Buying a house from the foreclosure list can be a great way to buy a home or apartment 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 fantastic resource to learn all about the foreclosure market and how best to negotiate a deal that suits your unique needs.
How can I find Whistler 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 Whistler foreclosures process as well as lists of available properties in Whistler British Columbia with pictures and descriptions.
This saves me a great deal of time and effort. I don’t have to search the internet for many hours looking at different Realtors websites combing 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 depends on www.foreclosuresearch.ca, then I know I made the right move.
Other options for finding foreclosed residential or commercial properties in Whistler 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 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 Whistler with bad credit is conceivable!
You have the choice to buy a property 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 sort of money lying around though so lets think about other options.
Research federal home buying programs. After the global economic crisis the last few years, banks have started to ease their lending requirements again at the prompting of governments to allow homebuyers the opportunity of experiencing homeownership. There are many programs readily available again to assist those with low incomes or unsatisfactory credit to buy homes. Your local housing authority agency should be able to assist if you don’t find what you need on the internet.
Search for residential or commercial properties in your area and look for loans with low down payments. Save up money for your down payment but expect to pay a slightly higher interest rate because of your lower credit score. You should be able to remortgage in a couple of years after making on time payments to obtain a lower rate.
Tips on how to buy a foreclosed condo in Whistler, 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 residence through an auction for all cash.
Next, find condos in Whistler, BC that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that specializes in Whistler foreclosures and will be able to help you through the method 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 complexities of buying 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 want to make any repairs. This could end up costing you some money to make the repairs after buying. This is the only downfall in my opinion when buying foreclosed homes
How long does it take to buy a Whistler foreclosure or distress sale?
This hinges on how you are buying the residence. 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 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 practical experience has been about thirty days to closing, which is pretty basic when purchasing a property. The key is to obtain your down payment to the bank quickly and arrange 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,” 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 take care of. Sometimes the repairs are trivial and other times they are huge.
Often a foreclosed property has sat vacant for some time so maintenance has been neglected and will need to be looked after immediately.
Sometimes, just because the title has changed to a new owner doesn’t mean that all difficulties have gone away. This is the significance 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 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 irritating 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 understand they need to move the property quickly.Are bank owned homes good or awful? This entirely hinges on your objectives and the risk level that you are willing to accept. If you are ready to take on the probable repairs by yourself and not look for the bank to pay for them then this is a good deal! Just remember to do your homework on foreclosures and on your house before purchasing to know clearly what you are entering into.