Buying a house from foreclosure listings in Athabasca County AB can be a great way to buy a home or investment property at a huge discount! So, why don’t more people make the most of this untapped market of houses? Largely this is as a result of lack of awareness about the process or fear from misinformation they may have heard about buying a foreclosure. Foreclosuresearch.ca is a excellent resource to learn about the foreclosure market and how best to negotiate a deal that suits your unique needs. Foreclosures no longer are intimidating! Thousands have been assisted, so why not you?
How can I find Athabasca County bank foreclosures?
I use Foreclosuresearch.ca for my foreclosure needs because it is a one stop shop so to speak for learning about the market and the Athabasca County foreclosures process as well as lists of available properties in Athabasca County Alberta with photos and descriptions.
This saves me a lot of time and effort. I don’t have to search the internet for hours looking at different Realtors websites combing through houses that are not foreclosures or don’t fit what I am searching for.
Even many Realtors have started to use their website to find the absolute BEST deal for their clients! If a real estate professional depends on www.foreclosuresearch.ca, then I know I made the right move.
Other options for finding foreclosed properties in Athabasca County is to get in touch with your local bank to see if they are carrying properties in their portfolio or to contact a local Realtor that concentrates in foreclosure listings. Many Realtors will list just about any property they can get their hands on but they may not be well versed in the foreclosure purchasing process so you need to be enlightened before going in.
How to buy a foreclosed house with bad credit
Let me begin by saying that purchasing a foreclosed house in Athabasca County with bad credit is feasible!
You have the option to buy a home for cash at a real estate auction. Your credit doesn’t play a factor at all because you are not taking out a loan. Not everyone has this form of money lying around though so lets consider other options.
Research federal home buying programs. There are many programs out there again to aid those with low incomes or poor credit to buy homes.
Search for properties in your area and look for loans with low down payments. Save up money for your down payment but expect to pay a slightly higher interest rate thanks to your lower credit score. You should be able to remortgage in a number of years after making on time payments to acquire a lower rate.
Tips on how to buy a foreclosed condo in Athabasca County, AB
The first step is to get pre approved for a mortgage through a bank of your choosing or scrape together enough money to buy a house through an auction for all cash.
Next, find condos in Athabasca County, AB that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that specializes in Athabasca County foreclosures and will be able to help you through the technique of buying.
If you have questions about the process, I would consider speaking to a real estate or foreclosure attorney before purchasing to make sure you understand the method and the ramifications of purchasing foreclosed properties.
One thing that needs to be considered before you buy is that some foreclosure properties are not open to having a home inspection done before buying and/or the bank that owns the property may not agree to make any repairs. This could end up costing you some money to make the repairs after purchasing. This is the only downfall in my opinion when buying foreclosed homes
How long does it take to buy a Athabasca County foreclosure or distress sale?
This depends upon how you are buying the property. Properties that are obtained in cash at an auction are turned over within a week or two maximum depending upon how long it takes your funds to move to the bank and the title to be completed. Personally, I have had properties go to me within three days in most cases.
If you are purchasing a property through a mortgage then the closing process takes a small amount longer. My practical experience has been about thirty days to closing, which is pretty normal when purchasing a property. The key is to obtain your down payment to the bank quickly and line up monies to pay your closing costs. Any paperwork that the bank sends you must be filled out promptly and sent back to speed up the process.
Are there reasons not to buy a bank foreclosure?
Foreclosed houses are usually sold “as is,” suggesting the bank is not willing to make any repairs before offering the property. This means that any repairs could fall back upon the new owner to correct. Sometimes the repairs are small-scale and other times they are huge.
Often a foreclosed property has sat empty for some time so maintenance has been shruged off and will need to be looked after immediately.
Sometimes, just because the title has transferred to a new owner doesn’t mean that all concerns have gone away. This is the importance of having a title search done well before buying a property because liens or lawsuits could be attached to the property and you could inherit them without knowing it.
How to negotiate for bank owned homes.
Patience is key here! The bank is in business to make money so they will be trying to get the highest price for the house that they can.
Remember that dealing with banks is a mechanical process and usually taken care of by computers and not actual people. This can be irritating for you the buyer but it is what it is. At some point if you are persistent the bank will probably cave if they have no other offers because they recognize they need to move the property quickly.Are bank owned homes suitable or bad? This all depends upon your goals and the risk level that you are willing to accept. If you are able to take on the probable repairs by yourself and not rely upon the bank to pay for them then this is a good deal! Just remember to do your homework on foreclosures and on your house before purchasing to know really what you are entering into.