Investing in a house from the foreclosure list can be a great way to buy a property or investment property at a huge savings! 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 negotiate a deal that suits your unique needs.
How can I find Surrey 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 Surrey foreclosures process as well as lists of available properties in Surrey British Columbia with images and descriptions.
This saves me a considerable amount of time and effort. I don’t have to search the internet for many hours looking at different Realtors websites sifting through houses that are definitely not foreclosures or don’t fit what I am searching 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 decision.
Other options for finding foreclosed apartments in Surrey is to get in touch with your local bank to see if they are holding properties in their portfolio or to contact a local Realtor that specializes 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 enlightened before going in.
How to buy a foreclosed house with bad credit
Let me start off by saying that buying a foreclosed house in Surrey with bad credit is feasible!
To begin with, you have the choice to buy a house for cash at a real estate auction. Then your credit doesn’t play a factor at all because you are not applying for a loan. Not everyone has this kind of money lying around though so lets consider other options.
Research federal home buying programs. There are many programs out there again to help those with low incomes or poor credit to buy properties.
Search for properties 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 get a lower rate.
How to buy a foreclosed condo in Surrey, BC
The initial step is to get pre approved for a mortgage through a bank of your choosing or earn enough money to buy a house through an auction for all cash.
Next, find condos in Surrey, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that is skilled in Surrey foreclosures and will be able to help you through the process 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 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 agree to make any repairs. This could end up costing you some money to ensure the repairs after buying. This is the only downfall in my opinion when buying foreclosed homes
How long does it take to buy a Surrey foreclosure or distress sale?
This depends upon 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 transfer to the bank and the title to be completed. Personally, I have had properties 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 about thirty days to closing, which is pretty customary 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 offering the property. This means that any repairs could fall back upon the new owner to fix. Sometimes the repairs are minor and other times they are huge.
Often a foreclosed property has sat empty for some time so maintenance has been ignored and will need to be taken care of immediately.
Sometimes, just because the title has changed to a new owner doesn’t mean that all concerns have vanished. 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 knowing 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 price for the house that they can.
Bear in mind that dealing with banks is a mechanical process and usually taken care of by computers 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 probably cave if they have no other offers because they understand they need to transfer the property quickly.Are bank owned homes good or poor? This completely hinges on your objectives and the risk level that you are willing to accept. If you are willing to take on the prospective repairs by yourself and not expect the bank to pay for them then this is a good deal! Remember to do your due diligence on foreclosures and on your property before buying to know precisely what you are entering into.