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Investing in a house from the foreclosure list can be a great way to buy a property 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 great resource to learn all about the foreclosure market and how best to arrange a deal that suits your unique needs.

How can I find Annapolis Valley bank foreclosures?

I use Foreclosuresearch.ca for my foreclosure needs because it is a one stop shop so to speak for knowledge about the market and the Annapolis Valley foreclosures process as well as lists of available properties in Annapolis Valley Nova Scotia with photos and descriptions.

This saves me a considerable amount of time and effort. I don’t have to search the internet for hours looking at different Realtors websites combing through houses that are 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 trusts www.foreclosuresearch.ca, then I know I made the right choice.

Other options for finding foreclosed apartments in Annapolis Valley is to get in touch with 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 buying process so you need to be educated before going in. More information for home buyers can be found at NSREC – Consumers

 

Annapolis Valley NS foreclosure listings

Nova Scotia Foreclosure Listings

How to buy a foreclosed house with bad credit

Let me begin by saying that buying a foreclosed house in Annapolis Valley with bad credit is feasible!

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 securing a loan. Not everyone has this form 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 urging of governments to allow homebuyers the opportunity of experiencing homeownership. There are many programs offered again to aid those with low incomes or unsatisfactory credit to buy homes. Your local housing authority agency should be able to help if you don’t find what you need on the internet.

Search for buildings in your area and search for loans with low down payments. Save up money for your down payment but expect to pay a slightly 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.

How you can buy a foreclosed condo in Annapolis Valley, NS

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 Annapolis Valley, NS that you are interest in. I use Foreclosuresearch.ca for this.

Find a Realtor that focuses in Annapolis Valley foreclosures and will be able to help you through the process of buying.

If you have questions about the process, I would consider consulting with a real estate or foreclosure attorney before purchasing to make sure you understand the method and the ramifications of investing in 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 purchasing. This is the only downfall in my opinion when buying foreclosed homes

How long does it take to buy a Annapolis Valley foreclosure or distress sale?

This depends upon how you are buying the residence. Properties that are purchased 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 buying 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 basic when purchasing a property. The key is to obtain your down payment to the bank quickly and line up monies to pay your closing costs. Any paperwork that the bank sends you must be filled out right away 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 small-scale and other times they are major.

Often a foreclosed property has sat vacant for some time so maintenance has been ignored and will need to be looked after immediately.

Sometimes, just because the title has changed to a new owner doesn’t mean that all concerns have gone away. This is the significance of having a title search done prior to 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.

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.

Dealing with banks is a mechanical process and usually handled by computers and not actual people. This can be annoying for you the buyer but it is what it is. Eventually 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 good or awful? This entirely relies on your aims and the risk degree that you are willing to accept. If you are willing to take on the prospective repairs yourself and not rely upon the bank to pay for them then this is a fantastic deal! Don't forget to do your homework on foreclosures and on your property before buying to know exactly what you are getting into.