Minneapolis Area City Inspections and Buying REO or Short Sale Homes
ByIf you have ever thought about purchasing a foreclosure or short sale property in Minnesota, you should be aware of city inspections (Time-of-Sale Housing Inspection Ordinances). Many cities in the Minneapolis area require an inspection before the property is sold. There are variations are to when the inspection must occur. Some communities require the inspection to be completed prior to the listing hitting the MLS, while others just require the inspection to be completed prior to closing.
If repairs are needed at a property the city may require escrow funds to ensure that the repairs are completed by the new owner. Please note that some cities may require an escrow amount of 1.5 times the amount of the estimated repairs, and withdrawal stipulations often apply. It is crucial to have a clear understanding of what the property repairs are, what the repairs will cost to fix, what escrow amount is required, what the withdrawal rules are (to pay for the work), and what the time lines for completing the work are. If you are a first time buyer in Minnesota or do not have a large down payment, it is crucial that these questions are answered quickly and accurately. One of the worst things that can happen to a buyer is that he or she will not be able to afford the escrow, lose the earnest money, and not close on his or her dream home. Be an informed buyer!
City and County websites offer more information, and a great resource for is the Minneapolis Association of Realtors® website.
Minneapolis Area Cities that require City Inspections:
- Bloomington
- Brooklyn Park
- Crystal
- Golden Valley
- Hopkins
- Maplewood
- Minneapolis
- New Hope
- Osseo
- Richfield
- St. Louis Park
- St. Paul
- South St. Paul
Jesse Grumdahl is a Minneapolis Real Estate Broker and Realtor who is a short sale listing expert in Minnesota (with the #1 Re/Max Team in Minnesota for the last three years) who sharply focuses his energy on short sale listings in the Twin Cities metro area. Mr. Grumdahl does so with the help of his full-time, in-house staff that will always put his clients’ best interests first and foremost. Jesse’s goal is to get you out of your distressed situation with minimal damage so that you can move on with your life as quickly as possible. Jesse can be reached at our contact page or directly at Jesse@MnShortSale.com or 612-968-2161.
1 Comments
January 7th, 2009 at 9:51 am
It always surprises me the amount of real estate professionals that are not well versed on the requirements of point of sale inspections by various municipalities. There is lots of information to keep up with. And, some banks think they are exempt from such requirements. Thanks for enlightening the community!