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.
Thank you Jan
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.
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!
Jeff & Linda Brandt and Associates
Windermere Real Estate
47-250 Washington St. Suite B
La Quinta, CA 92253
"WE SELL THE DESERT "