Buying Foreclosed & REO Homes – Minneapolis St. Paul, MN

During the past few years, economic conditions around the country and in the Minneapolis St. Paul metro area forced many real estate owners to give up their homes to foreclosure or they may have walked away from their homes. Even commercial property has had the same problems. This unfortunate situation has resulted in many of these foreclosed, Real Estate Owned (REO), or other homes now owned by lenders coming onto the Twin Cities real estate market. These bank owned listings are often attractive to buyers based on the often discounted purchase prices. Though there are less REOs for sale on MLS throughout the Twin Cities in Minnesota in today’s market, there are still some MLS listed properties available for prices well below the retail prices of similar properties. An REO can consist of really numerous styles of real estate: a single family home, townhome, condo, vacant land, multi-family property, etc.

Despite the attractive prices, though, there are risks involved with purchasing this type of property. Often serious, but sometimes hidden, flaws exist in foreclosed homes, and some have been unoccupied for extended periods of time. In some cases, properties have been broken into and damaged. The financial problems that led the previous owners to lose those homes also mean that needed repairs may not have been done. In a few cases, owners have deliberately damaged the property before leaving it. Some homes and other properties may need extensive work done on them before local jurisdictions will allow them to be occupied. As always, we encourage all real estate buyers in Minnesota to work with a top agent when looking at this type of property.

Find Values in Minnesota Foreclosed Properties

Despite all of those issues, there are still some genuine bargains in sound real estate to be found in foreclosed and REO homes. Prospective buyers need to be extremely careful in selecting such MLS listed properties, and due diligence on the part of all parties is essential before making a purchase. At our REMAX Realty team, several of our agents are especially interested in and experienced with this type of property, and they stand ready to help buyers locate and purchase foreclosed and REO homes and other properties. Though you can search by Minnesota MLS number on our Broker Reciprocity website, our licensed agents have unrestricted access to the complete information provided by MN Northstar MLS and are happy to do additional searches for you. Our agents understand the difficult job of getting offers to the lenders who own these homes and can help buyers understand the complexities that come with these purchases. Some of the buyers who are interested in foreclosed and REO MLS listings in Minnesota include:

• Individual Homebuyers – Foreclosed and REO MLS listings can be an excellent way to purchase a home at a very low initial price. That’s attractive to some homebuyers, and there are many homes in this market that don’t need extensive repairs or other work. If a buyer has do-it-yourself skills, making repairs can lead to the creation of valuable sweat equity. In some cases, having others do repairs can still make such a purchase a bargain. However, homebuyers looking for a perfect home at a rock-bottom price will probably find disappointment instead. Careful attention to details and good advice from a buyer’s agent are crucial.
• Real Estate Investors – The inventory of foreclosed and REO homes has started to decrease, mainly through purchases by real estate investors seeking to add to their rental property portfolios. When these properties are carefully-chosen, then quickly rehabilitated, they can be rented out at rates that create positive cash flow while markets recover, or sold for an immediate profit. Low prices and availability make foreclosed and REO properties in MN very attractive to investors.
• Rental Property Owners – From single-family homes and condos to townhouses and even apartment buildings, foreclosed and REO properties are attractive to Minnesota investors who own and rent homes. Currently there is high demand for rental properties by tenants, and rental rates are rising. Buying and rehabbing foreclosed and REO properties is an excellent way for landlords to add to their inventory of properties for rent. Competition for such properties can be intense, but opportunities abound in the Twin Cities Metro Area. Our REMAX agents who specialize in investment can help investors and landlords locate and purchase these properties.

Search REO Properties Listed by Participants of Northstar MLS of Minnesota

Foreclosed and REO properties of all types and price ranges can be found throughout the Minneapolis St. Paul metro area. It’s easy to locate such properties using our REMAX Realty team’s property search tool. From inexpensive townhomes and modest single family homes to multi-unit apartment buildings and luxury homes, every class of property also exists as foreclosed and REO real estate. As each of our licensed agents is a member of Northstar MLS, we can do a complete search of the various multiple real estate listings for you, to your specifications. We’re always happy to work with buyers to help them find properties of interest, and our real estate investment specialists have special expertise in investment properties.
At our REMAX team, you’ll find agents who specialize in MLS foreclosed and REO real estate listings. Through their experience and creativity, these complex transactions can be simplified and expedited. From individual homebuyers to real estate investors, we have helped many clients find and purchase the properties they seek at excellent prices. We encourage you to explore and preview foreclosures and REO properties using our Minnesota Real Estate Listings search tools. Feel free to search Minnesota properties listed by Participants of the Northstar MLS of MN, or contact us to have one of our licensed agents do additional real estate searching for you. We’re ready to help you with every aspect of your transaction.