How To Sell A Home In Foreclosure, In Minneapolis, MN
How can you sell a home in Minneapolis, MN if you are in foreclosure?
Foreclosures are still all too common in MN. If you or someone you know is in some type of distressed situation, or are afraid you may be soon; what can you do?
Foreclosure Trends in Minneapolis
While the national media gives the impression that the 2008 crisis is well behind us, there are still many households in Minnesota who are suffering the effects. Sadly, some analysts and data also suggest that a new dip could make it even harder for many homeowners ahead.
Real estate statistics from RealtyTrac show that there were still over 6,200 homes in some stage of foreclosure in Minneapolis as we approached 2017. Foreclosure homes have been selling for an average of almost 30% less than non-distressed properties.
Although owners in foreclosure were able to sell for an average of $13,453 more at the end of 2016, versus 2015, traditional median home sales prices had dropped 6% during the same period. The number of homes sold also fell 54% as of November 2016.
This suggests that the market hit a peak for home prices, and sellers may find they get less for their homes if they continue to wait to sell.
The Challenge
The big challenge now is for property owners facing foreclosure to find some help. Banks and lenders appear less willing and able to help than they were several years ago. The motivation to help has diminished, and the eagerness to foreclose and auction off bank owned homes seems to be up.
Mortgage lenders may still grant short sales, but options for trying to keep a home appear to be drying up. Time is certainly of the essence when it comes to finding a solution.
Selling a Home in Foreclosure
Whether it is late mortgage payments, an inherited property, past due property taxes, severe repair needs threatening condemnation, or a paperwork mix up that has led to foreclosure; there is nothing to be embarrassed about. Millions of American homes and condos have gone through this recently. What is a shame is when owners don’t reach out and get the help which is available so they can turn around their credit and finances, and keep a roof over their family’s heads.
Of course, for those already facing the threat of foreclosure it is normally too late to list with a real estate agent. How are you going to sign a listing agreement for 6 to 12 months, when you may be foreclosed on much sooner? Realtors can be very helpful, but perhaps not so useful in this time sensitive situation.
A far better solution may be to reach out to a local real estate buyer who can pay all cash, is willing to accept the property in its current condition, and can close quickly. This leaves no guesswork, and eliminates the risk of things that can go wrong when relying on a new home buyer who needs a hard to come by mortgage loan.