Getting A Deal on Eden Prairie Foreclosures

How to buy a Eden Prairie foreclosure

Are you thinking about buying one of the properties in foreclosure in Eden Prairie? Whether you own house currently or are a Minnesota first time buyer, you will want to learn the basics of Eden Prairie foreclosures before going out to buy. While there are many great values in Eden Prairie foreclosures you will want to be prepared for how to negotiate your offer.

The Community of Eden Prairie

Located just 12 miles southwest of downtown Minneapolis, Eden Prairie is a popular commuter city to the Twin Cities. Growing now to over 60,000 residents, the city has tripled in size over the last thirty years. Business such as Digital River, Super Value and CH Robinson have their headquarters here. Eden Prairie has been listed in Money Magazines "Best Places to Live" in America since 2006. With low mortgage rates and plenty of affordable housing, this is a popular place for MN first time homebuyers and move up buyers alike. If you are looking to buy or sell a home in Eden Prairie please give me a call or send me an email.

A bank-owned foreclosure can be a great deal sometimes because the bank owns it and is paying for the maintenance of it. As opposed to a short sale transaction, the selling bank has a big motivation to get the listing off of their books. At the same time, banks who are selling a foreclosure 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.

Factors in Foreclosures

There are two big factors to consider what you will want to make as an offer to purchase. The first factor is to consider how long the property has been on the market and the second thing is the general property condition. A foreclosure listing that has just been listed for sale is apt to sell for near the listing price (or even higher), while a bank that has a house that has been on the market a long time might be willing to negotiate for deeper discounts. Also, a listing that is in poor overall condition may not be able to be financed so the bank may reduce the price far enough to attract cash buyers. I can help you determine these factors as we go out looking for Eden Prairie foreclosures.

Financing and Foreclosures

If you will need a mortgage loan to buy the 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 mortgage financing such as the FHA 203k program. The selling banks will also usually 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 three per cent of the selling price. 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.

First Step In The Process

For many Minnesota first time home buyers the big question is where do I start? Your very first step towards buying your first home is to get preapproved for a first time buyer's mortgage. In so doing you will find out how much you are qualified for so that we can search for homes in the right price range.

Ready to Find A Foreclosed Home?

If you are planning on buying a Eden Prairie foreclosure please send me an email or give me a call. There are many great Eden Prairie foreclosure values out there but knowing which one to buy will take some time and expertise. I would very much like to help you in your search for the ideal house!




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
Visit my website to find Minnesota homes for sale