Whether you are a buyer wanting to purchase or an asset manager looking for quality service with a proven track record, Garth Johnson and his team at Minnesota REO Experts are here to assist you!
Garth Johnson has been a Minneapolis area agent for over 25 years. Ranked #1 agent in 2009 and #2 agent in 2010 with over 1100 sales, with an experienced team that strives on professionalism learn more About Us, your professional Minneapolis Realtor.
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Have you been wondering what the difference is between a short sale home, foreclosure, auction and lender owned property?
Buying or selling a traditional home in Minnesota can be complex let alone a short sale or a foreclosure. Because each situation is unique in its own way, understanding the buying and selling process is critical when you are working with a short sale, auction or lender owned property.
Short sales, foreclosures and lender owned properties can be classified as non-traditional home sales. While they may provide the opportunity to buy real estate at reduced prices, these types of sales are complicated and take longer than traditional real estate.
Short Sale– The Buyer’s Advantage
• Seller is Upside Down on Current Mortgage & has to Sell Short
• Short Sale homes sell for 19% less than a Traditional Sale
• They are usually cared for more than a Foreclosure
• An Answer may take up to 6 months, if ever
Learn more about the process of buying a Short Sale
Learn more about the process of selling a Short Sale
Learn more about HAFA and HAMP
Lender Owned -Foreclosure– The Buyer’s Advantage
• Stats show they sell for 41% lower than a traditional sale
• Multiple offer situations
• Lots of work needed
• Some financing may not work on properties
• Buy, fix, move in
Once the foreclosure process is complete, the property becomes lender owned. The seller is now the bank and the home is vacant.
Auction – Lender/Seller
• Minimum Bid – Disclosed
• Reserve Bid – Sellers Choice
• Buyers Premium
• Cash vs Financing
• No contingencies – must do inspections/financing prior to offer
Things to Consider