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Bloomington Minnesota Bank Owned / Forclosure Properties


Search Bloomington MN Bank Owned / Forclosure Homes




Purchasing A Bloomington Bank Owned Property In Minnesota

In today’s Real Estate market we are seeing a lot more foreclosures and likewise there are more consumers looking for bank owned properties. With that said this brings an opportunity for those who want to profit from the large demand. You will hear from them that they have information that you can not get anywhere else. Or that they have a secret method of archiving great wealth in a short amount of time and effort. All you have to do is buy their program. The fact is that there are no effortless ways, or secret formulas. There’s just constructive dedicated hard work that’s ever paid off.

Defining What A REO Property Is


The definition of REO is “Real Estate Owned”. This is a home that has gone through the foreclosure process and now is owned by a bank or mortgage company. This is not the same as a property up for foreclosure auction. When buying a foreclosed home from auction you can expect to pay the remaining loan balance, interest and other fees accumulated during the foreclosure process. You must pay in cash and receive a “limited” warranty deed and an AS-IS disclosure. With all of that you still could end up with existing liens and even current occupants in the home that need to be evicted. An REO/Bank owned property is a much cleaner and more attractive purchase. An REO is a property that was not purchased during an auction. Now the bank takes ownership of the home. The bank now in some cases will do some clean up, repairs, remove liens, and evict occupants if necessary. The bank also prepares for an issuance of title insurance policy for the buyer to help protect from potential clouds in the title.

Are Bloomington Bank Owned Properties A Good Deal?


It is common for consumers in today’s market to think if it is bank owned it is the best deal on the market. Consumers and investors alike think it can be easy money. But in a lot of cases this just isn’t true. You have to be very careful buying a bank owned property if your intent is to turn the property to make a profit. When buying a bank owned property you have to pull all the comparable's in the area. If there are a lot of short sale homes and bank owned homes for sale in the immediate area this could affect your profit when you go to turn a profit on your investment. You also have to take into account your time and cost of products and labor to make your investment property competitive in your market. There are bargains and potential for you to profit on your investment. Many people have done very well buying foreclosed bank owned properties. But there are also bank owned properties that did not tune a profit and even at times ended up causing the investor to loose money. 



When You Are Ready To Make An Offer On An Bank Owned Property 

Typically Banks have an REO department. This is who the agent/brokerage representing the bank will be working with. This brokerage and agent will list the bank owned property on the local MLS. Before you buy a bank owned property you should hire a Real Estate agent that represents you and your best interest in the transaction. You should have your Real Estate agent find out as much upfront information as they can through the Real Estate agent representing the bank. Some things that may be important could be repair's made by the bank, when or if it was winterized in cases where the home was listed anytime during the winter season. What the banks process is for receiving offers on the property, how long do they take with an answer on an offer that has been received. How do they handle multiple offers and are you notified. During multiple offers do you have a change for highest and best? Since most bank owned properties only come with an AS-IS addendum, it is important to have an inspection contingency included in your offer. Based on the results of the inspection this could in some cases allow you to ask the bank to repair major issues that are found in the inspection or some vital code compliance issues before you are willing to purchase the property. If the bank is unwilling to resolve the issues this gives you the opportunity to cancel the purchase agreement with them. As with any offer your financial terms can make the difference in your offer being the one accepted. Working with your Real Estate agent and Lender together they can assist you in putting your best offer forward. After you have made your offer your can expect an acceptance or a counter offer. If you receive a counter offer you have the choice to accept the counter offer or counter the counter offer. This process usually involves multiple people and they could take along time to get all of the approvals needed to get your offer accepted. At times this process can take a few days to a few weeks. It is recommended that you pay very close attention to the title insurance you are being offered form the banks title insurance company. Things to watch for are: A.) If your insurance coverage has GAP insurance? Some of these title companies are taking 3-9 months or even longer to record their documents. That’s a lot of time to risk something coming up and leaving you unprotected if your policy does not have GAP insurance. B.) Does the title company have any exclusion's in there policy? Do they cover HOA liens, delinquent water bills and assessments or are they excluded on the policy? The AS-IS addendum might state after the closing that the buyer is responsible for any fee or dues including Real Estate taxes, HOA fee, water bills, and assessments that are not taken care of at closing. Be sure the title company representing the bank is working in your best interest. Don’t hesitate to ask your agent representing you any questions that may come up. Your agent representing you in the transaction is there as a resource for you.

All information is deemed reliable but not guaranteed

REMAX Advantage Plus

Each REMAX Office Is Independently Owned and Operated.


