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Purchasing a house from the foreclosure list can be a great way to buy a home or investment property at a huge savings! Largely this is because of lack of knowledge about the process or fear from misinformation they may have heard about buying a foreclosure. Foreclosuresearch.ca is a terrific resource to learn all about the foreclosure market and how best to negotiate a deal that suits your unique needs.

How can I find Strathcona County bank foreclosures?

I use Foreclosuresearch.ca for my foreclosure needs because it is a one stop shop so to speak for education about the market and the Strathcona County foreclosures procedure as well as lists of available properties in Strathcona County Alberta with photos and descriptions.

This saves me a bunch 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 really foreclosures or don’t fit what I am looking for.

Even many Realtors have started to use their website to find the absolute BEST deal for their clients! If a real estate professional believes in www.foreclosuresearch.ca, then I know I made the right move.

Other options for finding foreclosed houses in Strathcona County is to reach out to 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 start off by saying that buying a foreclosed house in Strathcona County with bad credit is entirely possible!

You have the possibility to buy a property for cash at a real estate auction. Then your credit doesn’t play a factor at all because you are not taking out a loan. Not everyone has this kind of money lying around though so lets consider other options.

Research federal home buying programs. After the global economic crisis the last several years, banks have started to loosen up their lending requirements again at the prompting of governments to allow homebuyers the opportunity of experiencing homeownership. There are many programs readily available again to enable those with low incomes or bad credit to buy homes. Your local housing authority agency should be able to help if you don’t find what you need on the internet.

Search for residential or commercial properties in your area and try to find loans with low down payments. Save up money for your down payment but expect to pay a moderately higher interest rate thanks to your lower credit score. You should be able to refinance in a couple of years after making on time payments to acquire a lower rate.

 

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Tips on how to buy a foreclosed condo in Strathcona County, AB

The initial step is to get pre approved for a mortgage through a bank of your choosing or gather enough money to buy a property through an auction for all cash.

Next, find condos in Strathcona County, AB that you are interest in. I use Foreclosuresearch.ca for this.

Find a Realtor that focuses in Strathcona County foreclosures and will be able to help you through the process of buying.

If you have questions about the process, I would consider consulting with 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 be willing to make any repairs. This could end up costing you some money to ensure the repairs after buying. This is the only problem in my opinion when buying foreclosed homes

How long does it take to buy a Strathcona County foreclosure or distress sale?

This depends upon how you are buying the property. Properties that are bought in cash at an auction are turned over within a week or two maximum depending upon how much time it takes your funds to move to the bank and the title to be completed. Actually, I have had properties transfer to me within three days.

If you are buying a property through a mortgage then the closing process takes a little bit 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 arrange monies to pay for your closing costs. Any paperwork that the bank sends you should be filled out right away 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 deal with. Sometimes the repairs are trivial and other times they are serious.

Often a foreclosed property has sat vacant for a while so maintenance has been shruged off and will need to be looked after immediately.

Sometimes, just because the title has changed to a new owner doesn’t mean that all problems have vanished. This is the significance of having a title search done well before buying a property because liens or lawsuits could be attached to the property and you could take over them without understanding 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 greatest price for the house that they can.

Bear in mind that working with banks is a mechanical process and usually taken care of by computers and not real people. This can be irritating for you the buyer but it is what it is. Eventually if you are persistent the bank will very likely cave if they have no other offers because they know they need to transfer the property quickly.

Are bank owned homes good or bad? This completely relies on your goals and the risk degree that you are willing to accept. If you are ready to take on the prospective repairs yourself and not count on the bank to pay for them then this is an excellent deal! Always remember to do your homework on foreclosures and on your house before buying to know clearly what you are entering into.

 


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