Buying a home that has been repossessed by the bank offers numerous beneficial opportunities and some pitfalls. Dealing with Regina bank repos requires an enormous amount of market knowledge and real estate experience. If this is your first time buying a bank repo, do your research. Work with a professional. Do your due diligence to yourself.
Let Me Explain Some of the Pros and Cons of Buying Regina Bank Repos:
Pros:
- Often found in great neighborhoods
- Sometimes priced under market value for a quick sale
- Clear title
While bank repos in Regina can be found in wonderful neighborhoods, they can also be found in poor neighborhoods but this is the pro’s list so we’ll skip over that. Bank repos in Regina can be found in some beautiful neighborhoods like Lakeridge, Lakeview, Harbour Landing, The Creeks and even in White City. These are all very desirable areas. Sometimes these homes are priced under market value and if you can be the winning offer, they can make a great deal for a real estate purchase.
Cons:
- No disclosures
- Sold as is
- Disgruntled owner/tenant
- Possible multiple offer situations
The con’s of buying a Regina bank repo is there are no previous owners to make any disclosures about the home. This means that a buyer cannot ask the previous owners any questions; questions like “has there been any previous water damage or flooding in the home?” “have there been any issues with the furnace?” “any seepage in the foundation?” These are all good questions that a buyer will often ask if they are able to. The property is sold 100% as is and the bank will not make any repairs to the property after the home inspection or prior to possession. Also, because bank repos in Regina are often priced under market value, they can go into multiple offer situations. Since that bank has no emotional attachment to the property, the more offers they receive, the better for them.
Not to forget a home might be legally foreclosed, but it doesn’t mean that there’s no one living on the property. Many foreclosed homes sit unoccupied for months or years at a time. If you buy a property with a squatter living in it i.e. the previous owner or a tenant, you need to legally evict them even if the person or people in question have no claim to the home. This can take months and cost thousands of dollars in legal fees.
When it comes to buying a Regina bank repo, work with a professional REALTOR® who knows how to navigate these complex purchases. It could save you a lot of turmoil in the future to simply be educated.
Contact Me
If you have any questions or would like to explore bank repos in Regina, give me a call at 306-552-7047 or fill out my online contact form!
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.