Buying a house from foreclosure listings in Bowen Island BC may 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 thanks to lack of awareness about the method or fear from untrue stories 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 negotiate a deal that suits your unique needs. Foreclosures no longer are daunting! Thousands have been assisted, so why not you?
How can I find Bowen Island bank foreclosures?
I use Foreclosuresearch.ca for my foreclosure needs because it is a one stop shop so to speak for education and learning about the market and the Bowen Island foreclosures process as well as lists of available properties in Bowen Island British Columbia with images 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 sifting through houses that are definitely not 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 Bowen Island is to speak to your local bank to see if they are keeping properties in their portfolio or to contact a local Realtor that specializes 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 buying process so you need to be educated before going in.
How to buy a foreclosed house with bad credit
Let me start by saying that shopping for a foreclosed house in Bowen Island with bad credit is possible!
To begin with, 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 taking out a loan. Not everyone has this kind of money lying around though so lets take into account other options.
Research federal home buying programs. After the global economic crisis the last few years, banks have started to ease their lending requirements again at the prompting of governments to allow homebuyers the possibility of experiencing homeownership. There are many programs readily available again to enable those with low incomes or inadequate credit to buy homes. Your local housing authority office should be able to help if you don’t find what you need on the net.
Search for houses 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 thanks to your lower credit score. You should be able to refinance in a number of years after making on time payments to obtain a lower rate.
Tips on how to buy a foreclosed condo in Bowen Island, BC
The very first step is to get pre approved for a mortgage through a bank of your choosing or earn enough money to buy a property through an auction for all cash.
Next, find condos in Bowen Island, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that specializes in Bowen Island 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 investing in 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 buying. This is the only downside in my opinion when buying foreclosed homes
How long does it take to buy a Bowen Island foreclosure or distress sale?
This hinges on how you are buying the residence. Properties that are bought 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 to me within three days in most cases.
If you are investing in a property through a mortgage then the closing process takes a little bit longer. My experience has been about thirty days to closing, which is pretty standard 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 must be filled out right away and sent back to expedite the process.
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 major.
Often a foreclosed property has sat empty for a while so maintenance has been ignored and will need to be taken care of immediately.
Sometimes, just because the title has changed to a new owner doesn’t mean that all difficulties have passed. This is the significance of having a title search done prior to buying a property since 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 highest possible price for the house that they can.
Dealing with banks is an automated process and usually handled by computer systems and not actual people. This can be annoying for you the buyer but it is what it is. Eventually if you are persistent the bank will probably cave if they have no other offers because they know they need to transfer the property quickly.Are bank owned homes ideal or harmful? This completely depends upon your goals and the risk level that you are willing to accept. If you are ready to take on the probable repairs by yourself and not look for the bank to pay for them then this is a very good deal! Always remember to do your homework on foreclosures and on your property before buying to know clearly what you are entering into.