St. Paul Foreclosures and Short Sales

foreclosures and short sales in st paul mn

Reduced real estate prices on St. Paul foreclosed homes for sale and St. Paul short sale properties offer incredible opportunities. Both first-time home buyers on a budget and investors can find these foreclosure listings in most St. Paul neighborhoods, on properties ranging from starter homes to larger, upper bracket properties.

St. Paul foreclosures are properties that the lender plans to repossess or has repossessed because of missed mortgage payments. Once the foreclosure process has been completed, the lender owns the property and prepares to sell it.

St. Paul short sales are homes whose owners are asking the lender to accept less than the amount owed on the home. The short sale price is lower than the amount required to pay off the remaining mortgage amount and costs of the sale, so the current homeowner and lender need to negotiate the terms of modifying the mortgage in order to sell the home. Learn more about buying a short sale home.

In both St. Paul foreclosures and short sales, you can find very nice homes in good condition. However, some of the homes are distressed or in need of repairs, so remember that you purchase them as-is and will need to build renovations and repairs into your budget.

St. Paul foreclosures and short sales are also attractive to investors who want to fix homes up to sell or rent them. If you’re interested in investing, consider how much you will need to put into the house, how much rent you may be able to collect once the renovation is complete, or what you could sell the property for once you’ve fixed it up.

It’s important to note that you must be patient with this type of home purchase – especially when waiting for responses to offers from the bank. Each lender has its own forms and processes. You could possibly wait as long as 3-10 months to hear back from the bank about your offer. Edina Realty REALTORS® have advanced training in foreclosures and short sales and can assist you through every step in the process. Contact a Edina Realty foreclosure and short sale expert.

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