Foreclosed homes for sale in Nanaimo, BC
Want to receive the list of bank property foreclosures in Nanaimo British Columbia?
To save yourself thousands on your next property transaction…
Let’s check closer.
You’ll discover two ways to obtain foreclosure listings.
You can easily get your repossessed property list with a nearby real estate professional.
You can look via different real estate sites which index repossessed properties.
In this handy guide, I’ll show you:
- Exactly how to get a hold of these listings
- Any risks linked to investing in a foreclosure
- What other kinds of real estate you ought to consider too
And a lot more besides …
#1 Getting the list of property foreclosures in Nanaimo from a realtor.
As property professionals will have access to all properties for sale from all property brokers, this really is your recommended way to go.
The general public don’t have access to the effective search resources that are available to realtors, who will be able to provide a comprehensive listing of real estate which meets your criteria using these search resources.
The listings will include:
- Foreclosure Listings
- Determined vendors
And all property which matches the characteristics you’re looking for within your price range.
Not only will they give you the list, but you’ll also receive email updates of real estate that has just been recently available for sale via the local real estate board.
These updates are very important!
They fit the property you’re looking for and…
Most of all, you’re among the first people to know as these listings have not yet been posted to the public on MLS websites.
A listing on realty sites can take up to 5 days.
This provides you with a head start to take a look at the property and put in a bid on a nice bargain!
Such amazing bargains never stay long on the market and sometimes they don’t even make it to being listed publicly at all.
Dealing with an agent doesn’t cost anything and you’re never obligated to buy.
Even when you buy real estate using a realtor’s help, they’ll only split the existing commission with the vendor agent which is already in place.
You will not save any money by making your offer without using your agent. The listing agent works for the seller’s interests, while the purchaser realtor works for your interest.
Several realtors give you additional warranties and safeguards that substantially benefit your own deal.
When you decide to make an offer on a property, a good real estate agent will provide important information such as:
- Historic data regarding the property
- Comparable real estate available for sale
- Information about the surrounding area
- Recently sold comparables
And more …
You’ll be able to price the offer properly with such information.
Your agent will make use of this data to begin negotiations with the brokerage that represents the lender who repossessed the property so you can get your offer accepted and preferably obtain a good deal on your acquisition.
Real estate professionals understand how to do paperwork properly and will also have insurance if ever they make a mistake. This gives you extra protection on the transaction.
Get Nanaimo's foreclosure list absolutely free!
#2 Looking on real-estate websites for lender-owned repossessed listings.
Only available in the province of Quebec
This is the listing of sites with home foreclosure listings:
- La Capital
What are the disadvantages of buying a foreclosed house?
Getting a lower price on home is great, and yet sadly there are associated dangers involved with this. Financial institutions sell such property without legal guarantees.
That means that if you find a problem related to the house or a concealed vice, you are unable to take legal action against them or get any kind of compensation. It is sold “as is”.
For that reason, obtaining a mortgage loan in order to fund your property may be quite a bit tougher because loan providers are generally a bit more wary.
Additionally, with regards to the previous owners who stopped paying their regular mortgage payments, in some cases these people neglected their home, vandalized it or in some cases even made use of the premises to grow marijuana which may cause fungus.
Checking out the building prior to making an offer is obviously highly recommended, though in some cases it’s difficult to visit them and can require a deposit or even a blind offer.
It’s not often the case, though these are always items to consider prior to making any move.
Various other kinds of distressed sale & forced house sellers you can also to take a look at to locate great deals.
Distress House Sales & Forced Vendors
Distressed property sales and/or forced sellers are often much more profitable than a foreclosure. These types of properties might be a pre-foreclosure or basically an owner that needs to sell rapidly for a variety of reasons.
Pre-foreclosures / Sixty-day property repossession directive
When it comes to a pre-foreclosure, the owner has to get rid of it really fast in order to salvage his property equity prior to the mortgage lender foreclosing on the home. Generally, the loan company has delivered to them a sixty-day notice.
Bogged down with two mortgage loans
Another explanation for an owner becoming determined to sell for a reduced amount might be due to the fact that they have just purchased another house in advance of attempting to sell their current property and so don’t want to become trapped with two home loans.
Buying another home as a condition of selling their existing house
It may also be possible that the home owner made a bid regarding another house which has an offer condition to sell his present one. This might be their ideal house or maybe they may be just obliged to stick with this contract and therefore resigned to accept your own offer.
Succession / Heritage home sales or estate liquidation
A brand new owner who has only just inherited his or her house is often prepared to liquidate the property below the market value for a variety of different reasons, so inheritance property sales could be great finds as well.
Frequently, they simply want the equity as quickly as possible. Also, selling off the property makes it much simpler to divide the asset if there are a number of benefactors to the inheritance.
Homes that need refurbishment may be another great opportunity. These houses require some care and attention are generally priced much less than market price.
You could produce a nice profit margin after all costs assuming you have an additional allowance for fixing up the place and you are able to do all of the refurbishments yourself.
Assuming your purpose is to live in the property, then you additionally will be able to individualize it to your own preference and requirements.
When it’s for a quick resale, to make the most of resale value and market attractiveness you can carry out strategic renovations.
Like in any other real estate purchase, getting the home examined is vital in making certain there is no major repair necessary that could change your property deal into an unprofitable fiasco.
Vendors who really need to sell because of divorce or separation
Divorce or separation is never pretty and the domestic situation is often rather uncomfortable. Even though the two parties may come up with a temporary solution where one lives somewhere else, the truth that one lives in the home and the other one has to go can cause even more disputes and inequity.
Generally, the very best thing to do is to sell the home as fast as possible so they can move ahead with their own lives. They can buy their own place after they cash out on the money.
Forced property sales & foreclosures in conclusion
All of these kinds of opportunity might apply to each kind of property including:
- Commercial and industrial property
- Income properties
In all forms of distressed sale, you could feel as though you’re taking advantage of a regrettable scenario but, they’re addressing a difficult issue swiftly, even though they may not be getting a high price for their house. It’s still a winning scenario for all concerned.
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