Buying a Nanaimo foreclosure can make for a bargain, but that is not necessarily the case. It is best to enlist the help of an expert in Nanaimo foreclosures, such as Ian Klepsch.
Ian knows the ins and outs of the foreclosure process and can make sure everything goes smoothly. While similar in some respects to other property transactions, buying a foreclosure contains a few idiosyncrasies which can trip up an inexperienced buyer. The biggest difference, of course, is that all offers on a Nanaimo foreclosure must be made via the court.
Things to Know About Buying a Nanaimo Foreclosure:
- You will not be able to attach subjects to your offer when buying a foreclosure property. Unlike with other home purchases, foreclosures are bought as-is.
- All offers on foreclosure properties need to include a Schedule A, which removes responsibility from the owner/lender. If you move in and find repairs need doing, you will have to take care of them.
- If you find any appliances when you take possession, that is a bonus. Appliances are not fixed and therefore not included in foreclosure sales.
- Buying a foreclosure can make for a good deal, but you should always do your due diligence to make sure the deal is as good as it appears.
- Remember, other buyers can make offers at a foreclosure’s court date. Usually, the highest offer wins, but the judge can take into account other factors such as the offer date or when the buyer would take possession.