Just got a call from a motivated seller. Seems like a good deal, but one thing is making me wary. Both Zillow and the county website show the house as being sold at foreclosure 3 weeks ago.
So where can I find out more information about this foreclosure? Would calling the county be worth anything? The records available on their website are minimal, so guessing they'd tell me I could only pull records in person. Could I get any information from the law firm listed in the foreclosure?
Also, I'm in Minnesota which has a 6 month right of redemption. Since it's still within that period, is there anything else I would need to do, other than paying off the loan amount(plus penalties?).
Yes, foreclosures are public information and the county should provide you with all the necessary information you need. Look for 2nd mortgages and other liens on the property that could affect the total payoff. Communicate with the county if you plan to redeem as they will inform you of their process.
Thank you! I'll give try calling the county and see what I can find.
You'll have to go down to the Ramsey County Sheriff's office to get the auction notices. That only gets you part of the way there. After that, you'll need to track down each property, determine ARVs, and then try to get in touch with the owner. Looks like in this situation you've already gotten in touch with the owner which is a good thing.
You can work with a title company to do an initial title search, but you may need to be careful there. If you have them running a bunch of searches but never actually close on a deal and give them business, you may find that source dries up quickly.
Thanks! This particular property is actually in Anoka County. Got a pretty good handle on the ARV. Now trying to determine whether it's worth pursuing. Based on the # from the foreclosure, plus seller's desired cash, plus estimated repairs, I'd be too close to ARV to be worth it. Since the bank has it, I don't think I can buy it without getting a mortgage either. I could look at doing a short sale. Only thing is I don't think the seller can take any cash away from a short sale, and this guy wants $5k.
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