Looking a buyer a foreclosure property?

You see a foreclosure property on the market. Should you go for it? Perhaps you can get a deal on it. Before you take the plunge, here are a few things to consider. First of all, you are purchasing the property in "as is where is" condition. What does this mean? It means that the seller (usually the bank or mortgage company) does not warranty any information about the property. They have never lived there. Representatives of the bank may have never even seen the property in person. They do not usually know the history of the property, such as any leaks in the basement, structural issues, or whatever. When you look at purchasing a foreclosure property, you will be getting it in the same shape that you look at it. The seller is not going to fix it up for you. For example, the seller is not going to fix the roof, or repair a leaky faucet. This is why you should get a property inspection. At least this way, you will have an independent professional inspect the property and point out any defects that you may, or may not, have seen. Also, the seller will not be providing you a real property report. Remember those from a previous post? This is a survey of the lot, which shows the permanent structures and how they are situated in accordance to the property lines. If you are getting a mortgage to purchase a foreclosure property, you will be on the hook for getting a new RPR, as your lender will most likely want one. The risk is on the buyer, for pretty much everything. This may put some people off, but for others, purchasing a foreclosure property may end up being a great investment. If you get the property for a decent price, and can fix it up yourself (some people may leave the property in good condition, while others are usually leaving in not very good circumstances and may leave a mess and damage the property), you may have just made one of the best investments of your life. Just do your homework ahead of time. Do your due diligence during the buying process. Talk to the neighbours. Some may have some wild stories about the property (take them with a grain of salt!), while others may tell you that the previous owners took good care of the property, and just fell on hard times. Talk to the local municipality representatives, such as the town office, or city hall, to see if they have any history of the property. Talk to your real estate agent. Get as much history as possible about the property. Once you have done all that, then you should have enough ammunition to decide on whether the foreclosure property is right for you, or not.

Interesting Year

In a year where markets across the province are weaker than we have seen in recent years, the market at the resort seems to be holding its own. With three cottages sold in May/June, we are now seeing some cottage lots sell. Some of these lots have been on the market for a few years, but now there is interest. Plus, there are a couple of basements being set up for cottages to either be moved in, or be built on. It is nice to see activity at the resort, as it has been a while since we have seen this type of excitement in the local real estate market.