Bloomington MN Foreclosed Real Estate & Homes
Not many of us will forget the headlines a few years ago about the enormous number of Americans who were defaulting on their mortgages. Dubbed “underwater” homes, it seemed as if every block in every city across the nation held at least one foreclosed home. In the year 2008 alone, 26,000 Minnesota homeowners dealt with foreclosure.
Today, the crisis is over and the state employment rate is back up and its foreclosure rate is down. In fact, Minnesota is one of four states with the least number of foreclosures in the nation.
What is a Foreclosure?
Bloomington foreclosures are homes that the lender takes when a homeowner is in default on the mortgage. The lender then owns the property and its portfolio of properties it has seized is known as REO, for “real estate owned.”
The country’s lenders’ sole focus with their REO portfolios is to get rid of them as quickly as possible, which offers tremendous opportunities for those looking for bargains. The average foreclosure savings in the Twin Cities metro is $70,000, according to the real estate information company RealtyTrac.
Buying a Foreclosure in Bloomington
Despite the fact that Bloomington’s foreclosure rate is down, you can still find these homes for sale. You’ll need to be more diligent and check listings more frequently than you would were you shopping for a traditional sale, but you can find a foreclosure.
This is why your choice of an agent to represent you in the purchase is critical. Kris Lindahl with Kris Lindahl Real Estate, is the area expert on the distressed home sale and purchase process.
Bloomington Homeowners: Avoid Foreclosure!
Lindahl is also the go-to agent in Bloomington for distressed homeowners. His team members have receive advanced training in the foreclosure avoidance process. Lindhal has even written a book for homeowners hoping to avoid foreclosure: “A Homeowner’s Guide to Short Sales.” Contact the team for your complimentary copy.
Whether you are looking for a low-priced foreclosed condo in Bloomington or a foreclosed single-family home on a tree-lined street with impeccably maintained homes, you will find it here on BloomingtonHomesForSale.com.
We feature the largest portfolio of foreclosures for sale in the Twin Cities metro area.
Bloomington Foreclosure Listings
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The data relating to real estate for sale on this site comes in part from the Broker Reciprocity program of the Regional Multiple Listing Service of Minnesota, Inc. Real Estate listings held by brokerage firms other than Kris Lindahl - Real Estate are marked with the Broker Reciprocity logo or the Broker Reciprocity house icon and detailed information about them includes the names of the listing brokers. Kris Lindahl - Real Estate is not a Multiple Listing Service MLS, nor does it offer MLS access. This website is a service of Kris Lindahl - Real Estate, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.
Information deemed reliable but not guaranteed.
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Listing information last updated on January 24th, 2021 at 12:20am CST.