Foreclosed Homes Auctions in Saint Paul Historic Area
A number of foreclosed homes auctions are being planned by the city officials of Saint Paul, Minnesota to reduce the number of vacant and foreclosed homes across the city.
Currently, the city has 2,000 unoccupied houses and city officials have been looking for ways to put residents into these vacant properties.
With funds received under federal programs, the city has decided to get directly involved in buying and selling residential real estate to facilitate the containment of vacant residential properties.
To start the program, it purchased 11 foreclosed houses in the historic Dayton’s Bluff neighborhood, one of the most foreclosure-battered communities in the city.
Dayton’s Bluff is a historic area because it was once occupied by Native American families. Native burial mounds in the area have been preserved. The sense of place and identity of the area is a stand-out because it is separated from downtown by ravines, bluffs, freeways and active rail lines.
The neighborhood also has one of the best views of the river valley in the Twin Cities metro area and the skyline of Saint Paul.
Nowadays, however, the rich cultural past and physical beauty of Dayton’s Bluff are being stained by a lot of vacant foreclosure properties. This is the reason why city officials made the neighborhood its first target with its housing program.
The asking prices for the foreclosure properties range from as low as $1 to as high as $50,000. The properties have passed city inspection, but they are all in need of repairs in different levels.
According to city officer Natalie Fedie, buyers need to inspect the vacant homes with consideration of the potential of the properties.
Each qualified bidder and buyer is required to fix the house, make additional investments for repairs and actually live in the property. According to city officials, this is to ensure that the city’s rehabilitation program will have a long-term impact on the Dayton’s Bluff neighborhood.
City official Kathy Lantry said the rehabilitation of the vacant gorgeous old homes will do a lot to revitalize the historic neighborhood.
The city will open the foreclosed homes for sale to the public for two nights and then conduct the public auction.
Additionally, bidders must be ready with their pre-approved mortgage applications for loan amounts between $140,000 and $190,000 and they must follow home renovation guidelines for historic districts in Saint Paul.
Related Posts:
- Albert Lea Gets Money to Rehab Foreclosed Homes for Sale
- Do Your Foreclosed Home Search in Cities That Care
- Michigan Program to Buy Tax-Foreclosure, Foreclosed Homes HUD
- City Considers Repossession Homes Registry
- City to Buy and Sell HUD’s Repossession Homes
