Buying a house from foreclosure listings in Nanaimo BC may be a great way to buy a home or investment property at a huge discount! So, why don’t more people benefit from this untapped market of houses? Largely this is due to lack of awareness about the method or fear from untrue stories 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 negotiate a deal that suits your unique needs. Foreclosures no longer are intimidating! Thousands have been helped, so why not you?
How can I find Nanaimo bank foreclosures?
I use Foreclosuresearch.ca for my foreclosure needs because it is a one stop shop so to speak for education about the market and the Nanaimo foreclosures procedure as well as lists of available properties in Nanaimo British Columbia with images and descriptions.
This saves me a lot of time and effort. I don’t have to search the internet for hours looking at different Realtors websites combing 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 choice.
Other options for finding foreclosed properties in Nanaimo is to contact your local bank to see if they are carrying properties in their portfolio or to contact a local Realtor that concentrates 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 investing in a foreclosed house in Nanaimo with bad credit is feasible!
You have the choice to buy a home for cash at a real estate auction. Then your credit doesn’t play a factor at all because you are not taking out a loan. Not everyone has this form of money lying around though so lets take into account other options.
Research federal home buying programs. There are many programs in the market again to support those with low incomes or poor credit to buy properties.
Search for buildings in your area and try to find loans with low down payments. Save up money for your down payment but expect to pay a slightly higher interest rate as a result of your lower credit score. You should be able to remortgage in a number of years after making on time payments to get a lower rate.
How you can buy a foreclosed condo in Nanaimo, 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 property through an auction for all cash.
Next, find condos in Nanaimo, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that is skilled in Nanaimo 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 method and the complexities 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 make the repairs after purchasing. This is the only downfall in my opinion when buying foreclosed homes
How long does it take to buy a Nanaimo foreclosure or distress sale?
This hinges 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 move 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 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 speed up the process.
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 selling the property. This means that any repairs could fall back upon the new owner to deal with. 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 gone away. This is the significance of having a title search done prior to buying a property due to the fact that liens or lawsuits could be attached to the property and you could inherit them without realizing 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 highest possible price for the house that they can.
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 very likely cave if they have no other offers because they understand they need to transfer the property quickly.Are bank owned homes suitable or poor? 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 potential repairs by yourself and not rely upon the bank to pay for them then this is a good deal! Don't forget to do your research on foreclosures and on your house before purchasing to know exactly what you are entering into.