Buying a house from the foreclosure list can be a great way to buy an apartment 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 arrange a deal that suits your unique needs.
How can I find Central Saanich bank foreclosures?
I use Foreclosuresearch.ca for my foreclosure needs because it is a one stop shop so to speak for knowledge about the market and the Central Saanich foreclosures procedure as well as lists of available properties in Central Saanich British Columbia with pictures 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 combing through houses that are certainly 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 choice.
Other options for finding foreclosed houses in Central Saanich is to reach out to your local bank to see if they are holding 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 purchasing process so you need to be educated before going in.
How to buy a foreclosed house with bad credit
Let me start off by saying that shopping for a foreclosed house in Central Saanich with bad credit is entirely possible!
You have the option 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 obtaining a loan. Not everyone has this sort of money lying around though so lets think about other options.
Research federal home buying programs. There are many programs in the market again to support those with low salaries or poor credit to buy properties.
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 somewhat higher interest rate as a result of your lower credit score. You should be able to remortgage in a number of years after making on time payments to get a lower rate.
How you can buy a foreclosed condo in Central Saanich, BC
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 Central Saanich, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that focuses in Central Saanich foreclosures and will be able to help you through the technique of buying.
If you have questions about the process, I would consider talking with a real estate or foreclosure attorney before purchasing to make sure you understand the method and the complexities of investing in foreclosed properties.
Something 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 problem in my opinion when buying foreclosed homes
How long does it take to buy a Central Saanich foreclosure or distress sale?
This depends upon how you are buying the residence. 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 transfer to the bank and the title to be completed. Personally, I have had properties transfer to me within three days in most cases.
If you are buying a property through a mortgage then the closing process takes a little bit longer. My experience has been around thirty days to closing, which is pretty customary 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 offering 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 significant.
Often a foreclosed property has sat vacant for a while so maintenance has been ignored 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 passed. This is the importance of having a title search done prior to buying a property due to the fact that liens or lawsuits could be attached to the property and you could take over them without knowing it.
How to negotiate for bank owned homes.
Diligence 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.
Dealing with banks is a mechanical process and usually handled by computers and not actual people. This can be irritating 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 move the property quickly.Are bank owned homes ideal or poor? This all depends upon your goals and the risk level that you are willing to accept. If you are able to take on the potential repairs yourself and not rely upon the bank to pay for them then this is a fantastic deal! Remember to do your due diligence on foreclosures and on your residential property before purchasing to know exactly what you are getting into.