I was just sorting through a list and see that there has been about 200 foreclosure notices in Maple Grove so far this year through the first 6 months of the year. I don’t know how this compares to previous years.
So far in the first 6 months of the year, the market in Maple Grove, MN has had 437 closings according to my search this afternoon in the MLS. Â There are 536 active listings for sale.
If we can expect the pace of foreclosure to at least continue with what we’ve seen so far in the first half of 2009, there should be another 200 more NODs or Notices of Default issued. Typically the NODs are issued 6 weeks or so before the Sheriff’s sale.  The home owner then has 6 months to redeem the property – i.e. pay off the loan, late fees and attorney’s fees.  If the home owner doesn’t redeem the property, it then goes back to the bank and they eventually list it as an REO. It typically takes another 6-7 weeks after the redemption period expires before the banks get the properties listed.
If you are interested in possibly trying to buy a pre-foreclosure property, please contact me.