John Anselmo & Michele Anselmo

 

 

http://www.minnesotarealestatesite.com


Primary areas of service in Minnesota:

 

 

Bloomington homes for sale,  homes for sale in Bloomington MN

MINNESOTA REAL ESTATE SITE, REMAX MN

Real-Estate Services Available:

 

Bloomington MN Foreclosures
Bloomington Lender Owned Homes For Sale

Bloomington Bank Owned Properties

Bloomington Minnesota REO Properties
Bloomington MN Bank Owned Homes
Foreclosed Homes Bloomington MN
Bloomington Minnesota
Bloomington MN Bank Foreclosures
Bank Owned Homes in Bloomington MN
Bloomington MN Foreclosures For Sale
Foreclosures Found In Bloomington MN
Bank Foreclosures For Sale In Bloomington Minnesota
Bank REO Properties in Bloomington MN
Properties Foreclosed On in Bloomington MN
New Bank Owned Properties Listed in Bloomington MN
Foreclosed Homes in Bloomington MN
REO Listings In Bloomington MN
Sold Foreclosures in Bloomington MN
Bloomington MN Homes Now Foreclosed
REO's Found In Bloomington MN
Bloomington MN Foreclosures
Foreclosure Properties In Bloomington MN By The Golf Course
Foreclosures By The Lake In Bloomington Minnesota
Foreclosure By A Pond In Bloomington MN

Bloomington
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Bloomington MN Lender Owned Homes For Sale
Bloomington Bank Owned Properties
Bloomington Minnesota REO Propertes
Bloomington MN Bank Owned Homes
Bloomington Minnesota
Bank Owned Homes in Bloomington MN
Bloomington MN Foreclosures For Sale
Foreclosures Found In Bloomington MN
Bank Foreclosures For Sale In Bloomington Minnesota
Bank REO Properties in Bloomington MN
Properties Foreclosed On in Bloomington MN
New Bank Owned Properties Listed in Bloomington MN
Bloomington MN Bank Foreclosures
Foreclosed Homes in Bloomington MN
REO Listings In Bloomington MN
Sold Foreclosures in Bloomington MN
Bloomington MN Homes Now Foreclosed
REO's Found In Bloomington MN
Bloomingtion MN Foreclosures
Foreclosure Properties In Bloomington MN By The Golf Course
Foreclosures By The Lake In Bloomington Minnesota
Foreclosure By A Pond In Bloomington MN

 

 

 

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What our clients are saying  

John and Michele are all around fabulous to work with. Patience, professionalism, the works. I don't believe we could have found better agents. We are pleased in every aspect of the sale and closing. We would recommend friends and family to John and Michele and would/will come back to them for any future sales and/or buying.

 

~ Dimitri & Jennifer

Very organized and knowledgeable about real estate, also very personable and easy going. Thanks for the great service. Highly recommended!

 

~ Marcus & Jess

John & Michele made my real estate transaction enjoyable. Always answered all of my questions and gave me all the facts I needed to make a good decision. They truly had my best interest in mind. I would highly recommend them to everyone I know.

 

~ Jodie

John and Michele Anselmo are phenomenal at real estate. I was immediately comfortable working with them. We had many questions and concerns and John and Michele always answered them, there was no such thing as a silly question to them. Through the entire process of selling our home and buying a new one, I was worried about their livelihood; completely convinced that I was the only one they were working with at the time.

 

~ Mathew and Kari

I later found out that they had multiple clients at the time and I had nothing to worry about, but that is the way John and Michele make you feel, like you are the only one they are working with and you are the most important. It was extremely comforting to us to have their knowledge and experience on our side when looking for, and purchasing a home. I would (and have) referred them to my friends and family and will hire them again should we ever need to sell this home and buy a new one.

 

~ Mathew and Kari (Continued...

Michele worked with me on my first home, and walked me through the steps needed for purchase. Many times I wanted to look at different homes and she would go with me, but understood the market much better than I did and gave me advice based on that knowledge. I am glad I took the advice. I now have a home that even though the market declined, I have my head above water. I may not have had that if it weren't for Michele. She is extremely knowledgeable about what it out there and the time to buy.

 

~ Mike Tuller

John & Michelle made selling our home effortless. The attention to detail and the effort they put into it was by far above anyone we had worked with in the past. Their creativity to bring activity to the home and make walking through our house feel special for our potential buyers was just the beginning of what they did for us. I would highly recommend them to anyone and would definitely use them again.

 

~ Michael & Tracy Behr

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