Скачать или смотреть Is Buying Foreclosure A Bargain?

Is buying a foreclosure property the bargain that most people think it is?
https://selenacheung.ca/foreclosures/

Buyers reach out to us wanting to buy foreclosure property because they have heard stories of amazing deals, Bargains at incredibly cheap prices.

Yeah, well, sometimes that can happen. But there is often more to the story than just that and we will cover it in this video because I have bought numerous foreclosure properties myself over the years so I have personal experience plus we have helped lots of our clients purchase foreclosure properties. And in case you are still interested after watching this video
we have foreclosure search on our website.
I’ll put the link in the description in case you want to check it out.
https://selenacheung.ca/foreclosures/

Now, whether you buy a foreclosure or even a regular home purchase
Always keep a set of the original documents because you will need these when you sell.

As example, here is the file for one of my properties I recently sold and turns out I had bought it as foreclosure, and assumed the mortgage.
Lots of paperwork with this one.
Lawyers must charge by the page.
Starting at March 8th …
And going to March 14th,
a whole year later.
Yes, there were some complications trying to buy this foreclosure and that meant a much higher legal fee and closing costs.
Factoring that into the purchase price it ended up same as a normal purchase.


So for some buyers, Buying foreclosure property can be a good option
But not what I would suggest if you are a first time home buyer, Newbie investor or in-experienced with fix and flip.

And something else to point out
There are two types of foreclosure.

One is a court sale. And when you buy a court sale, all offers are unconditional. This means you cannot have any conditions to protect you.
Your financing has to be 100% solid, paying all cash if necessary.
And you have to work on the courts schedule.
They determine the court date when they review all offers and believe me,
there will be a lot of offers. Sometimes dozens.
So How much of a bargain are you really getting if you compete with so many other buyers?

If the court chooses your offer, Congratulations, you just bought.
And there are no guarantees, no warranties or any come backs
Also Then court will set possession day.

The other type of foreclosure is a Bank Sale.
Bank sales are similar to a regular purchase.
Meaning, you are able to put conditions to protect you.
But there are still no guarantees or warranties.
And most likely lots of other offers to compete with so once again, are you really going to get such an amazing deal when you are in a multiple offer situation?
On the good side however, you generally have time to do your due diligence
And if you don’t get financing, then you don’t have to buy.

Bonus tip.
We always recommend to work with an experienced realtor who knows the market because not all foreclosure are priced well below market value.
Bank sales need minimum so they can clear any debt against the property.
But what happens if the property is underwater?
Meaning more is owed than what it is worth.
Quite common, and often why properties end in foreclosure.
And sometimes foreclosure properties are priced cheap because they need substantial renovations, and unless you can do the work yourself or have reliable contractor, then there is no real benefit for you to buy.

So for some buyers, Buying foreclosure property can be a good option but if it is your first home, you may be better off with a traditional purchase.

Thanks for watching

And we will see you in the next video

https://selenacheung.ca/foreclosures/
#foreclosure #foreclosurerealestate #foreclosuredeals #banksale