Knowledge is Key
For some, the current increase in foreclosures means there’s an opportunity to purchase property at reduced prices. When entering into this type of real estate transaction, it’s critical to understand the market and to work with an expert who can help you navigate the process – an Edina Realty REALTOR®.
Things to Consider
Buying a property in foreclosure or a lender owned property is a different type of transaction. These types of sales can be more complex because the lender is intimately involved in the transaction – either acting with approval powers or as the owner / seller. As a result, these transactions can take more time than a traditional one and may require added patience from the buyer.
Properties in foreclosure represent an owner who has received an official notice of foreclosure from their lender. Once the foreclosure process is complete, the property becomes lender owned.
Each situation is unique and understanding the process and the market is critical. For example, because these properties may be previously owned by people experiencing financial difficulties, they may need updating and repairs that are sometimes significant. Or, there may be liens or back taxes due on the property. An Edina Realty REALTOR® with experience in these types of transactions can help protect your interests.
Knowledge is power in this market. Familiarity with market conditions and thoroughly understanding the ins and outs of the foreclosure process are critical. Obtain the advice of an experienced professional: contact an Edina Realty REALTOR® for help.
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