Kingston Bank Sales, Power of Sale, Foreclosures, and Estate Sales are often a great way to find a good deal on a property. These types of properties are not easy to find as they are usually sold before they hit the newspaper. We monitor the Kingston Area Real Estate Market daily and have access to listings as soon as they are listed for sale. Let us find them for YOU!
Kingston Bank Sales, Power of Sale, Foreclosures, and Estate Sales are often a great way to find a good deal on a property. These types of properties are not easy to find as they are usually sold before they hit the newspaper. We monitor the Kingston Area Real Estate Market daily and have access to listings as soon as they are listed for sale. Let us find them for YOU!
Buying a Bank Foreclosure in Kingston Ontario
Kingston Bank Sales are not common and when they are listed there are several buyers. Bank Forclosures happen when a homeowner defaults on their mortgage payments and the bank lists and subsequently sells the property in order to cover the remaining amount on the mortgage.
People are often attracted to power of sale properties because they expect to get a great deal on the purchase. It’s not a “fire sale” type of situation, but you can get a deal when purchasing real estate from a bank if you know how the negotiation process works.
Attempting to buy a house from a bank will test your patience. Banks usually require 48 hours to respond to offers of purchase and sale, sometimes they can be as quick as a couple of hours but the average response time is closer to 24 hours.
The asset and property managers that work for the bank handling bank foreclosures WILL NOT allow Realtors to market their foreclosed properties as bank sales, bank foreclosures, or bank repos. They want the bank sale properties to me marketed the same as the other MLS listings because bank sales have a stigma attached to them and they want the properties to compete fairly on the open real estate market.
It is often difficult to find the foreclosures in Kingston unless you are working with a Realtor.
Bank Sales and Disclosures
With a typical real estate purchase you get disclosures from the Seller. This is when they tell you about the age of the roof, furnace and other details or defects a home inspector may miss. When you buy a bank-owned home, you’re on your own. Your offer is made in “As Is Condition” , you’re buying an unknown factor so if the basement floods every time it rains you have no legal recourse. When a defect is found on a home inspection a regular seller is much more likely to negotiate an abatement or fix problems for you while a bank will not work with you to address any concerns, they just want it sold.
The Bank has to be able to prove they listed the property at market value and negotiated the best price possible.
Banks are not in the repair or holding real estate business so they usually price them at market value.
If the home requires repair, it may be discounted and (with a little hard work) a profitable venture when it comes time to sell.
I’ve worked for multiple bank’s selling foreclosures in Kingston. I have also advised several clients when purchasing kingston bank sales.
How to Buy a Kingston Bank Sale
- Contact a Realtor and tell him what you are looking for, ask if he has a list of all bank foreclosures in Kingston.
- Securing financing on a bank owned home is similar to obtaining financing on any another home. If you are not alreay pre-approved, it’s time you get approved for the amount you need to purchase a home. A Realtor can help you find the lenders that may best suit your situation.
- Get up on a system that can sort through the hundreds of listings in Kingston and pin point the Bank foreclosures and other distressed sales. We offer this service at NO COST, all we ask is that contact us when it comes time to view the property.
- When you see new Bank Sales drive by them. Have a good look at the neighbourhood and talk to some neighbours, make sure it’s in an area you want to invest in. When you find a house that suits your needs its time to contact a Realtor.
- Go to your showing prepared – Bank Foreclosures do not always have power so bring a flashlight and it wouldn’t hurt to have a tape measure. Do not get attached to anything you see in the home – appliances are never included in the purchase and sale agreements but are usually left. If fact everything you see in the house will likely be left (including rubbish) but nothing is guaranteed. The owners may have a right to the contents of the house and in the event they do take something the bank wants no responsibility.
- When you find a suitable property its time to make the offer. This is where the experience of your agent will come into play. NEVER start too low, if its a new listing and you like it, go in strong and budge very little. There may be 3 or 4 competing offers so you have to make your offer stand out! This can be achieved several ways which a Realtor will advise when submitting an offer.
I’ve worked for multiple bank’s selling foreclosures in Kingston. I have also advised several clients when purchasing Kingston bank sales and the highest offer doesn’t always win!
If you are interested in Bank Sales fill out the form and we’ll be happy to get a list together for you.