Buying Distressed sale or foreclosure properties in Vancouver, Surrey and Surrounding Areas.
Are you weighing your options when it comes to buying a distressed sale properties in vancouver? This could be a pre-foreclosure, foreclosure home or a run down residential/commercial building in need of repairs. Here are some reasons why distressed sale properties Vancouver are a great option for you, whether you are buying as a home owner or investor.
1. They come with immense discounts. Most distressed homes attract discounts of up to 20-50% off their market value, which adds up to huge savings for you.
2. They provide guaranteed profits for the investor. It you are dealing in the housing or real estate industry, buying distressed homes is a great way to enjoy huge profits. You only have to make the necessary renovations and wait for the right time to sell the property and there, you recoup your purchase price and a fat profit amount.
3. They are an easier and cheaper way to own property than building or buying property that is in good condition.
How then do you go about acquiring distressed sale properties? Here are a few tips to see you through the process:
1. Understand the laws governing the sale of distressed properties in Vancouver and how they affect you as the buyer. It is important to understand that British Columbia legislation seeks to protect the owner of the distressed property. The laws and sale process is structured in such a way as to allow the owner recoup as much money for their property as possible. This includes allowing a group of interested bidders to battle it out for the highest bid and publicizing your offer amount as the seller.
2. To increase your chances of closing the deal, give an offer that is as close to the property’s fair market value as possible. This is because before the court approves any offer on distressed property, it has to ascertain that it is the highest the owner can get.
3. Stay ahead of the game by preparing early. The more you find out about the distressed property, the higher your chances of getting the deal. This you do by finding the actual market value of the property. A good way to do this is by running an evaluation of the neighborhood and finding the value of similar properties. Based on your findings, you can come up with a reasonable amount.
4. You can still adjust your offer to a higher amount if competition is stiff during the sale hearing, before the judge/master makes the final decision.
5. Work with a qualified agent that knows the ins and outs of dealing with these types of situations.