There are many benefits to purchasing a foreclosed home. You can often find a great deal on the property, and with some elbow grease, you can turn it into your dream home. In this article, we’ll discuss the process of purchasing a foreclosed home as well as some of the things you should look out for.
List of Vancouver Island Foreclosures For Sale
If you’re looking for a deal on a Vancouver Island home, you may want to check out the foreclosures for sale. Contact me for a list of current foreclosures on the market:
1. 2 bedroom condo in Qualicum Beach – Asking price: $369,000
2. 3 bedroom rancher in Duncan – Asking price: $429,900
3. 4 bedroom house in Nanaimo – Asking price: $524,900
These are just a few of the foreclosures currently on the market. With prices like these, it’s no wonder why more and more people are interested in purchasing a foreclosure.
What is a Court Order Sale
A court order sale is a foreclosure sale that is authorized and conducted by a court. This type of sale is typically used when the property in question is worth more than the mortgage debt and there are multiple lenders with conflicting interests in the property. In a court ordered sale, the proceeds from the sale are first used to pay off any outstanding liens on the property, and then the remaining funds are distributed to the lenders according to their priority.
Bank Owned Properties For Sale
Home foreclosures for sale are a great opportunity for investors to purchase property at a discount. There are many bank owned properties available for sale and the list of available homes changes daily.
Many of the homes available for sale have been abandoned by the previous owner and are in need of repairs. It is important to inspect the property before making an offer, as some homes may require more work than others. Be sure to factor in the cost of repairs when considering your offer price.
If you are new to investing in real estate, it is important to seek the advice of a professional before making any offers on bank owned properties. As a professional real estate agent, I can help guide you through the process and make sure you are getting a good deal on the property.