Foreclosures in Calgary… Who doesn’t want a good deal?

Foreclosures in Canada work differently than the foreclosures or ‘short sales’ in the US. One of the results is that it is harder to find a ‘good deal’ on foreclosures here in Canada than in the US. Make sure you understand these differences before you decide to purchase a foreclosure in Calgary. Skip to see today’s foreclosures in Calgary

Buyer beware…

When buying a foreclosure, there are many things to be aware of. For example, foreclosures are sold without any warranties and guarantees. Ultimately, a buyer does not know anything about the history of the home, and there is no recourse for a buyer to sue the seller afterwards.

When purchasing a foreclosure, often essential documents are missing from which to make a sound decision on that purchase. For example, an RPR, Real Property Report, is seldom supplied. Also, condominium documents are not included when buying a condo in a foreclosure. These documents can be costly to purchase. And buying a condo without the proper condominium documents can be risky.

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In general, in Calgary, foreclosures are sold via conventional banks, lending institutions, mortgage insurance companies such as CMHC or the Court of Queen’s Bench of Alberta. Every foreclosure includes unique procedures when it comes to buying. For example, some banks may allow a home inspection. With some institutions, including banks, you can negotiate on price. The Court of Queen’s Bench only accepts unconditional offers.

These are just a few tidbits on the purchase of a foreclosure. Realize there is always a risk, and the question is whether the risk is worth the ‘deal’. For some it will be worth it, but most depends on the risk one is willing to take.

By hiring us, you will have real estate agents working in your best interest, whether it be a foreclosure or a ‘regular’ purchase of a home.

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