Buying a house from foreclosure listings in Chester NS could be a great way to buy a home or investment property at a huge discount! Why don’t more people take advantage of this untapped market of houses? Largely this is as a result of lack of understanding about the procedure or fear from untrue stories 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. Foreclosures no longer are scary! Thousands have been assisted, so why not you?
How can I find Chester bank foreclosures?
I use Foreclosuresearch.ca for my foreclosure needs because it is a one stop shop so to speak for education about the market and the Chester foreclosures procedure as well as lists of available properties in Chester Nova Scotia with images and descriptions.
This saves me a bunch of time and effort. I don’t have to search the internet for hours looking at different Realtors websites sifting through houses that are certainly 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 believes in www.foreclosuresearch.ca, then I know I made the right choice.
Other options for finding foreclosed properties in Chester 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 whatever 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
How to buy a foreclosed house with bad credit
Let me begin by saying that purchasing a foreclosed house in Chester with bad credit is entirely possible!
You have the option to buy a property 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 form of money lying around though so lets take into account 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 chance of experiencing homeownership. There are many programs available again to help those with low incomes or inadequate credit to buy homes. Your local housing authority agency should be able to assist if you don’t find what you need online.
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 thanks to 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.
How to buy a foreclosed condo in Chester, NS
The first step is to get pre approved for a mortgage through a bank of your choosing or gather enough money to buy a house through an auction for all cash.
Next, find condos in Chester, NS that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that focuses in Chester foreclosures and will be able to help you through the process 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 ramifications of investing in foreclosed properties.
One thing that needs 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 be willing to make any repairs. This could end up costing you some money to make the repairs after buying. This is the only problem in my opinion when buying foreclosed homes
How long does it take to buy a Chester foreclosure or distress sale?
This relies on how you are buying the house. Properties that are purchased 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 purchasing 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 arrange monies to pay for your closing costs. Any paperwork that the bank sends you should be filled out immediately 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 selling the property. This means that any repairs could fall back upon the new owner to fix. Sometimes the repairs are small-scale and other times they are significant.
Often a foreclosed property has sat vacant for a while so maintenance has been ignored and will need to be dealt with immediately.
Sometimes, just because the title has changed to a new owner doesn’t mean that all problems have passed. This is the significance of having a title search done before buying a property because liens or lawsuits could be attached to the property and you could inherit them without knowing 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 handled by computers and not real people. This can be irritating for you the buyer but it is what it is. Eventually if you are persistent the bank will probably cave if they have no other offers because they recognize they need to move the property quickly.Are bank owned homes suitable or poor? This all hinges on your aims and the risk level that you are willing to accept. If you are able to take on the potential repairs by yourself and not expect the bank to pay for them then this is a great deal! Don't forget to do your research on foreclosures and on your residential property before purchasing to know exactly what you are getting involved in.