Lenders protect their mortgage investments through the process of foreclosure. Minnesota lenders generally foreclose on property through non-judicial foreclosure proceedings. Minneapolis provides a plethora of opportunities to purchase a foreclosed home. Lenders must first advertise a public notice of foreclosure sale. Potential bidders use the notices to find Minneapolis foreclosures. Bidders can then proceed to the foreclosure auction and buy Minneapolis foreclosed homes by placing the highest bid at a foreclosure auction.
Look in Hennepin County newspapers for Minneapolis foreclosure listings. The lender must advertise a non-judicial foreclosure proceeding for six weeks in the county of the foreclosed property (see Sources). Because Minneapolis is located in Hennepin County, that is where potential buyers should look for upcoming Minnesota foreclosure sales.
Look at the notices to get information on the foreclosures. In many states, all foreclosures take place at the county courthouse. Minnesota does not require this rule per se. So you need to look at each notice to determine the exact location of a foreclosure auction. Minnesota law does state that all sales must take place between 9 a.m. and 4 p.m (see Sources). Look at the notices to get the exact date of each sale. Of course, you can also get the addresses of the foreclosed properties by looking at the public notices.
Check out the properties to the best of your ability before deciding on which properties you would like to purchase. Foreclosed homes are sold on as “as is” basis, which means you will have to pay for any necessary repairs and maintenance on foreclosed homes that you purchase. Visit the properties and speak to the owners if possible. Be careful, as some owners will be upset about the foreclosure situation. At any rate, you want to get an idea of the condition of and value of the property. This is the only way you can determine a reasonable bid on a particular property.
Prepare cash funds for any bids you intend to place. The sheriff conducts foreclosure sales in Minnesota. Thus, the Hennepin County sheriff conducts public auctions on Minneapolis foreclosures.
Go to the designated auction place and bid on the properties. Place the highest bid to buy a Minneapolis foreclosure.
In Minnesota non-judicial foreclosure proceedings, you will receive a certificate of sale upon purchasing a Minneapolis foreclosure. Take this certificate of sale and record it with the Hennepin County Public Records Division within 10 days. You may call the division at 612-348-5139 for more information.
University of Minnesota: Mortgage Foreclosures
State of Minnesota Foreclosure Statutes