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Investing in 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 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 Bridgetown 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 Bridgetown foreclosures process as well as lists of available properties in Bridgetown Nova Scotia 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 houses in Bridgetown is to speak to your local bank to see if they are keeping 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 buying process so you need to be enlightened before going in. More information for home buyers can be found at NSREC – Consumers

 

Bridgetown NS foreclosure listings

Nova Scotia Foreclosure Listings

How to buy a foreclosed house with bad credit

Let me start off by saying that investing in a foreclosed house in Bridgetown with bad credit is feasible!

First, 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 securing a loan. Not everyone has this kind of money lying around though so lets take into account other options.

Research federal home buying programs. There are many programs available again to aid those with low incomes or poor credit to buy homes.

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 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 Bridgetown, NS

The first step is to get pre approved for a mortgage through a bank of your choosing or obtain enough money to buy a residential or commercial property through an auction for all cash.

Next, find condos in Bridgetown, NS that you are interest in. I use Foreclosuresearch.ca for this.

Find a Realtor that is skilled in Bridgetown 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 process 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 agree 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 Bridgetown 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 long it takes your funds to transfer to the bank and the title to be completed. Actually, 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 bit longer. My experience has been about 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,” suggesting 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 deal with. Sometimes the repairs are minor and other times they are major.

Often a foreclosed property has sat uninhabited for a while so maintenance has been neglected and will need to be dealt with immediately.

Sometimes, just because the title has changed to a new owner doesn’t mean that all concerns have passed. This is the importance of having a title search done before buying a property due to the fact that liens or lawsuits could be attached to the property and you could take over them without realizing 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.

Remember 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. At some point 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 ideal or bad? This entirely depends upon your goals and the risk level that you are willing to accept. If you are more than willing to take on the potential repairs by yourself and not expect the bank to pay for them then this is an excellent deal! Just remember to do your due diligence on foreclosures and on your house before buying to know precisely what you are getting involved in.