Searching for a new home is an exciting time for anyone, but it’s especially exciting when you’re starting a new career as a student or educator in a new city. Many from out of town—including international students—move to Burnaby, BC to begin their tenure at Simon Fraser University, but with such a big move come several questions: where do you begin your Simon Fraser real estate search? What do you need to learn about the market? What’s the best and most affordable way for you to purchase property in the area?
When moving to a new city, many decide to turn to bank auctions to see what their options are for foreclose properties. As banks have no sentimental attachment to these properties, these sales can often go quickly and at pretty affordable price points. Before beginning your Simon Fraser real estate search for foreclosed properties, it’s important to weigh your options and be well informed on what you can expect from the process.
Advantages of Targeting Foreclosed Property
Foreclosure happens when a bank or lender seizes control of a home after the homeowner fails to meet mortgage payments, so the bank is then put in charge of selling the property. Banks are often willing to negotiate on price in order to get these properties off their hands more quickly.
Since there are foreclosed properties available in any price range, usually in great condition, targeting these homes that are usually at lower rates than non-foreclosed homes of similar sizes and in similar locations makes it possible to upgrade your expectations. You might be able to find a home in a better neighbourhood or with more amenities than you normally would be able to with your budget—and since you’d be buying below market value, if and when you decide to sell again, you could meet some serious financial gains.
Drawbacks of Buying a Foreclosed Home
Though foreclosed homes are often in decent physical condition, the states of foreclosed homes can vary greatly. Don’t forget that a home was foreclosed upon because the owner couldn’t make his or her monthly payments—this means he or she also may have been skipping necessary home maintenance, requiring many repairs to the home before it’s in a decent enough state for you to live in it. Additionally, it pays to be smart about the amount of time a foreclosed home has been without an owner. The more time it’s been left uninhabited, the more time has passed without any sort of upkeep. Your Simon Fraser real estate agent will be able to best assist you in targeting foreclosed properties at the ideal times.
It’s important to remember that purchasing a foreclosed property is inherently financially risky—you may incur any debt connected to it. You must do your research in regards to lenders, as some won’t offer mortgages on foreclosed homes, which also comes with lots of paperwork. Because of the possible value of foreclosed homes, there tends to be a lot of competition, making the process long and unpleasant.
Finding a Foreclosed Property Near SFU
If your finances are in order and you’re ready to take on the search for a foreclosed property in Burnaby, Simon Fraser real estate agency Canadian University Real Estate will gladly help you get the process started. Give them a call at 778-991-0649 to learn more about their listings and availabilities.