Purchasing a Foreclosure in Vancouver

When contemplating purchasing a foreclosed Vancouver property,  contact  a specialist in this field.  It has to be determined whether or not a foreclosed property is as good a deal as it looks on paper..  We have to take in consideration the true value right now. Just because the loan amount is say $400,000 before the lender  foreclosed, it does not mean that the property is now worth that amount.  Also the cost of replacing what has been removed from the home or damaged must be factored in. .  Please do not try this process on your own, you need an experienced Realtor. Only after  these issues and many other factors are addressed can we negotiate with the Lender for a far price.

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Property Owners Be Aware

Authorities are warning property owners to be aware of the many  different types of distressed property  and  short sale scams. More and more dishonest dealings are being uncovered as the foreclosure rates continue to climb.  With record numbers of homeowners defaulting on their mortgages, risking foreclosure, the rescue scammers seem to be coming out of the woodwork in droves.

Call me and I will assist you in deciphering any offer you receive. I will also show you the proper way to sell your distressed property.

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Foreclosures & Short Sales

With many homeowners underwater and in other financial trouble, many are asking: What is a foreclosure and short sale.

When a homeowner does make their mortgage payments for 3 months, the lender will mail out a notice of default asking for 3 months of payments by a certain date. If the homeowner does not make the payments by that date, the lender authorizes their attorney’s to start the foreclosure procedure.

In the following months, the homeowner will be under much stress and strain, as the process can last as long as 12 months or more. The homeowners credit score is going to be affected negatively and it will remain on your credit report 7-10 years. You will not be able to purchase a home for at least 5 years or more. Believe it or not, the IRS considers a foreclosure as a home sale and the income is taxable.

There are alternatives. Such as a  short sale of your Portland  property before it goes into foreclosure. This is rather a complicated process, but I can help you get through the sale.

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Help When Facing Foreclosure

If you are having financial difficulties, or if you are about to go into foreclosure, contact your lender immediately.  One thing that will be of benefit to you is having a  Vancouver Realtor working with you and advising you while you are working with your lender for a solution.  An experienced Realtor knows the process and will work to find the right solution.

Related articles

• Judge Seeing Problems with Foreclosure Cases (gloucestercitynews.net)

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Purchasing ‘Fixer-Uppers’ or ‘Foreclosed’ Homes

Many ‘fixer-uppers’ or ‘foreclosed’ homes have been poorly maintained and may be in need of some major repairs. Many are located in lower market-value areas, meaning it might be harder to sell after the property is fixed up and brought up to date.  It is the advise of experienced investors to find properties in the better areas of any community so the house can be sold fast or rented out after repairs are made.  Many advise to always look at the most run downed house, located in the best area of town to invest in. If you intend to keep the house as a rental, you want to buy it in an area where people want to live, ensuring a more reliable source of rents.

If you intend to ‘flip’ or sell the house, it will sell faster and for a higher price if it is located in a better area of town. Be aware of the needed funds to make everything happen over and above monies needed for the purchase, utilities, repair costs, permit fees, any sub-contractor costs, materials, insurance, appraiser fees, home inspection fees and other misc. costs.

Some fixer-uppers & foreclosed homes make a good investments, however you must go slow and use caution when you are looking at or buying any property that falls into the fixer-upper or foreclosure categories.   Seek the help of a Realtor or real estate agent who is familiar with home values, the current market conditions and sales prices of any area.   Check the current building codes for the area as you may have to invest more money than planned to get the house in a livable condition. Make sure there are no ‘hidden’ liens, or mortgages on the property, and any hidden health risks that might make the property un-inhabitable.  You should always avoid any houses that need any structural type updates or repairs. Experienced investors will advise you to get all detailed facts and information on any property before committing to buying it.

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