Want a great deal, but don’t want to go through the headache (and heartache) of going through a short-sale negotiation? I’d recommend going with a Lender-Owned property. These are properties that have fully gone through the foreclosure process and are now owned by Lenders. The best deals in the Downtown condo market are often times Lender-Owned, but you have to be quick to spot them and know what you’re doing!
Here are 5 pointers to help you when it comes to buying a Lener-Owned condo:
Do Your Research
Lender-Owned condos are typically priced to sell and below market value. Instant equity is of course what the end goal is. However, unless you know the Minneapolis condo market well, you will have a hard time identifying the true value of a Lender-Owned property. Study the market first. Take note of the recently sold condos, price ranges, and trends to estimate the market value of a condo development.
Beat Your Competition to the Punch
Lender-Owned properties don’t sit on the market for long because they are priced to sell! To combat this problem, enlist the help of a Real Estate Professional to keep an eye on foreclosure notices in the condo developments you like. This way you will know in advance when a Lender-Owned property will be coming on the market and can be the first to strike!
Don’t Be Put Off By Fixer-Uppers
Banks will not typically negotiate for repairs. Condo foreclosures are usually sold As-Is and often times are not in the optimal condition. Don’t be scared! You can see large returns on your investment by just making cosmetic updates.
Get a Home Inspection
Whether you are buying a foreclosure or not, it is always a good idea to get an inspection. Condo inspection reports do not take into consideration big-ticket items like the roof or foundation condition, as a single-family home inspection would, but inspections are inexpensive and always recommended. Nobody likes surprises with negative dollar signs attached to them. Remember, you can cancel the contract if you are not satisfied with the inspection result and it is on to the next one.
Enlist the Help of a Local Realtor Specializing in The Condo and Loft Market
A good Real Estate Agent specializing in the Downtown Minneapolis condo market is worth its weight in gold. Seasoned agents have insight and experience that can only be gained by going through the process. Keep in mind that Buyer’s Agents get compensated for their services through bank-paid commissions, so you have everything to gain and nothing to lose.
CHAT WITH ME ONLINE now to discuss purchasing Lender-Owned properties!