Buying a house from foreclosure listings in Parksville BC could be a great way to buy a home or investment property at a huge discount! So, why don’t more people make the most of this untapped market of houses? Largely this is because of lack of knowledge 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 Parksville 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 Parksville foreclosures procedure as well as lists of available properties in Parksville 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 sifting through houses that are not really 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 believes in www.foreclosuresearch.ca, then I know I made the right move.
Other options for finding foreclosed residential or commercial properties in Parksville is to contact your local bank to see if they are keeping 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 off by saying that buying a foreclosed house in Parksville with bad credit is possible!
You have the choice 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 take into account other options.
Research federal home buying programs. After the global economic crisis the last few years, banks have started to loosen their lending requirements again at the prompting of governments to allow homebuyers the chance of experiencing homeownership. There are many programs readily available again to help those with low incomes or inadequate 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 houses in your area and search for loans with low down payments. Save up money for your down payment but expect to pay a somewhat higher interest rate thanks to your lower credit score. You should be able to refinance in a number of years after making on time payments to obtain a lower rate.
Tips on how to buy a foreclosed condo in Parksville, BC
The very first 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 Parksville, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that specializes in Parksville 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 process and the ramifications 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 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 Parksville foreclosure or distress sale?
This relies on how you are buying the real 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.
If you are investing in 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 normal when purchasing a property. The key is to get your down payment to the bank quickly and arrange monies to pay your closing costs. Any paperwork that the bank sends you should 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,” indicating 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 deal with. Sometimes the repairs are trivial and other times they are huge.
Often a foreclosed property has sat vacant for a while so maintenance has been shruged off and will need to be taken care of 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 due to the fact 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.
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 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 likely cave if they have no other offers because they realize they need to move the property quickly.Are bank owned homes suitable or harmful? This all hinges on your objectives and the risk level that you are willing to accept. If you are willing to take on the potential repairs on your own and not rely upon the bank to pay for them then this is a great deal! Don't forget to do your due diligence on foreclosures and on your house before buying to know clearly what you are getting involved in.