Shakopee Homes Are Selling In Multiple Offers In Days

Shakopee Real Estate Market Heating Up

Shakopee homes are selling fast. If this real estate market continues, we will see some nice appreciation this year. The foreclosures and even short sales in Shakopee are flying off the market in less the a week. Traditional sales seem to lag a bit, but are not quite at the discount that the Shakopee foreclosure homes and short sales are priced. Inventory is about at a 7 year low in the city of Shakopee and Realtors in Shakopee can’t list homes fast enough for buyers to come in and throw down purchase agreements. If you are considering putting you home on the market, now is the time.

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Multiple Offers on Shakopee Homes

Shakopee homes selling in multiple offersAlmost every home I have had clients write on in the last 2 months has been multiple offers. Multiple offers on home in the $100,000 range and also on homes even in the $400,000’s. This is very surprising given the news you hear about the market being poor. I attribute most of this due to Shakopee homes being in limited inventory. The Shakopee real estate market has shrunk especially with good quality homes for sale. The foreclosures and even short sales are flying off the market in less the a week. The most recent offer I made was on a Shakopee townhome for sale and the property was listed only 5 days. The townhome was a bank owned property and the bank would not review offers for 5 days. On the fifth day the bank had 8 other offers in hand and althought we bid OVER list price for the townhome in Shakopee, we lost out. The property I was told sold for about $18,000 over the list price. This is  huge number given the fact the townhome was only listed for around $106,000. Think about that for a minute. Shakopee homes selling in multiple offers for almost 17% OVER the list price.

How to Buy a Shakopee Foreclosure Listing

Buying a foreclosure is actually quite simple. Many buyers have preconceived ideas that foreclosures take Foooooorever to close, but that is not the case. In rare instances there might be title defects that cause a delay, but for the most part foreclosure close in 30-60 days. You don’t have to worry about aligning a time of day with the actual seller who might be closing on another home and can almost aways move the date up if you like. Again, no seller living in the home. Banks such as Fannie Mae and Freddie Mac have started putting brand new carpet in home, replace broken items and even repainting so that their foreclosure listings sell faster.

If you are search for foreclosure homes for sale in Shakopee, check to see what bank is involved and do realize many banks price their homes UNDER market value in order to obtain multiple offers with weeks if not days. Many banks of foreclosure listings are letting the buyer dictate market value, so if you think a home is a good deal, likely it is. Always review with a Shakopee realtor to make sure you are looking at comparable sales within the last six months and review pending homes and active MLS listing so that you can see a market trend of homes for sale.

Title Insurance for Foreclosure Homes

Foreclosed homes realtorPurchasing title insurance on a foreclosure home is probably one of the best decision in my opinion as this protects against any defects on the title. Throughout the foreclosure process the is a notice of pendency, sheriffs sale and a redemption period.If for some reason there is a lapse or if a mortgage goes unnoticed and not recorded that stay with the home, NOT the previous owner. Like any other insurance you hope you never need to use it, but it is always nice when there. Also imagine how much it would cost to hire an attorney if any issues came about.

Shakopee Home Buyers Seminar

Buying a Shakopee home can be one of the largest decisions a person can make. Knowing the process from start to finish can help alleviate nerves as well a give you crucial information to help make an informative decision. Experience in home buying seminars our real estate agents have held seminars for the Scott County CDA, private buyers seminars, one on one individual consultations and buyers seminars for the St. Paul Children’s Home Society.

First Time Buyer Seminars

First time buyer seminars are aimed for those buying their first Shakopee property. We cover topics such as setting a budget, how and when to get pre approved and the Shakopee home buying process. From our initial consultation to closing we share details in regards to inspection, appraisals and writing the offer.

Down Payment Assistance Programs for Purchasing Shakopee Real Estate

Many buyers look to down payment assistance programs in order to qualify for their first Shakopee house. In this seminar we cover the different options for buyer when purchasing a home using down payment assistance. Many questions buyers ask is 1) do I qualify 2) do I need to pay the money back. We also have a sponsor for this seminar and bring in a local real estate mortgage consultant to review the programs as well as offer our buyers seminar attendees a free no obligation pre approval. We have high expectation for the loan officers that work with our team and assure you will not be disappointed.

How to Buy a Shakopee Short Sale or Foreclosure Seminars

Today’s hot topic! What is the difference between a short sale and a foreclosure? Many buyers are unsure how these to differentiate and many have preconceived notions they have heard from friends, family or coworkers. We set these myths straight and walk you through the process on why banks make buyers sign “as is” addendums, why we feel it’s important to purchase title insurance on Shakopee foreclosure properties and how the process differs from that of a traditional sale.

If you would like to sign up for one of our seminars, contact us at the Twin City Real Estate Team for availability.