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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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Foreclosures and Short Sales in the Twin Cities Update
Foreclosures and short sales in the Twin Cities accounted for 34.1% of the closed transactions in quarter three according to a report published by the Minneapolis Association of Realtors.
Lenders are seemingly discounting properties at steep prices to get rid of them and thus dragging down prices even further.
The foreclosures and short sales are starting to move into the upper bracket section of the market as well. Now prime mortgages are starting to feel the affect. Foreclosures increased from 166 to units to 207 in the $500k-1mil price range, a 24.3% increase. For homes that are over a $1 million, foreclosures increased by 81.3%.
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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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