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Data Last Updated October 28, 2020, 11:30 am
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Get Emailed new Foreclosure and Bank Properties the moment they are listed for sale

 

 

View Foreclosures under 250,000 Condos in Foreclosure

 

What is a Foreclosure?

When a homeowner falls behind on mortgage payments (often 3 months) and does not have the ability in the foreseeable future to catch up, the banks take control and foreclose on the property. Once the lender has started the foreclosure process it is rarely ever reversed. Mounting legal fees, late interest charges and accumulating debt make it near impossible for a homeowner to keep their property. Homes that have gone into foreclosure are often listed at lower prices and are on the market quickly so banks can recoup monies lost. Other important facts to know about foreclosures properties:
 
  • Banks offer no guarantee or warranty on the property
  • You buy the home As-Is
  • A home inspection is highly advised
  • Offers on foreclosures can be left open for as little as 24-72 hours or as long as 5 business days
  • The process can take up to 30 days to be completed
  • Homebuyers are required to submit unconditional offers
  • There can be multiple offers that a judge is taking into consideration on a single property
  • The “buying as-is” policy applies
  • You cannot get a mortgage on a busted grow-op home (has to be purchased in full)
  • Buying the home is done under the condition that the homeowner has the property remediated
  • The home must pass all health inspections set in place by Alberta Health Services before it can be lived in or resold
  • All costs to get the home up to AHS standards are paid by the homeowner 
 

Court Sales

Court and judicial sales of properties that have gone into foreclosure simply means that a judge from the Court of Queens Bench in Alberta will decide on which fair offer to accept regarding foreclosed properties. A real estate agent will take an offer on a court sale to a lawyer who then presents it to a judge. There are a few key points to remember with court sales.

 

Motivated Sellers and Networking

It is not just court-sales, foreclosures and grow-op homes where you will get deals from, motivated sellers are often where the best deals are made, if you can find them. Motivated sellers often have to list their homes due to employment change, job relocation or financial reasons, just to name a few. Established real estate agents with strong networks can locate these listings very fast and have you viewing them just as fast. There are other great investment properties that get listed and fly under the radar, everything from handy-man specials to estate sales to homeowners that need to sell quickly. An experienced real estate agent is a great resource that can spot a deal far in advance. 

Read a recent article about Foreclosures in Calgary from CBC

With years of experience I’ve constructed a great team and a solid network in Calgary’s real estate market. For more information on any property in Calgary or if you have questions regarding foreclosures, court-sales or group-op homes, feel free to contact me today at kernickhomes@gmail.com

 

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If you'd like to arrange a viewing of any listings you see on this site, or learn more about your options in the Calgary Real Estate market, the Kernick Home Team is ready to help with your search. Please contact us by email or call/text 403-875-7629 for assistance.

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