Purchasing 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 terrific resource to learn all about the foreclosure market and how best to work out a deal that suits your unique needs.
How can I find Cowichan Bay 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 Cowichan Bay foreclosures procedure as well as lists of available properties in Cowichan Bay British Columbia with pictures and descriptions.
This saves me a bunch of time and effort. I don’t have to search the internet for many hours looking at different Realtors websites sifting 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 believes in www.foreclosuresearch.ca, then I know I made the right choice.
Other options for finding foreclosed properties in Cowichan Bay is to speak 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 informed before going in.
How to buy a foreclosed house with bad credit
Let me start off by saying that buying a foreclosed house in Cowichan Bay with bad credit is conceivable!
First, you have the alternative to buy a house for cash at a real estate auction. Your credit doesn’t play a factor at all because you are not taking out 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 opportunity of experiencing homeownership. There are many programs offered again to help those with low incomes or poor credit to buy homes. Your local housing authority department 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 search for loans with low down payments. Save up money for your down payment but expect to pay a moderately higher interest rate due to your lower credit score. You should be able to remortgage in a couple of years after making on time payments to obtain a lower rate.
How to buy a foreclosed condo in Cowichan Bay, BC
The initial 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 Cowichan Bay, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that specializes in Cowichan Bay foreclosures and will be able to help you through the technique 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 buying 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 want to make any repairs. This could end up costing you some money to ensure the repairs after purchasing. This is the only downfall in my opinion when buying foreclosed homes
How long does it take to buy a Cowichan Bay foreclosure or distress sale?
This hinges on how you are buying the house. 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. 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 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,” suggesting 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 small-scale and other times they are serious.
Often a foreclosed property has sat uninhabited for some time 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 difficulties have passed. This is the importance of having a title search done prior to buying a property given that liens or lawsuits could be attached to the property and you could take over them without realizing 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.
Bear in mind that dealing with banks is a mechanical process and usually handled by computers and not actual people. This can be annoying for you the buyer but it is what it is. Ultimately 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 awful? This completely depends upon your objectives and the risk level that you are willing to accept. If you are more than willing to take on the potential repairs on your own and not rely upon the bank to pay for them then this is a good deal! Always remember to do your prep work on foreclosures and on your property before buying to know clearly what you are getting involved in.