dnv-ad-top listings

Investing in a house from the foreclosure list can be a great way to buy a property 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 negotiate a deal that suits your unique needs.

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

Other options for finding foreclosed houses in Windsor is to contact your local bank to see if they are holding 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 educated before going in. More information for home buyers can be found at NSREC – Consumers

 

Windsor NS foreclosure listings

Nova Scotia Foreclosure Listings

How to buy a foreclosed house with bad credit

Let me start by saying that purchasing a foreclosed house in Windsor with bad credit is conceivable!

First, you have the alternative 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 securing 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 residential or commercial properties 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 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 get a lower rate.

How you can buy a foreclosed condo in Windsor, NS

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

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

Find a Realtor that specializes in Windsor foreclosures and will be able to help you through the method 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 process and the complexities of investing in 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 Windsor foreclosure or distress sale?

This depends upon how you are buying the residence. 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 move 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 standard when purchasing a property.
Are there reasons not to buy a bank foreclosure?

Foreclosed houses are usually sold “as is,” indicating 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 deal with. Sometimes the repairs are trivial and other times they are huge.

Often a foreclosed property has sat uninhabited for some time so maintenance has been ignored 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 issues have passed. This is the significance of having a title search done before buying a property given 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.

Patience 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 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 likely cave if they have no other offers because they realize they need to move the property quickly.

Are bank owned homes ideal or harmful? This entirely hinges on your objectives and the risk level that you are willing to accept. If you are ready to take on the prospective repairs yourself and not rely upon the bank to pay for them then this is a fantastic deal! Don't forget to do your due diligence on foreclosures and on your property before buying to know clearly what you are getting into.