How to Get Started
Foreclosures InformationLooking for a New Home? MLS® listing of Homes for Sale in Prince George.
How to Get Started
No matter where you live or what you do, I’m sure purchasing a foreclosure in Prince George has crossed your mind. Deal or no deal? That is the question that is asked to Denise Dykes when people are searching MLS® for these properties. Foreclosures seem to intrigue a lot of buyers but at the same time have a lot of myths as well. Let Denise from Royal LePage debunk these myths. When you sign up for our Foreclosures Email List you will receive a list of the current foreclosures each week. Click on the sample list at right.
They aren’t for everyone. Buyers that are on a timetable that require a definite purchase with a possession date are pursuing the unknown with a foreclosure. For those that have to move their family or relocate, foreclosures don’t provide the stability in a purchase that buying from an individual does.
Why Buy a Foreclosure?
Although foreclosures aren’t for everyone, they do represent a great opportunity for many buyers. To decide if buying a foreclosure in Prince George is for you, you have to understand the process as well as the pros and cons. Only you can decide if it is a good match for your current situation.
Foreclosures are bought for buyers to have them as personal homes, those looking to create rental properties for revenue or those hoping to ‘flip’ and make a profit…by making a silk purse out of a sow’s ear. Some may think that foreclosed properties are in a state of disrepair, but many properties are in good condition.
Get Pre-Qualified before Foreclosure Shopping
Before you start to look, you need to get prequalified as your financing will determine what you can afford. Avoid committing to a house search before you know what you can spend. Foreclosures offer many buyers a unique opportunity to invest in a variety of properties in a diverse range of conditions and price ranges.
Hire a Good Agent
Denise Dykes – an experienced buyers agent – is familiar with foreclosures – and can really help you navigate the process. She can help you with your research and work with you to help you make the right decision that is right for you.
Find Your Property
Buyers interested in foreclosures need to tread with awareness. The banks have no obligation to disclose or fix issues with the home and typically don’t know what the defects are, anyway. These homes are sold “as is” meaning the seller is not responsible for the condition of the house. The buyer is agreeing to buy the house in the condition it is in, on the day they take possession, not the day they viewed it.
Estimate Repairs
Buyers need to figure out how much it will cost to bring the house up to par. Depending on what you have in mind for the property, ie: a flip or a rental, if the cost of the necessary repairs, leave you with little or no profit, move onto another property.
Factor in All of Your Costs
Do all of the math!! Even if you get the property at a good value, add in your labor and material to know your full investment. And if you have made this purchase to ‘flip’, it could take a few months to fix up and then find a buyer for it. In that time frame, for each month that goes by, you will be paying a mortgage payment, the property tax, the utilities, the insurance, etc.
Testimonials from Happy Clients
I purchased a bank owned home with Denise and she made sure I was aware of potential issues and how to prepare the strongest bid possible that I was comfortable with and would be most likely to succeed. Her knowledge and recommendations made a potentially nervous transaction something I felt at ease and confident to do. I would buy with her again without hesitation. Thanks Denise!
I had been searching for a place for approximately 8 months, been given the run around by several other Realtors and was not all that impressed. I was online researching some properties and came across Denise. Denise worked very hard helping me locate a property for sale that fit my criteria. She was upfront and not giving me lip service but real information and assistance. She is very outgoing and a pleasure to work with. I would go through Denise again if the opportunity arises. Thanks Denise !!
Working with Denise was a great experience. Being a first time home buyer she opened my eyes to the real estate market. She is very concerned about getting value for the Home buyers she represents. Very thorough with informing as to the pluses and minuses of a particular home helping the customer to make an educated decision. She helped me find a place I could call home and spent many hours helping me find the right place. Even to this day I still ask her questions about real estate and she’s always there to help. I look forward to working with her again in the future. I would strongly recommend her to others. Thanks Denise.
I went through a few realtors and companies and this was a very nice change to finally have a professional helping me. I will recommend Denise Dykes to everyone. I am so pleased with everything. I couldn’t have asked for a better experience for my first home. I am looking forward to working with Denise the next time.