Are you in the market for a Minneapolis foreclosed home or short sale property? If you are a budget-conscious first-time homebuyer, an investor or simply someone who can take their time in finding a new home, foreclosure listings present incredible investment opportunities in many Minneapolis neighborhoods. Minneapolis short sales and foreclosures are often available whether you’re searching for a starter home, mid-size property or larger, upper-bracket home.

Minneapolis foreclosures are properties that the bank or mortgage lender repossesses following missed mortgage payments. The lender owns the property and prepares to sell it following the foreclosure process, which often represents an opportunity for you as a homebuyer to purchase the house at a considerable discount.

In the case of Minneapolis short sales, homeowners ask their lender(s) to take less than the amount owed on the home. With this type of sale, the lender(s) need the purchase agreement in order to sell the home, which can take several months. If you can wait for the lender’s approval, you may be able to secure an impressive deal with a short sale home in Minneapolis. Learn more about buying a short sale home.

Minneapolis foreclosed homes are located throughout the city, and in some cases, you can choose from homes in excellent condition. Remember that foreclosed homes are always purchased as-is, so any repairs and renovations required will need to be considered against your budget. Fortunately, foreclosures and short sales in Minneapolis typically allow you to potentially purchase a home at a reduced price.

Edian Realty REALTORS® have extensive training and experience with Minneapolis foreclosures and short sales. Please contact us if you have questions about purchasing a foreclosed home and we’ll be happy to guide you through the process with the assistance of our legal department.