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Buying a Foreclosure or Short Sale
Foreclosures and short sales are the majority of the homes being sold in the Twin Cities real estate market in Minnesota. With 43% of the homes on the MLS being a foreclosure or short sale the odds are incredibly high that in your search you will come across one of these properties.
KNOWLEDGE IS POWER!
If your home search is going to include foreclosures or short sales then it is imperative that you hire a Realtor that specializes in representing buyers for foreclosures or short sale. The reason for this is because the handling and process of buying foreclosures and short sales have a few more critical details that need to be addressed then your more "traditional" transactions.
Just a Few of the Things to Consider:
- Are you comfortable with a long response time then a 24 hour period on your requests and offer submissions?
- Are you able provide earnest money a $1,000 or greater (sometimes 3% of purchase price)?
- Are you able to wait several months prior to closing on the home?
- Do you want to know as much about the home as possible, including a complete sellers disclosure?
- Are you comfortable with moving into a home that someone has not lived in for some time?
- Are you willing to buy a home "AS IS"?
- Can you afford to make needed repairs?
- How much is it worth it to you to get a "great deal" on a home that needs repair?
- Are you willing to sign documents that are provided by the bank spelling out their terms?
- If your loan officer required the home have some repairs done PRIOR to you owning the home in order for them to give you the loan and the bank is unwilling to make the repairs are you willing and capable to take on this risk? Would you be able to walk away if not?
- Are you confident that the Realtor you are working with truly understand the answers to all these questions because they directly effect and are critical to your happiness and choice you make in choosing a home?
Common Foreclosure Terms:
Foreclosure:
'Foreclosure' is a legal procedure by which a party (most common a bank) who has loaned money secured by a mortgage or deed of trust on real property, forces the sale of the real property to recover the money due, unpaid interest, plus the cost of the foreclosure, after the borrower fails to make payment.
REO:
'REO' stands for Real Estate Owned by the bank or savings institution as the result of default by borrowers and
HUD Homes:
A "HUD Home" is a one to four unit residence acquired as a result of foreclosure on a FHA insured mortgage loan or by other special acquisition.
Short Sale:
A 'short sale' is when a home is sold and the proceeds are less than what the owner owes on the mortgage. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. A short sales is not something a lender is required to accept and typically take some time for the lender to approve. Can be a possible option in avoiding foreclosure.
Sheriff Sale:
A 'Sheriff's sale' is the sale of a property conducted by a sheriff after the proper notices and steps have been taken by the lender.
Right to Redeem:
The borrower that had their property has a 'sheriff's sale' conducted on their home has the right to redeem their interest in the home even after the 'sheriff's sale' has occur.
Redemption Period:
The borrower's redemption period in state of Minnesota from the time of the 'sheriff's sale' is 6 months.
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