Buying foreclosures with conventional/203k loans - Twin Cities

[Jason Neff]

Hi all,

Can anyone speak to their experience buying foreclosures in the Twin Cities with conventional or 203k loans? Or speak to the local environment for foreclosures generally?

I'm looking to purchase an SFH foreclosure with no major repairs in the outer skirts of the Twin Cities. A few lenders have said they can do conventional or 203k loans on foreclosures and close quickly, though I'm curious what the competition is like for buyers like myself and if local banks/sellers are willing to entertain non-cash offers. I want to believe my initial offer could be stronger than a cash offer, though it would depend more on the success of the appraisal.

Because I'm not in a hurry, I could make many offers until something works, but I'd also like to tip the odds in my favor. For example, it would be nice to have a contact at a bank who sells foreclosures. Or any lender/realtor who can help maneuver through this situation.

Thanks!

Jason