This week we are going to close our series about How to Buy a Foreclosure in Minnesota with what you can expect once you find a Minnesota foreclosure and put in a purchase offer.
At this point you have learned how to find a Minnesota foreclosure and how to be prepared when looking for a Minnesota foreclosure and now comes the challenging part, putting in an offer.
Here are 3 things you should be expect when you put in an offer on a foreclosure in Woodbury, Stillwater, Lake Elmo, Cottage Grove or Washington County MN:
When you are buying a Minnesota foreclosure it seems as though there is a disclosure for everything! You can expect to see that the purchase agreement is longer and may require more signatures. The bank will have their own forms they want you to sign and your Realtor’s company may also require certain disclosures to be signed. As your Realtors we will explain all of the documents to you and make sure that everything is completed correctly. We won’t let you miss crossing any of your t’s or dotting any of your i’s!
2. Time, Patience and More Time
We mentioned it in last week’s post, but one of the things you must expect when buying a Minnesota foreclosure is to have patience. The bank will take however long it wants to respond to your offer and then it will take its time getting its ducks in a row to make the closing happen. Buying a foreclosed property can take months whereas a traditional sale can close as quickly as 30 days. The bank has processes and protocol they must go through before selling their Minnesota foreclosure so we all will be at the mercy of the bank to close. As your Realtors, we will do everything we can to make sure our forms are complete so that we don’t hold anything up and we will stay in constant contact with the Bank’s Realtor to make sure the process is going as smooth as it can.
3. Home Repairs
Typically banks sell Minnesota foreclosures “as is,” meaning they will make no repairs to the property before they sell it. This is part of why you can get a good deal when buying a foreclosure property. We recommend that you get a home inspection to learn about any defects the home may have, but it will be up to you to fix any repairs after you purchase the house. The bank may allow for carpet allowances or something similar but typically this is known up front. They expect the buyer of the home to take care of anything physical seen or unseen that may arise.
Buying a foreclosure in Woodbury, Stillwater, Lake Elmo, Cottage Grove or Washington County, Minnesota is not without its challenges, but the reward can be great too! You have the opportunity to get a fantastic deal on a home that otherwise may have been out of your price range and in some cases you have the chance to repair or update the home with your personal tastes. We have helped hundreds of buyers navigate buying a foreclosure in Minnesota and we would love to help you too! If you want more information or are ready to start looking at Minnesota foreclosures, give us a call today!
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