Friday 14 June 2013

how do you buy a forclosure property - Zillow Real Estate Advice

1) It is true that "foreclosure property" tends to be misused in real estate. Short Sales, REO/bank owned, and foreclosure auctions can all get mixed up sometimes. The starting point is figuring out what you mean.

2) I am sure Dunes has provided a bunch of good links, but for the most part they won't do you very good depending on the situation. They way MN works it is extremely rare when individuals will bid at our auctions. That is due to a 6 month redemption period, no way to see property, etc... Not like property wars in Arizona.

Land sales, tax liens, etc... tend to be more for investors. Regardless, you need cash for this. MN does not even do tax liens really.?

3) You can go to the HUD website or Fannie Mae website, but you can't write offers without a Realtor.?

4) So my point is that for the most part you will need a realtor to help you complete the transaction. You don't need to visit a bunch of different websites, because they all get listed on our central MLS database (not open to the public). We will help you from start-to-finish, and in Minnesota the seller pays our commission.?

I would certainly love the opportunity to work with you, but Zillow has an agent directory where you can also search Realtors. You can always interview a couple and see which ones you like.

I may have not answered your question completely either. Feel free to email or call me and I will do my best to answer any questions you have. Just click on my icon.

Good Luck!

~Chris

Source: http://www.zillow.com/advice-thread/how-do-you-buy-a-forclosure-property/496878/

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