Calgary Foreclosure Homes and Condos
Foreclosures often result in lower prices for home buyers. However, finding foreclosures is a difficult task. Searching for these deals can be a tedious process of scouring classified ads, roaming through endless web sites, feeling frustrated by the lack of information, and locating few actual foreclosure properties. That is why we built this search: to save you time while finding quality investment opportunities. If you are a real estate investor this site will be invaluable to you. We have made this search in such a way that it finds nearly all listed Calgary MLS foreclosures through keyword identification. You can browse all of them conveniently to find some potentially profitable investments. We've done the research so you can stop hunting and start narrowing done your search.
You can start looking through our current database using the search tool below.
What is a Foreclosure?
Foreclosure results when a homeowner misses successive payments to the lender(usually 3 months) and has no means to catch up with the accumulating debt. This is called distress and almost always leads to foreclosure. Once a lender starts the process it is very difficult to get out. Legal fees and late interest charges pile up quickly and the homeowner finds himself unable to pay off the debt triggering the repossession of the home.
Buying Process for a Foreclosure
There are various ways to buy a foreclosure. Here we will explain the process used to buy these properties when listed on the MLS. When the listing comes on the market you will find it immediately available for viewing on this website. You can set up an automatic search to have these new listings emailed to you or we can set it up for you(contact us for details). Once you find a home or condo of interest call or email us to set the appointment. If after seeing the foreclosed property you want to submit an offer there are few things you should consider.
Foreclosure Investment - The Risks and Best Practices
First, the bank will offer no guarantee or warranty on the property. Everything is as-is. You should always do a home inspection to protect yourself from potential and costly defects. Second, the offer may need to be left open for acceptance for a significant time period. Sometimes as little as 24-72 hours. At other times 5 business days or more. Third, it would be advisable to insert a financial condition into the offer in case an appraisal is needed. These are the main points however there are other important distinctions between this process and your standard real estate transaction. You can call or email for more information, clarification, or to have other questions answered. We would be glad to help.
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