Buying a foreclosure in Alberta means you are buying "as is where is" on the day of possession. Offers to Purchase with financing and home inspection conditions will be rejected. There are no warranties or seller representations. Sellers will not supply Condo Docs or Real Property Reports. All normal buyer protection has been removed from the standard Offer to Purchase Contract by an addendum Schedule A.
Safe to say when you buy a foreclosure you would have nobody to sue after the purchase.
Here are all the Calgary Foreclosures currently listed with the Calgary Real Estate Board's MLS System.
It includes all properties owned by banks, mortgage companies and private lenders who have completed the foreclosure process and taken legal title to the properties. Also in this list are Court Ordered Sales. Court Ordered Sales happen in the space between a homeowner defaulting on a mortgage and the bank getting legal title.
Did you know that when you buy a foreclosure in Calgary you are buying it "As Is, Where Is" on the day you get possession?
This presents a risk if you feel the current occupants will trash the place before you get the keys.
Did you know that the sellers of foreclosures will not give you a Real Property Report?
A Real Property Report is a drawing by a survey company that outlines the property boundaries, any structures on the parcel of land along with any problems with encroachments and easements. Very important to have.
These are just two issues that buyers of foreclosures can face. For more answers to your questions contact us anytime.
Check here for the latest foreclosure listings in Calgary. This list includes all properties owned by the major banks, private and public mortgage companies as well as court ordered sales. We have all the currently active listings from every Real Estate Company and Realtor in Calgary. Bookmark this webpage as it is updated constantly.
If you would like Advance Notice of the New Foreclosures and Sales Prices of current listings as they sell - Click Here