Finding Foreclosures

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Welcome > For Buyers > Finding Foreclosures ...

Finding and Buying Foreclosures in Today's Market

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.

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. It is important that you work with a REALTOR® with experience in these types of transactions and 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 Mark and Mary Gores for help.

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About Appraisals >Fair Market Value

What is the best price for a piece of real estate? Mortgage lenders, appraisers, and real estate brokers use what is called the "fair market value" (FMV). FMV has been defined as "the price that a buyer is willing to pay and the seller is willing to accept, when both parties are knowledgeable about the property and neither is under any time pressure to buy or sell". Sounds great, but how is this price determined?

The starting point for determining a fair price may be an opinion of the value or "comparative market analysis". Such an analysis uses information on similar properties which are: 1) currently for sale, 2) already sold, or 3) expired properties (those which did not sell). Local, national and international trends and market conditions must also be evaluated.

By comparing similar properties in each of the three categories and the market conditions, appraisers, lenders and agents come very close to the maximum price that buyers would be willing to pay for a house.

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Gores Real Estate Team, REALTOR®, real estate agent and broker for Minneapolis, Prior Lake and Savage, Minnesota home listings, property and land for sale - NUMBER1EXPERT(tm)

Gores Real Estate Team
Edina Realty
14198 Commerce Ave NE
Prior Lake, MN 55372
612-201-5447
Fax: 952-447-4735
MarkGores@EdinaRealty.com
Mary Gores was licensed in 1982 and since 1986 has been associated with Edina Realty, one of the nation's premier real estate companies. She is a consistent top performer and has been awarded membership in the Leadership, President's and Master's Circles of excellence. She has many times been named a Super Star Agent by Mpls/St. Paul magazine. She holds the GRI, CRS, 55+ and ePro designations. Mark Gores joined in the business following his graduation from the University of Iowa in 2004. Mark's high energy, technology background, sales skills and creative entrepreneurial spirit quickly earned him the respect of his clients. His Young Voices column in the local newspaper provides an additional outlet for his sense of humor and has attracted community-wide attention. Mark also has been named a Super Star Agent and holds the ABR and ePro designations.

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