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Buying a house from the foreclosure list can be a great way to buy an 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 arrange a deal that suits your unique needs.

How can I find White Rock bank foreclosures?

I use Foreclosuresearch.ca for my foreclosure needs because it is a one stop shop so to speak for learning about the market and the White Rock foreclosures procedure as well as lists of available properties in White Rock British Columbia with photos and descriptions.

This saves me a bunch 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 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 trusts www.foreclosuresearch.ca, then I know I made the right decision.

Other options for finding foreclosed apartments in White Rock 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 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 enlightened before going in.

How to buy a foreclosed house with bad credit

Let me start by saying that buying a foreclosed house in White Rock with bad credit is conceivable!

First, you have the option 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 taking out a loan. Not everyone has this kind of money lying around though so lets think about other options.

Research federal home buying programs. After the global economic crisis the last couple of years, banks have started to ease their lending requirements again at the urging of governments to allow homebuyers the option of experiencing homeownership. There are many programs readily available again to aid those with low incomes or inadequate credit to buy homes. Your local housing authority office should be able to assist if you don’t find what you need online.

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 moderately higher interest rate due to your lower credit score. You should be able to remortgage in a number of years after making on time payments to obtain a lower rate.

 

White Rock foreclosure listings

How to buy a foreclosed condo in White Rock, 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 White Rock, BC that you are interest in. I use Foreclosuresearch.ca for this.

Find a Realtor that is skilled in White Rock 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 method and the complexities of purchasing foreclosed properties.

Something 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 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 White Rock foreclosure or distress sale?

This depends upon how you are buying the real property. 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 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 standard when purchasing a property. The key is to obtain your down payment to the bank quickly and line up monies to pay for your closing costs. Any paperwork that the bank sends you should be filled out promptly and sent back to expedite 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 take care of. Sometimes the repairs are small-scale and other times they are huge.

Often a foreclosed property has sat empty for a while so maintenance has been ignored 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 concerns have vanished. This is the significance of having a title search done 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 highest possible price for the house that they can.

Keep in mind that dealing with banks is a mechanical process and usually taken care of by computers and not actual people. This can be frustrating for you the buyer but it is what it is. Eventually if you are persistent the bank will very likely cave if they have no other offers because they realize they need to move the property quickly.

Are bank owned homes ideal or bad? This all depends upon your goals and the risk level that you are willing to accept. If you are willing to take on the probable repairs yourself and not rely upon the bank to pay for them then this is a great deal! Always remember to do your prep work on foreclosures and on your residential property before purchasing to know clearly what you are getting into.