Rochester, Minnesota is a suburban medium sized town that offers its residents city amenities. It is a friendly and cosmopolitan city. In fact, it has received recognition from Money Magazine as one of their best places to live because it offers excellent schools, a high quality of life and its reasonable cost of living and affordable housing market attract a diversity of people to the area. Rochester is very popular among students and families. It’s close proximity to the Twin Cities, Minneapolis and St. Paul, make it a desirable place to live, work, visit and invest. It also known for its world recognized medical facilities at the Mayo Clinic where people come from all over the world, for medical diagnosis and treatment. If you are looking for dream repossessed foreclosed homes, Rochester is one of the places to find them.
Here are a few tips to keep in mind when you are purchasing homes in the Rochester area. Find one that is not in the maximum price range. That should not be too difficult because Rochester offers buyers and investors a wide variety of home styles and prices to choose from. In fact, investors and buyers are flocking to Rochester to purchase foreclosed homes. The average sales price of a home in the Rochester area is $142,900. Foreclosed houses offer buyers/investors the opportunity to purchase a home in an area that they may not have been able to purchase prior to the 2007 housing bust, and they know they are getting a property with built in equity. So no matter what you intend to use the property for, you know you are getting a good deal. First time home buyers are attracted to foreclosed homes because it allows them to get into the market in a neighborhood of their choice because they get more for their money. Investors know they can rent their property because there is a high demand for rental properties.
Another tip is to have your funding secured so you can close your transaction quickly. Since banks own the homes, they want to sell them quickly and make sure the buyer is qualified to close the transaction. Investors and buyers with cash will have a much better selection of properties to choose from and have a higher chance of their offer getting accepted. Don’t be surprised if you find yourself in a bidding war on some of these foreclosed homes because they are such good bargains, they are in high demand in the Rochester area.
You should work with a local Rochester real estate broker to find your dream repossessed property. It will narrow your search and save your time. The Realtor knows the area inventory, and can help you search through the list or homes that meet your criteria in the neighborhoods you are interested in. The Realtor can also recommend a mortgage broker or lender if you are taking out a loan to pay for your purchase and refer you to vendors such as home inspectors, contractors and surveyors.
If you are really looking for a truly cheap Rochester bargains, you may want to check out property auctions, where you can find seized bank and government homes at substantial discounted prices. There are some things to keep in mind though when you purchase auction property and that is you don’t receive title insurance, the properties are sold as is and you probably won’t get to perform a home inspection. You must take care of paying off any liens on the property and evicting prior owners and tenants. The homes are typically in poor condition so you must budget for repairs. The good thing is you are getting a great investment. So if you are looking for an auction property, you may want to check the local county courthouse, the Internet or the newspaper to find one. Realtors are not involved in auction properties because they don’t get paid a commission. You may want to bring someone with you that has purchased an auction property before so you don’t make any mistakes while you are bidding. You should do your due diligence first, and remember that you will need cash to pay for your auction property.
Rochester, MN is a great place to own repossessed bank owned (REO’s) and auction properties right now because there is an abundance of good deals in the area. You just need to take your time finding the right property for your needs. You won’t be disappointed with your dream repossessed Rochester property.