Eden Prairie Foreclosures

Many people that I have talked with think Eden Prairie is immune to the current real estate market conditions which have produced short sales and foreclosures. Not the case. Currently there are 23 properties in Eden Prairie which are either lender owned homes or foreclosed homes. Prices range from $92,000 for a 1 bedroom, 1 bathroom condo to $665,000 for a 4 bedroom, 4 bathroom, 4 car garage palace! Eden Prairie foreclosures are a significant problem

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I am asked what the difference is between a short sale or a bank foreclosure/lender owned home. A short sale home is when an owner owes more in loans on the property than what the home will sell for. This means they cannot repay the entire loan. Also, they can neither sell the home nor they can get the balance of the loan and sale amount to be forgiven by the the lender. Short sale properties have been miserable to deal with as a buyer. Many stories have been told of buyers attempting to purchase a short sale and at least 4-6 months later the bank still is stringing things along.

Eden Prairie foreclosures or lender owned properties are a different experience. I have had very good luck working with buyers in the purchase of properties once the bank has already gone through the foreclosure process and now owns the home. Banks generally aren’t “giving” the property away, and if a deal seems to good to be true, it is. Many of these “good deals” require new plumbing, walls, flooring, and everything in between. Lately, we are seeing many banks underprice foreclosed homes, which then attract multiple offers. Many agents are relaying stories of having to offer over asking price in order to”win” the home.

Help With Eden Prairie Foreclosures

If you are thinking about purchasing Eden Prairie foreclosures or lender owned homes, feel free to contact me about the current market trends and how to negotiate the best deal possible.