Home Buying in 92253>Question Details

Ariana, Home Buyer in 92262

Can a Canadian resident bid on a home that has a Notice of Default?

Asked by Ariana, 92262 Mon Apr 6, 2009

We were told that the home must be your permanent residence. Home would be our winter home and is not being purchased to for resale.

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7
Hi Ariana,

You were given incorrect advice. You can bid on and purchase a non-primary, winter home in the US. It should not matter if a notice of default has been filed or if the owners are behind in making their mortgage payments. Unless you are planning on paying all cash, you may have a bit of a challenge as a Canadian resident in getting a loan here in the US in this current lending environment. It is best if you can get prequalified from a US lender prior to submitting an offer, particularly if you find a bank owned property you want to make an offer on, as they tend to sell quickly once they become bank owned. I would be happy to guide you through the process. Please see my website at http://www.DesertAreaGolfHomes.com for additional information for Canadian residents. Please call me if I can be of any assistance.

Larry Hansen
Broker Associate
Realty Executives
(760) 668-2486
2 votes Thank Flag Link Mon Apr 6, 2009
When you are purchasing a home from someone who is selling Short you do not have to live in that house full time. However if you are the seller, different rules apply. I don't understand your question? Please be specific. Call our Hot FREE HOT LINE FOR TIPS, 1-800-506-6318
Jan
0 votes Thank Flag Link Thu Dec 10, 2009
Our company handles cash buyers all the time who open escrow with homes that have :notices of default "on them. We track NOD's on a daily basis. We can approach the seller on your behalf once we have contracted with you to do so. Our team of experts go to work neg. with bank until close of escrow. Escrow is handled through Lawyer's Title in La Quinta, Ca., We take all the headaches out of purchaes home short.!!! Call 1800-506-6318 leave your information and we will get reports to you directly. . Real Estate Foreclosure Solutions Inc.
Thank you Jan
0 votes Thank Flag Link Wed Dec 9, 2009
Of course, it is possible to make an offer on an owner occupied short sale with a notice of default, but special contracts must be used and specific procedures must be followed. For one thing, unlike a "normal” transaction, the seller must be given a right of rescission after they sign the contract. I am very selective about which short sale properties I will list and which ones I will recommend buyers pursue. An owner occupied short sale with a NOD is only worth pursing if other conditions are met. Call me if you want to know more. As for being Canadian, it doesn't matter. Financing your purchase, however, may present certain challenges, but Yanks have them too. More money down, higher rate, etc. For these reasons, my Canadian clients tend to make all cash offers.
Web Reference: http://www.LanceFrank.com
0 votes Thank Flag Link Thu Nov 19, 2009
Canadian or not you must be very careful when making an offer on an owner occupied property that has a notice of default or you may run afoul of The Home Equity Sales Act. If the property is not owner occupied, no problem. If you intend to occupy it as your primary residence, no problem. If there is no Notice of Default, no problem. Check with an attorney because there are sitff penalties including jail time for violating this law
Web Reference: http://www.LanceFrank.com
0 votes Thank Flag Link Wed Nov 18, 2009
Ariana,

You enjoy the same rights as a US citizen with regards to purchasing real estate in the United States. Our recommendation is to be prepared to present proof of funds of have a letter of pre-approval for financing.

Some of our Canadian buyers make financial arrangements in Canada and have the funds transfered for the closing. This eliminates the need to produce the 30-40% deposit that is now customary for foreign borrowers.

Good luck
0 votes Thank Flag Link Mon Apr 6, 2009
Hi,
You can buy any home any where in the United States as your second home. A home with a NOD (Notice of Default) is just a home that is getting ready to go into foreclosure & will then be owned by the bank. Whomever told you that may have meant that a lender may not give you a loan unless you are qualified. A very important suggestion is to contact a lender in the area and get pre-qualified as soon as possible. We can recommend a few to chose from. Please feel free to call or email us. We can certainly represent you in that transaction or any other if you are not working with a Realtor. Our information is below! Good luck!
Linda

Jeff & Linda Brandt and Associates
Windermere Real Estate
47-250 Washington St. Suite B
La Quinta, CA 92253
760-776-2471 Direct
760-564-9686 Fax
Email: RealtorsJL@aol.com
Website: http://www.RealtorsJL.com
"WE SELL THE DESERT "
Web Reference: http://www.RealtorsJL.com
0 votes Thank Flag Link Mon Apr 6, 2009
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