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how do you buy a forclosure property

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June 13 2013 - Lake Elmo
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All banks are different and if you do not know what these differences are, it is best to utilize and agent who understands this.  IE, did you know "HUD" homes do not allow for an inspection contingency.  If you back out of the deal based on the results of the home inspection, you lose your earnest money!  

Be careful before proceeding, get educated, or hire someone who is.
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December 11 2013
Buying a foreclosure is like buying any type of property. If you don't know the ins and outs of the real estate transaction, then it is best that you work with a consultant who can guide you along the way.
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December 01 2013
[self promotion deleted by Zillow moderator. please see our Good Neighbor Policy for posting guidelines[
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November 30 2013
Profile picture for Dunes ..
The commission whatever it is or the flat fee or or or is an expense/cost to the seller and that expense/cost being included in the sales price or saying it is has nothing to do with "fixing" commissions.

To suggest sellers do not include that cost/expense into the sales price if at all possible is untrue imo and would be a pretty silly thing for any seller to not do..

IMO the Free to the buyer BS is just that..BS ...and I'm perfectly content with those passing by reading what I've posted and what you've posted then deciding for themselves who is being absurd
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June 14 2013
1) I don't think looking at homes online is gaining much knowledge it is window shopping. The real knowledge is learning about the home-buying process, which pertains specifically to this question (and every buyer's specific situation).  

2) Agents/agencies are selling services not doing people favors what a typical consumer response. In reality It is representation and could not be any farther from the truth. Just pure ignorance. 

3) I am sure my one response won't put this debate to rest, but I have no clue why you think commission is just automatically wrapped into the purchase price of the home. There is a wide variance of commission structures in the market place. 4-7% is the range, and then on top there are discount brokers who will go even cheaper. Are you saying every single comp in the state of Minnesota is pegged to 7% commission? 6%? You do realize it is illegal for realtors to "fix" the marketplace??

Do FSBO seller's automatically save xxx percent on commission just by selling themselves? Does negotiation skills have zero impact on final purchase price? What about seller concessions and how that effects sales price? Different type of financing such as FHA, Conventional, or Cash? Terms, etc... Why don't builders just sell the home themselves and save on commission then? How is selling on a contract for deed different than a traditional sale?

Or better yet maybe at my listing appointments I can just say, " Hey Mr. & Mrs. seller a consumer told me that I can actually charge you 8% commission instead of 5%, because heck all we have to do is just increase the asking price to make up the difference and pass that fee onto the buyer."

It is not a gimmick or a sales pitch. It truly costs a buyer nothing to work with a Realtor to buy a home. HOW the seller chooses to sell their home will effect their NET, but to say the market-place is "fixed", because of commissions is just plain absurd. 
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June 14 2013
Profile picture for Dunes ..
My point is this is a huge business Transaction and Agents/Agencies are selling Services not doing people favors..

If "you will need a realtor to help you complete the transaction" then choosing one is a very important business/financial decision with a lot at stake..Just going to any ol Agent for information/services is foolish imo

You must have some knowledge if you are going to choose Services/an Agent wisely, they cost a lot of money and it is an extremely important decision /selection that can impact you positively of negatively in many ways

It's your money, your business transaction/financial obligation, your goals/goals and you should know enough to make the best decisions possible...for you
Learn as much as possible first and if that means visiting a bunch of sites then that's what you do..You ain't talkin about ordering a pizza

And remember...
Just like anywhere else "in Minnesota the seller pays the Agents commission" at closing from the money you just paid them..
it ain't free to you.
The seller includes their costs/expenses of the Agent commissions in the price so you'll pay them, to not do so would be rather foolish as a Seller..wouldn't it?.. it's thousands and thousands of dollars after all

Shop Smart...Good Luck
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June 13 2013
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
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June 13 2013
Profile picture for Dunes ..
Here's a few things you may consider giving a look that provide a lot of information on options, programs, loans and more

Public Records..all free info..provided by your County/State gov.

Washington County: Land Sale
"View Washington County information about tax forfeited land sales including auction information, process overview, repurchase information, list of properties, and more."

GIS Maps, Parcel Search
"View and search Washington County parcels by street address or parcel number through GIS maps including mortgage foreclosures, aerial photos, and more."

National:
Public Records..all free ..provided by County/State gov.
Foreclosures and Tax Lien Sales

You could also make use of the Free Fed Gov and Banks Sites created to allow the Public to view their Properties for Sale/Foreclosure/REO..Get a feel for Prices and info on programs, different Options, loans ect.

Sites like...HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link

Bank sites like....Bank of America...Wells Fargo
You can find links to Bank sites here...Link

Provided by the Federal Gov..
Find the Right Loan, you can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program. GovLoan.com

Good Luck & Good Hunting
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June 13 2013
What do you consider a "foreclosure property", that term is often misused. Are you referring to an REO (bank owned) property, short sale or are you trying to work with a homeowner who is in foreclosure?
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June 13 2013
Profile picture for wetdawgs
ZIllow has an excellent section on foreclosures that provides some overview of purchasing a foreclosure.
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June 13 2013
 
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