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Investing in a house from the foreclosure list can be a great way to buy a home 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 work out a deal that suits your unique needs.

How can I find Bridgewater 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 Bridgewater foreclosures process as well as lists of available properties in Bridgewater Nova Scotia with pictures 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 not really 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 believes in www.foreclosuresearch.ca, then I know I made the right choice.

Other options for finding foreclosed residential or commercial properties in Bridgewater is to contact 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 buying process so you need to be enlightened before going in. More information for home buyers can be found at NSREC – Consumers

 

Bridgewater NS foreclosure listings

Nova Scotia Foreclosure Listings

How to buy a foreclosed house with bad credit

Let me start by saying that purchasing a foreclosed house in Bridgewater with bad credit is conceivable!

You have the possibility to buy a house 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 form of money lying around though so lets consider other options.

Research federal home buying programs. After the global economic crisis the last several years, banks have started to loosen their lending requirements again at the prompting of governments to allow homebuyers the chance of experiencing homeownership. There are many programs offered again to assist those with low incomes or poor credit to buy homes. Your local housing authority office should be able to assist if you don’t find what you need on the net.

Search for houses in your area and try to find 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 remortgage in a couple of years after making on time payments to acquire a lower rate.

How you can buy a foreclosed condo in Bridgewater, NS

The first 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 Bridgewater, NS that you are interest in. I use Foreclosuresearch.ca for this.

Find a Realtor that is skilled in Bridgewater 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 buying 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 agree to make any repairs. This could end up costing you some money to make the repairs after purchasing. This is the only problem in my opinion when buying foreclosed homes

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

This relies on 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 long it takes your funds to transfer to the bank and the title to be completed. Personally, I have had properties go 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 practical experience has been about thirty days to closing, which is pretty standard when purchasing a property. The key is to get 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 promptly and sent back to expedite 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 fix. Sometimes the repairs are minor and other times they are major.

Often a foreclosed property has sat empty for a while 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 issues have gone away. This is the importance of having a title search done well before buying a property since liens or lawsuits could be attached to the property and you could inherit 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 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 real people. This can be frustrating 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 understand they need to move the property quickly.

Are bank owned homes ideal or harmful? This completely depends upon your goals and the risk level that you are willing to accept. If you are more than willing to take on the prospective repairs on your own and not rely upon the bank to pay for them then this is a good deal! Always remember to do your due diligence on foreclosures and on your house before buying to know exactly what you are getting into.