In 2019 we will start seeing more and more Foreclosures come on the market in Woodbury, Cottage Grove and throughout the Twin Cities Metro.
If you go check Zillow, you will see there are Pre-Foreclosure and Forclosed tab already setup.
A Few Things You Need To Know About Foreclosures!
- Make sure your financing (Bank that giving you a mortgage) will allow you to buy one before writing an offer. Most FHA and VA programs require the home to be livable. Each lenders criteria for livable is different. Some may require appliance and others make not. Most foreclosure will have no appliances and will be in rough shape. Some are clean.
- Make sure you do all inspections that your gut is telling you to do. A general inspection is not going to look in the furnace. This may require a separate inspector. If you think there is water damage, you can have an inspector test the walls for moisture. Remember, the Banks Realtor does what the bank says. The bank looks at the home on a spreadsheet in some other part of the country and makes sure the trash is cleaned out and it is put on the market. You have to do most of the work to find out if it is good or bad. This can be to your advantage because you can get the property at a less price if you know what is wrong and how to fix it.
- Know what homes have sold for in good and bad times. Sometimes Foreclosures will be an Auction style. Banks know this is the best way to get the most money for a property because people want to win and sometimes forget that they just overpaid for a home that they could have gotten from a home seller in normal condition for less.
If you have questions about foreclosures or short sales, please feel free to give us a call.