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Buying a house from foreclosure listings in New Glasgow NS can be a great way to buy a home or investment property at a huge discount! So, why don’t more people benefit from this untapped market of houses? Largely this is due to lack of understanding about the procedure or fear from untrue stories they may have heard about buying a foreclosure. Foreclosuresearch.ca is a excellent resource to learn about the foreclosure market and how best to negotiate a deal that suits your unique needs. Foreclosures no longer are intimidating! Thousands have been assisted, so why not you?

How can I find New Glasgow 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 New Glasgow foreclosures process as well as lists of available properties in New Glasgow 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 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 believes in www.foreclosuresearch.ca, then I know I made the right choice.

Other options for finding foreclosed houses in New Glasgow is to reach out to your local bank to see if they are carrying 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 educated before going in. More information for home buyers can be found at NSREC – Consumers

 

New Glasgow NS foreclosure listings

Nova Scotia Foreclosure Listings

How to buy a foreclosed house with bad credit

Let me begin by saying that purchasing a foreclosed house in New Glasgow with bad credit is conceivable!

To start with, 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 obtaining a loan. Not everyone has this sort of money lying around though so lets think about other options.

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

Search for properties 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 to buy a foreclosed condo in New Glasgow, NS

The very 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 New Glasgow, NS that you are interest in. I use Foreclosuresearch.ca for this.

Find a Realtor that focuses in New Glasgow 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 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 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 New Glasgow foreclosure or distress sale?

This relies on how you are buying the property. Properties that are obtained in cash at an auction are turned over within a week or two maximum depending upon how much time it takes your funds to move to the bank and the title to be completed. Personally, I have had properties transfer 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 experience has been around thirty days to closing, which is pretty customary 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 offering the property. This means that any repairs could fall back upon the new owner to take care of. Sometimes the repairs are trivial and other times they are major.

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

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

Dealing with banks is a mechanical process and usually handled by computer systems and not actual people. This can be irritating 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 realize they need to transfer the property quickly.

Are bank owned homes good or harmful? This all hinges on your aims and the risk level that you are willing to accept. If you are willing to take on the prospective repairs yourself and not expect the bank to pay for them then this is a good deal! Always remember to do your prep work on foreclosures and on your property before purchasing to know really what you are getting involved in.