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Free complete information on foreclosures and pre-foreclosures in and around St Cloud MN. You will receive lists updated and complied from multiple sources, this includes but is not limited to HUD foreclosures, FHA foreclosures, VA foreclosures, St Cloud MLS listings, Twin Cities MLS listings, Alexandria MLS listings, Greater Lakes MLS listings, Corporate owned properties, REO properties, and county tax foreclosures.
Be notified of all new listings that are foreclosed, pre-foreclosed, or distressed, absolutely FREE!
Not only will you be notified by email of all new listings within our system, but your home search will also be compared against other participating agents' listings within your desired area(s). We will also inform you of homes that are not in the MLS or listed yet, but soon will be for sale.
These homes range from distressed private party owners to bank owned foreclosed properties. Some of these homes are in rough shape and will need TLC and/or major renovations, some are just in need of a good cleaning and some fresh paint.
I have experience in selling homes that are in all stages of the foreclosure process. If you are a homeowner who is in trouble and would like more information on your options please click here. I have completed transactions with clients who were buying or selling properties in all stages foreclosure, make sure that you understand and are represented by someone who KNOWS the foreclosure process in Minnesota.
Foreclosed: The properties that are foreclosed and are corporation, bank, or government owned will in most cases be sold "AS IS". For these homes you will need to sign off on the owners individual paperwork and in many instances they will specify a specific amount of earnest money to accompany the purchase offer and also specify a loan company that you must get a pre-approval with prior to the offer. You will want to thoroughly read through these attached documents BEFORE presenting any offer and make sure that you fully understand the requirements included in the documents or run the risk of forfeiting your earnest money. Occasionally you will find a property that has monies built into the asking price for specific work to be completed on the property. You will also need to be patient when making an offer; I have seen circumstances when working with a buyer who has written an offer on a foreclosed home as soon as it came up on the market where the bank in possession made the buyer wait for 20 days before giving a response to their offer.
Please do not let me scare you, buying a foreclosed home for pennies on the dollar can be a great purchase with a sizeable amount of upside to the transaction, but you do need to be aware of what you are getting into before signing the contract.
Pre-foreclosed: Properties whose owners are in financial trouble and are unable to make their mortgage payment. These properties fall into 2 separate categories, pre-sheriff sale and post sheriff sale. This is an important distinction in the state of Minnesota, as the owner has a redemption period to correct their current financial difficulties with their ownership status of the home. The redemption period is in most cases 6 months, in some cases it may be a full year and in cases where the foreclosure process has been accelerated the time can be as short as 5 weeks. If you wish to buy a pre-foreclosed home it is important to know what the time line is on their foreclosure status as this can greatly effect the timeline/outcome of your offer. The first step is to view the home, then to make the decision that you are interested in purchasing the property then research the particulars.
If your offer is less than what is currently owed on the home a short sale will need to be conducted. This involves a lot of work with the mortgage holder and their workout department. This process can be very trying and take from 2 to 3 months before an answer of acceptance or a decline is given to the potential buyer (a few banks have this process down to a science and will typically give an answer within 48 hours). However with that being said, it costs the banks a great deal of time and money to foreclose on a property, most would rather get rid of a non performing asset ASAP. You can get a better deal sooner if you work with the seller now rather than waiting for the banks and their attorneys to get the home ready to market after the completed foreclosure process.
Note: Our home search form lets you create and save multiple Home Search profiles. You may update these profiles or cancel at anytime.
If you already have an agent please contact your agent for a list of current foreclosures. It is a violation of the REALTOR® code of ethics to work with another agent’s client. |