Buying a house from foreclosure listings in Saanich BC can possibly be a great way to buy a home or investment property at a huge discount! Why don’t more people take advantage of this untapped market of houses? Largely this is due to lack of knowledge about the procedure or fear from misinformation they may have heard about buying a foreclosure. Foreclosuresearch.ca is a fantastic resource to learn all about the foreclosure market and how best to negotiate a deal that suits your unique needs. Foreclosures no longer are daunting! Thousands have been helped, so why not you?
How can I find Saanich 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 Saanich foreclosures process as well as lists of available properties in Saanich 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 sifting 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 move.
Other options for finding foreclosed residential or commercial properties in Saanich is to reach out to 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 which ever 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 off by saying that shopping for a foreclosed house in Saanich with bad credit is entirely possible!
You have the choice to buy a property for cash at a real estate auction. Then your credit doesn’t play a factor at all because you are not securing 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 incomes or poor credit to buy homes.
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 slightly higher interest rate thanks to your lower credit score. You should be able to remortgage in a couple of years after making on time payments to acquire a lower rate.
Tips on how to buy a foreclosed condo in Saanich, BC
The first step is to get pre approved for a mortgage through a bank of your choosing or earn enough money to buy a property through an auction for all cash.
Next, find condos in Saanich, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that specializes in Saanich foreclosures and will be able to help you through the technique of buying.
If you have questions about the process, I would consider speaking to a real estate or foreclosure attorney before purchasing to make sure you understand the method and the ramifications of purchasing 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 purchasing. This is the only downfall in my opinion when buying foreclosed homes
How long does it take to buy a Saanich 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 transfer to me within three days in most cases.
If you are buying a property through a mortgage then the closing process takes a little bit longer. My experience has been around thirty days to closing, which is pretty regular when purchasing a property.
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 empty for some time 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 issues have gone away. This is the significance of having a title search done before buying a property because liens or lawsuits could be attached to the property and you could inherit them without realizing 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 highest 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 frustrating for you the buyer but it is what it is. Ultimately if you are persistent the bank will very likely cave if they have no other offers because they recognize they need to move the property quickly.Are bank owned homes ideal or awful? This completely relies on your goals and the risk level that you are willing to accept. If you are ready to take on the prospective repairs by yourself and not count on 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 precisely what you are entering into.