/EINPresswire.com/ Minneapolis, MN – Minneapolis downtown real estate expert Ben Ganje says deals abound right now on urban condos and lofts due to foreclosures and low interest rates. In fact, he says buying bank owned properties may be one of the most attractive financial moves a Minneapolis home buyer can make right now.
“The banks are making major deals on their foreclosed inventory, meaning it is a buyer’s market for these properties. Whether you’re talking about HUD or other REO properties, I am encouraging my clients who have been on the fence to make a decision now to buy Minneapolis real estate.”
Ganje, who specializes in Minneapolis condos and lofts, knows the city well and is seeing extraordinarily good bargains on the market due to banks getting rid of their foreclosure listings.
“There has been a lot of talk about buyers going after short sales to save some money, but the reality is that banks have little incentive to agree to a short sale. Many times, they get can more from the property once they own it.”
He says that unfortunately for short sellers, banks can get more of their losses reimbursed after a home is foreclosed than if they agree to a short sale.
“A buyer’s market is firmly in place on Minneapolis foreclosures, because the tax codes create a strong incentive for banks to make a deal on institutionally owned listings.”
He also notes that it’s not just the banks that are making deals. Ganje says that private homeowners who need to sell have to compete with the low bank prices.
“In my seven years of experience working in the downtown real estate market, I’ve never seen a better time to buy Minneapolis real estate than now.”
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Minneapolis, MN 55401
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