Buying a house from foreclosure listings in Shelburne NS could be a great way to buy a home or investment property at a huge discount! So, why don’t more people take advantage of this untapped market of houses? Largely this is due to lack of awareness about the procedure 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 negotiate a deal that suits your unique needs. Foreclosures no longer are daunting! Thousands have been helped, so why not you?
How can I find Shelburne 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 Shelburne foreclosures process as well as lists of available properties in Shelburne Nova Scotia with photos and descriptions.
This saves me a lot of time and effort. I don’t have to search the internet for hours looking at different Realtors websites combing 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 move.
Other options for finding foreclosed apartments in Shelburne is to speak 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 whatever property they can get their hands on but they may not be well versed in the foreclosure purchasing process so you need to be informed 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 Shelburne with bad credit is possible!
To start with, you have the choice 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. There are many programs in the market again to support those with low incomes or poor credit to buy homes.
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 somewhat higher interest rate thanks to your lower credit score. You should be able to refinance in a number of years after making on time payments to get a lower rate.
How you can buy a foreclosed condo in Shelburne, NS
The very first step is to get pre approved for a mortgage through a bank of your choosing or earn enough money to buy a residence through an auction for all cash.
Next, find condos in Shelburne, NS that you are interest in. I use Foreclosuresearch.ca for this.
Find a Realtor that focuses in Shelburne foreclosures and will be able to help you through the method 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 method and the complexities of investing in foreclosed properties.
One thing 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 buying. This is the only problem in my opinion when buying foreclosed homes
How long does it take to buy a Shelburne foreclosure or distress sale?
This depends upon 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 transfer to me within three days.
If you are buying a property through a mortgage then the closing process takes a small amount longer. My practical experience has been about thirty days to closing, which is pretty standard when purchasing a property. The key is to obtain your down payment to the bank quickly and arrange monies to pay for your closing costs. Any paperwork that the bank sends you must be filled out promptly and sent back to speed up 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 minor and other times they are major.
Often a foreclosed property has sat uninhabited for some time so maintenance has been shruged off and will need to be taken care of immediately.
Sometimes, just because the title has changed to a new owner doesn’t mean that all problems have passed. This is the importance of having a title search done well before buying a property because liens or lawsuits could be attached to the property and you could take over 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 possible price for the house that they can.
Remember that dealing with banks is a mechanical process and usually handled by computers and not real people. This can be annoying 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 recognize they need to transfer the property quickly.Are bank owned homes ideal or poor? This entirely depends upon your goals and the risk level that you are willing to accept. If you are ready to take on the probable repairs by yourself and not count on the bank to pay for them then this is an excellent deal! Don't forget to do your homework on foreclosures and on your property before purchasing to know precisely what you are entering into.