Foreclosures in Maple Ridge, BC

Want to access the foreclosed listings in Maple Ridge British Columbia?

To save thousands for your next property transaction.

You really should!

Let’s dive in.

There are actually two ways to obtain foreclosed properties.

You’re able to get your property foreclosure list from a nearby real estate agent.

You can also look by means of various real estate sites which list foreclosures.

My useful guide will show you:

  • Exactly how to get a hold of these listings
  • The risks involved in purchasing a foreclosure
  • Which other kinds of real estate you ought to seek out too

#1 Acquiring the database of real estate foreclosures in Maple Ridge from a local realtor.

This is your recommended option as real estate professionals will have access to all properties available for sale from all real estate brokers.

Ordinarily, people don’t have the advanced search tools that are used by realty professionals, who will be able to supply you with a comprehensive list of real estate which matches your own criteria using these search resources.

These listings will include:

  • Foreclosed Properties
  • Successions
  • Motivated vendors
  • Fixer-uppers

And all real estate matching the characteristics you’re looking for in your budget range.

Not only will they provide you with the list, but you’ll receive email notifications of property that has just recently been available on the market through the real estate board.

These notifications are so valuable!

They fit the property you’re seeking and…

Most especially, because these lists haven’t yet been announced to the general public on MLS websites, you’ll be one of the first people to find out about them.

A listing on realtor websites could take as much as five days.

That will provide you with a head start to see the property and put in a bid on a good bargain!

Desirable opportunities never stay long on the market and in some cases they don’t actually get to being listed to the public.

Dealing with an agent costs nothing and you’re never forced to buy whatsoever.

Even when you purchase real estate with a realtor’s services, they will only split the commission with the seller agent which is already in place.

You will not get a better price making your offer without working with your realtor. The listing realtor works in the vendor’s interest, whereas the purchaser agent is working for your own interests.

Extra warranties and protection that substantially favor your own transaction can be provided by a few realtors.

A good real estate agent will likely provide essential information when you decide to make an offer on a property, such as:

  • Historical reports regarding the property
  • Similar properties on the market
  • Details regarding the surrounding neighborhood
  • Recently sold comparables

And more …

Armed with this important information, you will be able to price the offer accordingly.

Your own real estate agent will use this information in order to negotiate with the broker who acts for the lender who foreclosed on the property so that you can get your offer approved and hopefully obtain a favorable deal on the purchase.

Real estate agents are familiar with how to do paperwork thoroughly and will have insurance in the event that they ever make a mistake. That provides added protection on the purchase.

Get Maple Ridge's foreclosure list absolutely free!

#2 Finding bank foreclosure properties on real-estate sites.

For the province of Quebec only, the most popular banner companies like Remax, Royal Lepage, etc. feature foreclosed home listings lookup on their website.

This is the list of sites with foreclosure listings:

  • La Capital
  • ProprioDirect
  • Remax

What are the disadvantages of buying a foreclosed property?

Getting a discount on real estate is awesome, and yet sadly there are risks involved . Financial institutions sell these properties with no legal warranty.

This means that if there’s an issue with the house or a hidden vice, you are unable to take legal action against them or claim any reimbursement. It’s sold to you “as is”.

Due to this, getting a mortgage to fund your purchase can be very much more difficult as lenders are a little more careful.

On top of that, regarding the previous owner who stopped paying their regular monthly home loan repayments, at times these people also allowed their home to fall into disrepair, vandalized it or made use of the premises to cultivate marijuana which can lead to mold.

Going to see the building prior to making an offer is obviously strongly recommended, however in some cases it’s difficult to visit them and could possibly require a down payment or a blind offer.

These are things to think through prior to taking any action, although it’s not always the case.

Various other types of distress sale & forced property sellers is also a good idea to take a look at to find great bargains.

Distress Real Estate Sales & Forced Sellers

Distress sales and/or determined vendors are often much more profitable compared to a foreclosure. Such houses may be a pre-repossession or basically a vendor that wants to sell up quickly for any one of several reasons.

Pre-foreclosures / Sixty-day property repossession notice

In the example of a pre-foreclosure, the owner needs to liquidate very rapidly to be able to salvage his equity before the mortgage lender forecloses on the house. In most cases, the loan company has given them a sixty-day notice.

Caught with two mortgage loans

One other cause to have an owner to be motivated to sell at a lower amount can be for the reason that they’ve recently purchased another house prior to selling their present one and don’t want to be saddled with two home mortgages.

Purchasing another house as a condition of selling their current house

It could also be that the owner has made an offer on another purchase with an offer condition to sell his existing one. This may be their dream house or maybe they are attached to this contract and thus resigned to accept your own offer.

Succession / Heritage home sales or property liquidation

A brand new owner who has only just inherited their house may be sometimes wanting to liquidate the house at lower than market valuation due to a number of reasons, so inheritance property sales may be good finds also.

Frequently, they simply want get hold of the equity as soon as possible. Also, selling the house makes it much simpler to split the asset if there are a number of benefactors to the inheritance.

Fixer-Upper Properties

Houses that would need renovations are often another fantastic opportunity. These houses need some love tend to be usually priced lower than market value.

If you’ve got a supplementary budget for renovating the place and you are able to do a lot of the renovations on your own, you can easily make a nice profit margin .

In addition, you will be able to modify the property to your individual taste and needs assuming your intention is to live in the property.

If it’s for a quick resale, you could always do strategic makeovers to optimize resale value as well as market appeal.

It’s important to have the home checked out to make sure that there is no major repair needed which could turn a financially rewarding real estate deal into an unprofitable one, as with any other real estate purchases.

Vendors that really need to liquidate as a result of separation and divorce

Breakup is never a nice experience and the domestic atmosphere could be very uncomfortable. While the two parties may possibly determine a short-term solution where one person lives to somewhere else, the reality that one lives in the house and the other one has to leave may well create further arguments and unfairness.

Normally, the ideal thing to do is usually to sell the house as soon as possible so they can move ahead with their everyday lives. They can to cash out on the assets and buy their own place.

Distress real estate sales & foreclosures final thoughts

All of these kinds of opportunity can easily apply to each and every type of property and this includes:

  • Commercial and industrial property
  • Condominiums
  • Houses
  • Income properties
  • Land & lots

In all types of forced sales, you could get the impression that you’re profiting from a sad situation however, they are addressing a major issue swiftly, even though they aren’t getting top dollar for their house. It will still be a winning situation for all concerned.

To access the foreclosed properties 100% free and with no commitment, simply complete the form.

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