Minnesota Foreclosures – Finding Great Real Estate Opportunities
Search Minnesota Foreclosure Homes A sad fact of the downturn in the Minnesota housing market and the recent mortgage crisis is that many homeowners have been forced into foreclosure and have lost their homes. Bank-owned homes, Real Estate Owned (REO) homes and other lender-owned homes are plentiful in the Minneapolis St. Paul metro area and elsewhere in Minnesota. Even some commercial properties have gone into foreclosure. As often happens in unfortunate situations, though, there are opportunities, even in difficult times. With the number of foreclosed properties come some excellent chances to buy houses at bargain prices.
Foreclosed homes and bank-owned real estate are attractive to many types of prospective buyers. There are drawbacks, though, as well as benefits to purchasing foreclosed properties. These properties are often in less than ideal condition, and some have been vacant for some time, due to hesitation on the part of lenders to release them at prices buyers are willing to pay. Some have been broken into and damaged, while others were damaged by frustrated owners who were evicted during the foreclosure. In some cases, the cost of necessary repairs are simply too high to be practical. What that means is that prospective buyers need to carefully assess any property before even thinking about making an offer. Due diligence is essential with any foreclosed property. Among prospective buyers for foreclosed property are:
- Individual Homebuyers – Foreclosed properties are an attractive way to purchase a home at a rock-bottom price. In some cases, only minor work needs to be done to make a foreclosed home ready to occupy. Buyers who can do the work themselves can easily leverage their buying power by creating sweat equity in a foreclosed home. Even if others do the repairs and renovations, the low initial price often makes the deal a good one.
- Real Estate Investors – Buying foreclosed and bank-owned properties is popular among those investing in the housing market. By rehabilitating carefully selected properties, and then selling the finished home immediately or renting it out until the real estate market rebounds, many investors are profiting from this market.
- Rental Property Owners – Adding new properties to your rental inventory by buying foreclosed and lender-owned homes and even multi-family properties can be a great way to build wealth. Careful selection of properties can minimize additional costs, and with rental vacancy rates at today’s low levels, qualified renters are plentiful.
Types of Foreclosed, REO, & Bank-Owned Minnesota Homes for Sale
- Bank Foreclosed Homes for Sale – When banks foreclose on home mortgages, they sell those homes to recover their value for all or part of the unpaid mortgage loan. In Minnesota, banks that are involved in foreclosure sales include Wells Fargo, US Bank, Chase, TCF, Bank of America, CitiBank and Ocwen Financial, among others. The REMAX Realtors with our team who specialize in foreclosures and REO sales work regularly with all of those lenders.
- HUD Homes for Sale in Minnesota – The U.S. Department of Housing and Urban Development (HUD) insures many home loans. When HUD repossesses an insured home, it pays the lender and then sells the home on the real estate market. Prices can be very attractive, and your REMAX Realtor can help you find HUD foreclosed homes for sale in the Minneapolis St. Paul area.
- MN Fannie Mae Foreclosed Homes for Sale – As another federal government independent agency that provides security for home loans, The Federal National Mortgage Association, commonly called “Fannie Mae,” foreclosed homes under its jurisdiction are often available for sale in Minnesota. Our REMAX Realty team has extensive experience in helping clients purchase these homes.
- Freddie Mac Foreclosed Homes for Sale in Minnesota – The Federal Home Loan Mortgage Corporation, most often called “Freddie Mac” is another agency that puts Minnesota foreclosed homes on the market, often at very attractive prices. As a motivated seller of homes with mortgages in default, Freddie Mac homes for sale are among the foreclosed properties our REMAX Realtors can show you.
Minnesota Foreclosed & Bank-owned Properties Listed with Norhtstar MLS of MN
Foreclosed, REO, and other lender-owned properties include properties of all types and in all price ranges. From the smallest condos to multi-unit apartment buildings, you’ll find a wealth of possibilities. Our REMAX Realty team has pre-configured its powerful home search tool to help you view foreclosed homes, condos, townhouses, and other properties listed with agents of Northstar MLS MN. By selecting options in the search tool, you can narrow your listings search to specific cities or counties, specify types of property, and set a price range, along with other options. When you find properties that interest you, contact our REMAX agents and Realtors to arrange a showing and inspection of the property. Our professional agents are experienced with foreclosed and bank-owned properties and will be glad to assist you in your search and negotiations. As licensed Realtors, we can also perform a complete Minnesota Northstar MLS listings search for you on other foreclosed properties that may be of interest to you.
Agents Specializing in Minnesota Foreclosed Real Estate
At our #1 REMAX team, a number of our agents and Realtors have extensive experience in handling transactions for foreclosed and bank-owned properties. Their excellent negotiating skills and understanding of this complex market have helped many clients make outstanding deals on these properties. We encourage you to explore the foreclosure market, using our property search tools. Then, contact us with your questions and to arrange for inspections and showings of properties that interest you. We would also be glad to meet with you to discuss your real estate plans and to help you find foreclosed properties that exactly match those plans. We’re here to help in every way.