How to Buy A Foreclosure
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
Purchasing 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.