Buying a house from the foreclosure list can be a great way to buy a property or investment property at a huge discount! 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 work out a deal that suits your unique needs.
How can I find Fernie 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 Fernie foreclosures process as well as lists of available properties in Fernie British Columbia with pictures and descriptions.
This saves me a lot 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 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 Fernie is to contact 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 which ever property they can get their hands on but they may not be well versed in the foreclosure purchasing process so you need to be enlightened before going in.
How to buy a foreclosed house with bad credit
Let me begin by saying that purchasing a foreclosed house in Fernie with bad credit is feasible!
First, you have the option 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 think about other options.
Research federal home buying programs. After the global economic crisis the last several years, banks have started to ease their lending requirements again at the prompting of governments to allow homebuyers the option of experiencing homeownership. There are many programs readily available again to enable those with low incomes or poor credit to buy homes. Your local housing authority department should be able to assist if you don’t find what you need on the internet.
Search for houses 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 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 acquire a lower rate.
How to buy a foreclosed condo in Fernie, BC
The initial step is to get pre approved for a mortgage through a bank of your choosing or obtain enough money to buy a house through an auction for all cash.
Next, find condos in Fernie, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that is skilled in Fernie foreclosures and will be able to help you through the technique of buying.
If you have questions about the process, I would consider speaking with a real estate or foreclosure attorney before purchasing to make sure you understand the process and the complexities of buying foreclosed properties.
Something 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 Fernie 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 to me within three days in most cases.
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,” indicating 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 small-scale and other times they are huge.
Often a foreclosed property has sat empty for a while so maintenance has been neglected 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 concerns have vanished. This is the significance of having a title search done before buying a property due to the fact 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 possible price for the house that they can.
Remember that 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. 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 suitable or awful? This all depends upon your objectives and the risk level that you are willing to accept. If you are more than willing to take on the probable repairs on your own and not look for 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 really what you are getting involved in.