pay for assessments on a REO property?
Where to find assessments?
When banks take back properties in the foreclosure process, there is all sorts of unpaid bills on them. One thing that a potential buyer might not be aware of upfront are assessments that are levied on the property. First things first, where can you find information on this? You can always find this information out by contacting the county office to check into assessments on the property, some county websites are also providing information on this now as well.
Will they or won’t they?
In a regular purchase agreement, sellers can agree to take care of any assessments or pending assessments until the house closes. Banks on the other hands have contracts that to take precedent to a regular purchase agreement. This is where you can find out if they will or not.
Make sure this part of the contract is not taken lightly, it can cost you thousands if you are unaware of assessments. If they do not pay any assessments, make sure that it is negotiated into the contract that they will pay for assessments. Most banks won’t let a sale slide because of something this silly that cannot be taken care of on there behalf.
Be confident in asking for assessments to be paid, banks don’t hold any emotional ties to the property. It’s an added cost that shouldn’t be taken on by the buyer. Just ask and you probably will receive.
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Welcome to Minnesota REO
Welcome to Minnesota REO Buyers, your source for REO properties and foreclosures in the Twin Cities. There is plenty going on here so please stop back for this website is a work in progress. We hope this website will be an area were you can better understand the REO process whether it is buying or selling.
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