Buying 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 great resource to learn all about the foreclosure market and how best to arrange a deal that suits your unique needs.
How can I find Abbotsford 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 Abbotsford foreclosures process as well as lists of available properties in Abbotsford British Columbia with photos and descriptions.
This saves me a considerable amount of time and effort. I don’t have to search the internet for hours looking at different Realtors websites sifting 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 decision.
Other options for finding foreclosed properties in Abbotsford is to speak to your local bank to see if they are keeping properties in their portfolio or to contact a local Realtor that concentrates in foreclosure listings. Many Realtors will list whatever property they can get their hands on but they may not be well versed in the foreclosure purchasing process so you need to be informed before going in.
How to buy a foreclosed house with bad credit
Let me start by saying that shopping for a foreclosed house in Abbotsford with bad credit is possible!
You have the choice to buy a house for cash at a real estate auction. Then your credit doesn’t play a factor at all because you are not obtaining a loan. Not everyone has this sort 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 their lending requirements again at the urging of governments to allow homebuyers the possibility of experiencing homeownership. There are many programs offered again to assist those with low incomes or unsatisfactory credit to buy homes. Your local housing authority agency should be able to assist if you don’t find what you need online.
Search for buildings in your area and look for loans with low down payments. Save up money for your down payment but expect to pay a moderately higher interest rate because of your lower credit score. You should be able to remortgage in a couple of years after making on time payments to acquire a lower rate.
Tips on how to buy a foreclosed condo in Abbotsford, BC
The first step is to get pre approved for a mortgage through a bank of your choosing or gather enough money to buy a residence through an auction for all cash.
Next, find condos in Abbotsford, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that focuses in Abbotsford foreclosures and will be able to help you through the process 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 buying 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 want 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 Abbotsford foreclosure or distress sale?
This relies on how you are buying the residence. Properties that are purchased in cash at an auction are turned over within a week or two maximum depending upon how long it takes your funds to transfer to the bank and the title to be completed. Personally, 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 small bit longer. My experience has been about thirty days to closing, which is pretty standard when purchasing a property.
Are there reasons not to buy a bank foreclosure?
Foreclosed houses are usually sold “as is,” meaning the bank is not willing to make any repairs before selling the property. This means that any repairs could fall back upon the new owner to fix. Sometimes the repairs are trivial and other times they are huge.
Often a foreclosed property has sat uninhabited for a while so maintenance has been neglected and will need to be dealt with immediately.
Sometimes, just because the title has changed to a new owner doesn’t mean that all problems have gone away. This is the importance of having a title search done before buying a property given that liens or lawsuits could be attached to the property and you could inherit 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 highest price for the house that they can.
Bear in mind that dealing with banks is a mechanical process and usually taken care of by computers and not real people. This can be annoying for you the buyer but it is what it is. Ultimately if you are persistent the bank will probably cave if they have no other offers because they understand they need to move the property quickly.Are bank owned homes good or poor? This all relies on your aims and the risk degree that you are willing to accept. If you are able to take on the prospective repairs on your own and not count on the bank to pay for them then this is a good deal! Remember to do your due diligence on foreclosures and on your residential property before purchasing to know clearly what you are getting into.