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Buying a house from the foreclosure list can be a great way to buy a condo 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 Chemainus 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 Chemainus foreclosures procedure as well as lists of available properties in Chemainus British Columbia with images 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 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 depends on www.foreclosuresearch.ca, then I know I made the right move.

Other options for finding foreclosed houses in Chemainus 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 just about any 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 Chemainus with bad credit is 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 applying for a loan. Not everyone has this form of money lying around though so lets take into account other options.

Research federal home buying programs. After the global economic crisis the last couple of years, banks have started to ease their lending requirements again at the prompting of governments to allow homebuyers the chance of experiencing homeownership. There are many programs offered again to help those with low incomes or unsatisfactory credit to buy homes. Your local housing authority department should be able to help if you don’t find what you need on the net.

Search for residential or commercial properties in your area and search for 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 refinance in a number of years after making on time payments to obtain a lower rate.

 

Chemainus foreclosure listings

How to buy a foreclosed condo in Chemainus, 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 residence through an auction for all cash.

Next, find condos in Chemainus, BC that you are interest in. I use Foreclosuresearch.ca for this.

Find a Realtor that specializes in Chemainus 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 process and the complexities of investing in foreclosed properties.

One thing that ought 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 downfall in my opinion when buying foreclosed homes

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

This depends upon how you are buying the real property. 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 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 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 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 huge.

Often a foreclosed property has sat uninhabited for a while so maintenance has been neglected and will need to be taken care of immediately.

Sometimes, just because the title has transferred to a new owner doesn’t mean that all issues have passed. This is the importance of having a title search done 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.

Keep in mind that dealing with banks is a mechanical process and usually handled by computers and not real 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 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 harmful? This all depends upon your objectives and the risk degree that you are willing to accept. If you are willing to take on the probable repairs on your own and not rely upon the bank to pay for them then this is a fantastic deal! Just remember to do your due diligence on foreclosures and on your property before purchasing to know clearly what you are getting involved in.