Here you can find bank owned Twin Cities foreclosures (REO’s) homes for sale.
What is a bank foreclosure?
These are homes that banks have taken back from the previous owner(s) due to non-payment of the home’s mortgage. Once the bank takes the home back through the foreclosure process, it will normally change the locks, winterize the home and do a “trash out,” which is where they remove any debris left by the previous owner. Sometimes they do some general repairs but a large number of these homes need some TLC.
Why can buying bank foreclosures be such a good deal?
Because most bank owned homes need repairs/updates/decorating, many buyers will avoid these homes and that in turn decreases the demand for these homes, depressing their prices. The other reason is that banks are very motivated (desperate) sellers and most will regularly continue to discount the price until they can sell it. In comparison, most traditional sellers have homes that are in relatively good condition and are resistant to take needed price reductions.