1.902.566.1900 | 94 Kent Street, Charlottetown, PEI | Site Map
We are a “boutique” Island Owned and Operated company that puts the emphasis on customer service.
When you list with us, our focus is on SELLING your property, not just putting up a sign and waiting for other agents to bring buyers. When you call a Blue Ocean Real Estate professional, we will meet with you at your home and do an overall analysis of your property, with everything from tips on how to ready it for the market, to how much you can realistically expect to have in your pocket when it does sell. We will work with you to develop the proper marketing strategy for your needs to bring a swift and satisfying real estate experience.
When you hire our services as a buyer agent, you can expect “top of the line” service with a professional that will work with you to build your specific profile with all your wants and needs. With this profile, we will assist you in finding the best home for your needs, negotiate the lowest possible price, secure the best financing, and meet your home buying needs with the least amount of hassle.
Whether you are a seller or a buyer, it pays to work with a professional like the agents at Blue Ocean Real Estate.
Expect substantial repairs with any foreclosure purchase.
If you’ve decided that foreclosures are right for you, here are some simple tips to ensure that you get the right deal and don’t risk over-leveraging yourself.
Work out a budget
Map out your current financial assets and liabilities. Factor in recreation, savings, and other planned expenses, plus enough of a cushion to give you some security. The remainder is your available budget. Remember that even after the sale, a foreclosure will cost money before making it. You should expect repairs before the home is livable, followed by a period of vacancy while you shop the home to buyers or renters.
Line up financing
Foreclosures move fast–very fast. In some cases, a few minutes can make the difference between buying the house of your dreams. Now that you know what you can spend, you need to have a bank’s permission to spend it. Cash is king, but pre-approved financing is pretty close, and just the process of applying for financing will provide a good gut check of your budget estimates from step 1.
Bring an expert
The buying process for many foreclosed homes–particularly those being auctioned–leaves little time for individual inspection. Bring a licensed inspector with foreclosure experience. There’s no replacement for a proper inspection, but expert eyes can spot the biggest, most expensive issues up front and help you incorporate that feedback into your bid. Be sure to keep a running tally of repair costs and deduct that amount from your budget. You don’t want to bite off too much.
Once bidding begins, it’s easy to lose your head. The market is full of foreclosures. If you miss this one, you’ll get the next, or one of the dozens after that. Stick to a sane bid in a range you can afford and eventually, you’ll find the right house at the right price.
Greg Lipton is a seasoned real estate professional and owner of Blue Ocean Real Estate. The entrepreneur was raised in Charlottetown, but spent many years working in the film and theater industry as well as hospitality management. He has had a few exciting adventures in Toronto, New York, and Miami, where he met his lovely wife, Vesselina. Greg & Vessy moved back to the Island in 1999 and now live in Stratford, where they raise their two children. Through the years, in his limited spare time, the hard working and well-respected agent has been volunteer coach for soccer and the Pownal Hockey Association, and is currently the 1st Vice President of the PEIREA. Greg also works closely with newcomers to PEI, helping them to find their way through all of the new challenges before them. Call Greg today to discuss your real estate needs.
Cell: (902) 394-1393
Email: Send Greg An Email
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