When thinking about buying a foreclosure, you may have a lot of questions. Below is a list of the top things you will need to know when buying a foreclosure.

1. The seller (Bank) will not accept an offer that is contingent on selling your current home.

2. You must have your lender approval letter or verification of funds if you are paying cash when making an offer.

3. The seller (Bank) will typically not make any repairs to the property to assist in your financing or due to your property inspection.

4. Patience is a must.  No early move-ins.  Be flexible on the closing date.

5.  Foreclosures are typically lacking basic maintenance at a minimum and in Northern Minnesota, most have plumbing that has frozen. Financing is a huge challenge unless you have significant money to put down.  Expect the worst and be very happy when things are not broken that you expected would be.

6.  The sale is always as-is. The seller (Bank) contracts put everything in their favor and put the responsibility of everything on you. Buyer beware!

7.  Buyers should have a professional inspection done so they can get a good estimate on the cost of repairs the buyer would have to pay for after purchasing the property.

If you have any other questions about foreclosures or anything else related to buying or selling a home or property, please leave us a comment or call us at 218-729-9784.