Purchasing a house from the foreclosure list can be a great way to buy a home or 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 Lake Cowichan bank foreclosures?
I use Foreclosuresearch.ca for my foreclosure needs because it is a one stop shop so to speak for education and learning about the market and the Lake Cowichan foreclosures procedure as well as lists of available properties in Lake Cowichan British Columbia with photos 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 depends on www.foreclosuresearch.ca, then I know I made the right decision.
Other options for finding foreclosed properties in Lake Cowichan 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 by saying that investing in a foreclosed house in Lake Cowichan with bad credit is entirely possible!
You have the possibility to buy a residence 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 kind of money lying around though so lets think about other options.
Research federal home buying programs. There are many programs available again to help those with low salaries or poor credit to buy properties.
Search for 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 because of your lower credit score. You should be able to refinance in a couple of years after making on time payments to get a lower rate.
Tips on how to buy a foreclosed condo in Lake Cowichan, BC
The first step is to get pre approved for a mortgage through a bank of your choosing or gather enough money to buy a residence through an auction for all cash.
Next, find condos in Lake Cowichan, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that is skilled in Lake Cowichan foreclosures and will be able to help you through the method 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 method and the ramifications of purchasing 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 ensure the repairs after buying. This is the only downside in my opinion when buying foreclosed homes
How long does it take to buy a Lake Cowichan foreclosure or distress sale?
This hinges on how you are buying the property. 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 in most cases.
If you are buying a property through a mortgage then the closing process takes a small amount longer. My experience has been about thirty days to closing, which is pretty basic when purchasing a property. The key is to get your down payment to the bank quickly and line up monies to pay your closing costs. Any paperwork that the bank sends you must be filled out right away and sent back to expedite 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 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 huge.
Often a foreclosed property has sat empty for a while so maintenance has been neglected and will need to be looked after immediately.
Sometimes, just because the title has transferred to a new owner doesn’t mean that all problems have passed. This is the importance of having a title search done well before buying a property because liens or lawsuits could be attached to the property and you could inherit them without understanding 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 greatest price for the house that they can.
Dealing with banks is an automated process and usually handled by computer systems 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 very likely cave if they have no other offers because they realize they need to move the property quickly.Are bank owned homes good or poor? This all depends upon your aims and the risk degree that you are willing to accept. If you are ready to take on the prospective repairs on your own and not rely upon the bank to pay for them then this is a good deal! Just remember to do your prep work on foreclosures and on your residential property before purchasing to know really what you are getting involved in.