Purchasing a house from the foreclosure list can be a great way to buy a condo 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 North Vancouver 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 North Vancouver foreclosures process as well as lists of available properties in North Vancouver British Columbia with pictures 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 trusts www.foreclosuresearch.ca, then I know I made the right decision.
Other options for finding foreclosed residential or commercial properties in North Vancouver is to speak to your local bank to see if they are keeping 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 purchasing process so you need to be informed before going in.
How to buy a foreclosed house with bad credit
Let me begin by saying that investing in a foreclosed house in North Vancouver with bad credit is conceivable!
You have the option to buy a home 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 form of money lying around though so lets consider other options.
Research federal home buying programs. After the global economic crisis the last several years, banks have started to loosen their lending requirements again at the prompting of governments to allow homebuyers the option of experiencing homeownership. There are many programs offered again to aid those with low incomes or unsatisfactory credit to buy homes. Your local housing authority department should be able to help if you don’t find what you need on the net.
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 moderately higher interest rate due to 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 you can buy a foreclosed condo in North Vancouver, BC
The first step is to get pre approved for a mortgage through a bank of your choosing or obtain enough money to buy a residence through an auction for all cash.
Next, find condos in North Vancouver, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that focuses in North Vancouver 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 complexities of investing in foreclosed properties.
One thing 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 be willing 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 North Vancouver foreclosure or distress sale?
This depends upon how you are buying the property. Properties that are obtained 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. Actually, I have had properties transfer to me within three days.
If you are purchasing 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 for 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,” suggesting 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 correct. Sometimes the repairs are minor and other times they are serious.
Often a foreclosed property has sat uninhabited for some time so maintenance has been ignored and will need to be looked after immediately.
Sometimes, just because the title has transferred to a new owner doesn’t mean that all difficulties have vanished. This is the importance of having a title search done well before buying a property given that 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.
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 a mechanical 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. Ultimately if you are persistent the bank will likely cave if they have no other offers because they know they need to move the property quickly.Are bank owned homes ideal or poor? This all depends upon your objectives and the risk level that you are willing to accept. If you are able to take on the potential repairs by yourself and not look for the bank to pay for them then this is a good deal! Just remember to do your due diligence on foreclosures and on your property before purchasing to know really what you are entering into.