Minnesota buyers of real estate can use foreclosure auctions to try to find good house deal. When a home owner with a loan defaults, the lender can foreclose. The sheriff then sells Minnesota foreclosures at public auction. Prospective buyers need to first find foreclosure listings for local Minnesota counties. They can then use that information to prepare bidding money and attend auctions. Those who place the highest bid at public auction pay the full bid amount to buy foreclosed homes in Minnesota.
Hunt down Minnesota foreclosure listings. There are two main ways to get foreclosure listings for the various Minnesota counties. First, a lender advertises in a newspaper in the county of the foreclosed property. The ad must run for six weeks. Additionally, because the sheriff conducts foreclosure sales in Minnesota, the sheriff’s office may also provide foreclosure notices.
You should first check county or sheriff websites to look for foreclosure notices for each county. For example, the Rice County website has a section for the local sheriff. In turn, the Rice County Sheriff’s Office provides a search engine for upcoming Minnesota foreclosures in that county. You can see this search engine at Co.rice.mn.us/sheriff/foreclosuresearch.php. Of course, every county is different and may not have this information online. Note that you can also call the sheriff in any Minnesota county and ask if they have a paper list. Some offices might charge a small fee for a paper list.
Of course, if you are a subscriber of a particular newspaper, it might have the foreclosure listings for that county. Other than subscribing, you might also check online for Internet versions of newspapers. Go to the USNPL page for Minnesota (usnpl.com/mnnews.php) and click on the newspapers to search for Minnesota foreclosures in local newspapers.
Use the listings of foreclosed homes to find the date, time and place of individual Minnesota properties. You should also determine the bidding and payment details. For example, you may need to prepare cash to pay for the full bid amount on the day of the auction.
Find properties you would like to check out and possibly buy. You can get the address of the property and the location of the auction in each listing. You need to come up with a maximum bid on any property you would like to purchase. Talk to a real estate agent familiar with that area or possibly even neighbors to determine the approximate market value of the foreclosed homes. However, you can only estimate because there is no right to inspect a foreclosure in Minnesota before buying it at auction.
Participate in the auction and bid on the Minnesota foreclosed homes or land. If you place the highest bid on an auction, buy the property by submitting the bid money to the sheriff.
Get a deed from the sheriff. Minnesota home buyers (including foreclosures) always need to get and file a property deed at the local real property recording office. Do this as soon as possible to prove and preserve your ownership interest in any Minnesota foreclosures that you buy at auction.
Foreclosure.com Minnesota Foreclosure Laws
Rice County, Minnesota Foreclosure Search