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Buying 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 fantastic 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 Pictou 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 Pictou foreclosures process as well as lists of available properties in Pictou 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 sifting through houses that are certainly 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 trusts www.foreclosuresearch.ca, then I know I made the right choice.

Other options for finding foreclosed houses in Pictou is to speak to 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 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 informed before going in. More information for home buyers can be found at NSREC – Consumers

 

Pictou NS foreclosure listings

Nova Scotia Foreclosure Listings

How to buy a foreclosed house with bad credit

Let me begin by saying that investing in a foreclosed house in Pictou with bad credit is feasible!

You have the possibility 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 sort of money lying around though so lets consider other options.

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

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 as a result of your lower credit score. You should be able to refinance in a couple of years after making on time payments to acquire a lower rate.

How you can buy a foreclosed condo in Pictou, NS

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

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

Find a Realtor that specializes in Pictou foreclosures and will be able to help you through the process of buying.

If you have questions about the process, I would consider talking with a real estate or foreclosure attorney before purchasing to make sure you understand the process and the ramifications of buying 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 want to make any repairs. This could end up costing you some money to make the repairs after buying. This is the only downside in my opinion when buying foreclosed homes

How long does it take to buy a Pictou 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. Personally, I have had properties to me within three days in most cases.

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 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 selling the property. This means that any repairs could fall back upon the new owner to correct. Sometimes the repairs are minor and other times they are significant.

Often a foreclosed property has sat vacant for a while so maintenance has been shruged off and will need to be dealt with 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 since 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.

Remember that dealing with banks is a mechanical process and usually taken care of by computers and not actual 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 understand they need to transfer the property quickly.

Are bank owned homes ideal or awful? This all hinges on your objectives and the risk degree that you are willing to accept. If you are more than willing to take on the probable repairs on your own and not expect the bank to pay for them then this is a good deal! Just remember to do your homework on foreclosures and on your house before purchasing to know precisely what you are getting into.