Minnesota Foreclosure Moratorium
Here in Minnesota, our team has certainly heard and read all of the reports in regards to banks putting a hold on foreclosures.
The Minnesota Real Estate Team does have a number of agents that list REOs (Real Estate Owned or Bank Owned Properties.)
Currently, we have not noticed the moratorium here in Minnesota affecting existing properties for sale on the MLS that the bank currently owns. However, we have noticed a delay in many evictions post redemption period (Minnesota does allow for a full six month redemption period after the sheriff sale.) Some of these properties of the lenders are not being put onto sale on the MLS during this moratorium.
If you are a buyer in this real estate market in MN, be sure to plug in with a top real estate agent. And at closing, be sure you understand the importance of purchasing an owner’s policy at closing. This owner’s policy will give you the ability to insure your interests in a property.
We do not believe a buyer needs to be fearful of purchasing a bank owned property. Time will tell how quickly this moratorium is lifted and REOs will begin hitting the market as quickly as before.
Related Posts
Tags: minnesota foreclosure moratorium, mn foreclosure moratorium, mn reo moratorium
November 2nd, 2010 at 10:00 pm
There are some closing delays happening on these bank-owned properties here in Minnesota…but nothing too serious yet as I hear. And, as Ryan says above, it is imperative that you understand the importance of puchasing an owner’s policy (title insurance) when buying a bank owned property (or any other property for that matter).