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Buying 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 negotiate a deal that suits your unique needs.

How can I find Mackenzie 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 Mackenzie foreclosures procedure as well as lists of available properties in Mackenzie British Columbia with pictures and descriptions.

This saves me a bunch of time and effort. I don’t have to search the internet for hours looking at different Realtors websites combing through houses that are definitely 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 choice.

Other options for finding foreclosed houses in Mackenzie is to speak to your local bank to see if they are carrying 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 enlightened before going in.

How to buy a foreclosed house with bad credit

Let me begin by saying that purchasing a foreclosed house in Mackenzie with bad credit is feasible!

To begin with, 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 consider other options.

Research federal home buying programs. There are many programs available again to aid those with low incomes 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 moderately higher interest rate as a result 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.

 

Mackenzie foreclosure listings

How you can buy a foreclosed condo in Mackenzie, 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 residential or commercial property through an auction for all cash.

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

Find a Realtor that specializes in Mackenzie foreclosures and will be able to help you through the method of buying.

If you have questions about the process, I would consider talking with a real estate or foreclosure attorney before purchasing to make sure you understand the process and the ramifications of purchasing foreclosed properties.

One thing 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 purchasing. This is the only downfall in my opinion when buying foreclosed homes

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

This relies on how you are buying the house. 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 transfer to me within three days in most cases.

If you are purchasing 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 normal when purchasing a property. The key is to obtain your down payment to the bank quickly and line up monies to pay for your closing costs. Any paperwork that the bank sends you must be filled out promptly 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 trivial and other times they are serious.

Often a foreclosed property has sat vacant for a while so maintenance has been ignored and will need to be dealt with immediately.

Sometimes, just because the title has transferred to a new owner doesn’t mean that all concerns have gone away. This is the importance 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 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 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 annoying 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 understand they need to transfer the property quickly.

Are bank owned homes good or bad? This all depends upon your objectives and the risk degree that you are willing to accept. If you are able to take on the prospective repairs by yourself and not rely upon the bank to pay for them then this is a fantastic deal! Don't forget to do your prep work on foreclosures and on your house before purchasing to know clearly what you are getting involved in.