Purchasing a house from the foreclosure list can be a great way to buy an apartment 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 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 Kitimat 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 Kitimat foreclosures process as well as lists of available properties in Kitimat 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 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 properties in Kitimat 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 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 Kitimat with bad credit is conceivable!
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 obtaining a loan. Not everyone has this sort of money lying around though so lets take into account other options.
Research federal home buying programs. There are many programs offered again to help those with low salaries or poor credit to buy properties.
Search for residential or commercial properties in your area and look 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 remortgage in a couple of years after making on time payments to get a lower rate.
Tips on how to buy a foreclosed condo in Kitimat, BC
The very first 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 Kitimat, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that focuses in Kitimat foreclosures and will be able to help you through the process 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 ensure the repairs after buying. This is the only problem in my opinion when buying foreclosed homes
How long does it take to buy a Kitimat foreclosure or distress sale?
This hinges on how you are buying the real property. Properties that are obtained 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 go to me within three days in most cases.
If you are buying a property through a mortgage then the closing process takes a small amount longer. My practical experience has been about thirty days to closing, which is pretty normal when purchasing a property. The key is to obtain your down payment to the bank quickly and arrange monies to pay your closing costs. Any paperwork that the bank sends you must be filled out immediately and sent back to speed up 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 offering the property. This means that any repairs could fall back upon the new owner to take care of. Sometimes the repairs are trivial and other times they are serious.
Often a foreclosed property has sat vacant for a while so maintenance has been neglected and will need to be dealt with immediately.
Sometimes, just because the title has transferred to a new owner doesn’t mean that all issues have vanished. 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 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 irritating for you the buyer but it is what it is. At some point if you are persistent the bank will probably cave if they have no other offers because they realize they need to transfer the property quickly.Are bank owned homes good or awful? This all depends upon your aims and the risk level that you are willing to accept. If you are willing and eager to take on the prospective repairs on your own and not expect the bank to pay for them then this is a fantastic deal! Always remember to do your due diligence on foreclosures and on your residential property before purchasing to know clearly what you are getting involved in.