This document provides information on four important things to know before buying a bank-owned property. It advises researching the property and neighborhood, checking the home's condition, finding the bank's break-even amount, and employing a real estate agent who has experience selling bank-owned homes. Selling a home independently requires navigating showings, educating buyers, negotiating offers, and finding a serious buyer, which can be challenging without a real estate professional's expertise. The document also provides a brief announcement about Martin Luther King Jr. Day and National Day of Service.

1. Know Before You Buy
4 things you should know before
buying a bank owned property
www.SavvyRealEstatePro.me According to RealtyTrac, a leading
resource for information on foreclosures
Tanya Ericksen-Troska and bank owned properties, a total of
REALTOR®, EPRO® | MN DRE#20306911
188,748 U.S. properties are in some stage
Keller Williams Premier Realty
of foreclosure - default, scheduled for
763.439.1919 (M) | 952.475.0111 (O)
auction, or bank-owned (REO) - sold to
Tanya@MNMetroHousing.com
third parties in the third quarter. The idea of purchasing a
home that has been repossessed by the bank can sometimes get
New Year – New You!
a bad rap. The truth is, good buys are available, but they
require research, preparation, patience and persistence. Keep
Studies show that eating breakfast
these four tips in mind if you’re in the market for a bank
daily can lead to weight loss. If
owned property.
your New Year’s resolution is to
become a healthier, happier you,
 Visit the neighborhood. There are many homes in good
try this recipe for a sweet way to
condition that have been foreclosed on and repossessed
start your morning.
by banks. Just be sure to check out the neighborhood
before you think about buying. What kind of condition
Ingredients
are the other homes in? Where are the schools located?
How many homes are on the market or foreclosed on?
 3/4 cup low-fat cottage cheese, or
When buying a home, whether a bank owned property or
low-fat plain yogurt
not, location is still critically important.
 1 cup pineapple chunks, papaya
 Research the property. The key pieces of information
chunks or cling peaches
you need to gather are the estimated market value of the
 2 teaspoons toasted wheat germ
property and the bank's break-even amount. The bank's
break-even amount includes the unpaid balance of the
loan, any fees and costs incurred during the foreclosure
Place cottage cheese (or yogurt) in a small bowl.
process and any other liens the bank had to pay off to
Top with fruit and sprinkle with wheat germ.
take ownership of the property.
 Check on the home’s condition. Foreclosed properties
Per serving (with cottage cheese, pineapple): 248
are often neglected after the current homeowners move
calories; 2 g fat (1 g sat, 1 g mono); 7 mg
out. Make sure you get a full inspection on the home if
cholesterol; 35 g carbohydrates; 23 g protein; 3 g
you are seriously interested in buying it. Also be sure that
fiber; 24 mg sodium; 414 mg potassium.
the cost of repairs is worth it. Do your research on other
non-foreclosed homes in the area to see what else is on
the market that may not need as much work.
 Employ a REALTOR®. Banks are holding onto a lot of
properties and nearly always hand them off to real estate
agents who have a proven track record of selling them.
Check with your real estate agent to see what homes are
available for purchase. Or, visit your local MLS to start
searching for properties and contact the agent
representing those that you are interested in.

2. Should you sell your home on your own?
With the increase in information available online and in books, many homeowners are interested in selling their home
on their own. This DIY method of selling is known as “For Sale By Owner.” It’s easy to assume that putting your
home on the market is the right choice, but inevitably kinks in the sale happen. Here is a list of some of the
unexpected things that could catch you off guard if you choose to sell your home on your own.
 Showing your home during the middle of the week can often push into your usual work schedule. Because
you are selling, you are at the disposal of the buyer who wants to see it. If your schedule conflicts with theirs,
it will mean making a choice between taking time from work to show the house or letting them move on to
choose another.
 Helping buyers understand the mortgage application process can take time. Many times potential buyers
need to be educated on why they need to be preapproved for a mortgage and will most likely need contact
information for local lenders. Do you know at least three reputable lenders to refer them to?
 Navigating the negotiating can be tougher than you think. Potential buyers often want sellers to carry their
mortgage, give them down payment assistance, or allow them to just rent the house for three years while they
“fix” their credit. Being able to work with the buyer to create a positive outcome for both parties is not only an
art, it’s a well-versed science.
 Time is money. Finding buyers isn’t always a problem. Finding the right buyer who is serious about putting
an offer down on your home may be more challenging than you think. There have been many wasted
afternoons when no one shows up for your open house except the neighbors who always wanted a peek at the
kitchen remodel.
As a real estate agent who’s seen everything in the business, I can tell you that these are just a few of the issues you
will run into when selling your home. The good news is that there are professional REALTORS, like myself, who are
available should you have any questions about selling your home for top dollar and in the quickest amount of time.
Call me if you have any questions about selling your home on your own.
Celebrate in January : Martin Luther King, Jr. Day - Jan. 17, 2011
Each year, on the third Monday in January, citizens in the United States honor Martin
Luther King, Jr. for his incredible contributions to the Civil Rights Movement. Today,
many participate in a Day of Service. Initiated by Congress in 1994, Martin Luther
King Day of Service builds on that that legacy by transforming the federal holiday
honoring Dr. King into a national day of community service grounded in his teachings
of nonviolence and social justice. The aim is to make the holiday a day where people
of all ages and backgrounds come together to improve lives, bridge social barriers, and
move our nation closer to the “Beloved Community” that Dr. King envisioned.
Visit MLKDay.gov for more information.
If you are currently working with another Broker please do not consider this a solicitation.