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

How can I find Inverness bank foreclosures?

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

This saves me a great deal 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 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 residential or commercial properties in Inverness is to contact your local bank to see if they are holding properties in their portfolio or to contact a local Realtor that concentrates 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. More information for home buyers can be found at NSREC – Consumers

 

Inverness NS foreclosure listings

Nova Scotia Foreclosure Listings

How to buy a foreclosed house with bad credit

Let me start by saying that buying a foreclosed house in Inverness with bad credit is entirely possible!

You have the option to buy a residence for cash at a real estate auction. Then your credit doesn’t play a factor at all because you are not applying for a loan. Not everyone has this kind of money lying around though so lets think about other options.

Research federal home buying programs. There are many programs in the market again to support those with low salaries or poor credit to buy properties.

Search for buildings 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 as a result 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 Inverness, 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 residential or commercial property through an auction for all cash.

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

Find a Realtor that is skilled in Inverness foreclosures and will be able to help you through the process of buying.

If you have questions about the process, I would consider speaking to a real estate or foreclosure attorney before purchasing to make sure you understand the method and the ramifications 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 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 Inverness foreclosure or distress sale?

This hinges on how you are buying the house. Properties that are bought 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 little bit longer. My experience has been about thirty days to closing, which is pretty standard 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 correct. Sometimes the repairs are trivial and other times they are huge.

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

Sometimes, just because the title has transferred to a new owner doesn’t mean that all concerns have passed. This is the significance 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 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 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. Ultimately if you are persistent the bank will likely cave if they have no other offers because they understand they need to transfer the property quickly.

Are bank owned homes suitable or harmful? This all hinges on your aims and the risk level that you are willing to accept. If you are able to take on the probable repairs yourself and not look for the bank to pay for them then this is a fantastic deal! Just remember to do your homework on foreclosures and on your house before purchasing to know exactly what you are getting involved in.