How To Buy Golden Valley Foreclosures

How to buy a Golden Valley foreclosure

Are you presently searching for one of the properties in foreclosure in Golden Valley? Whether you own house currently or are a Minnesota first time buyer, you will want to learn the basics of Golden Valley foreclosures before going out to buy. While there are many great values in Golden Valley foreclosures you will want to be prepared for how to negotiate your purchase transaction.

Golden Valley Info

The great City of Golden Valley is suburb of the Minneapolis, lying on the western edges of Hennepin County. With major employers such as Honeywell and Tennant, Golden Valley, MN is also has the headquarters of Pentair and General Mills. With an excellent city department for Park and Rec Golden Valley can offer everyone something to do for recreation. Just a short commute away from downtown Minneapolis homeowners of Golden Valley have access to a wide variety of employment as well as cultural activities. If you are thinking about buying or selling Golden Valley foreclosures it is time to give me a call about Golden Valley, MN.

Foreclosures are Bank-Owned

A foreclosure can be a great value because the bank owns it and is paying for all of the upkeep and property taxes. As opposed to a short sale, the selling bank has a distinct motivation to get the home off of their books. At the same time, banks who are selling their Golden Valley foreclosures want to get the highest value they can out of the property. In the lower price ranges it has turned into a sellers market meaning that many foreclosures sell for well above the listing price! Knowing what to offer for the foreclosure is critical in terms of being successful with your purchase.

Foreclosure Purchases: Things to Consider

There are two big factors to consider what you will want to make as an offer to purchase. The first is how long the property has been on the market and the second thing is to analyze the overall condition of the home. A foreclosure listing that has just been listed for sale is apt to sell for near the listing price, while a bank that has a home that has been on the market a long time may be willing to negotiate for deep discounts. Also, a listing that is in poor overall condition may not be able to be financed with traditional mortgage financing so the bank may have to reduce the price far enough to attract cash buyers. I can help you determine these factors as we search for Golden Valley foreclosures.

Tips On Buying Foreclosures

If you are going to be financing the purchase of a foreclosure there are some important things to know as well. First, the property must be in acceptable condition in order to qualify for most loan programs. Foreclosure listings that are in poor condition will either require a cash offer or special financing such as FHA 203k. Selling banks will also tend to limit the amount seller paid concessions towards the closing costs of your home loan. In most cases today the selling bank will limit their contribution to 3 per cent of the selling price, or 2 per cent if you are an investor. Additionally, a selling bank will never look at your offer if it includes a financing contingency for the sale of a home and never if you do not provide a letter of financing preapproval along with your offer.

For many MN first time buyers the big question is where do I start? Your very first step to home ownership is to get preapproved for a mortgage. By doing so you find out how much of a loan you are qualified for so that we can research homes in a comfortable price range.

If you are planning on buying a Golden Valley foreclosure please give me a call or send me an email. There are many great foreclosure values out there but knowing which one takes some time and expertise. I would value the opportunity to help you in your quest for the perfect purchase!

Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
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