A Few Things About Calgary Alberta Foreclosures - FAQs

What is a Judicial or Court of Queens Bench Listing in Calgary?

What a Judicial Listings is not, is a motivated seller. A Judicial Listing is a Court Ordered MLS® Listing of a property. The bank has obtained a Court Order to list the property for sale. At this point, the sellers could still catch up with the payments and end the Court Order. The Judges who evaluate all offers to purchase are more sympathetic to the people and not the banks. What that means to potential buyers is the Judges rarely if ever accept an offer below market value. They care more about the people than the banks' profit and loss statement. If no offers get accepted after a determined time limit, the court will terminate the listing and transfer the legal title to the property to the bank.

Do the banks accept low-ball offers after they get possession of the property?

No, because the banks dominate the mortgage business it would be against their best interests to accept low-ball offers. Accepting low-ball offers would knock down the price of nearby properties they also hold mortgages on. Banks would be shooting themselves in the foot if they dumped all the foreclosures on the market at once and took below-market offers. If you do see a foreclosure that was sold at what appears to be a low price - It probably needed a lot of work. So the price was fair market value. Banks control the real estate market.

If Banks and the Courts are not Motivated Sellers, Who Is?

A motivated seller is anyone that Has to Sell vs those that Want to Sell. Divorce causes a lot of forced home sales. Loss of Jobs, transfer of jobs, transfer of kids schools, bad money management, estate listings, disgruntled landlords, people tired of all the home upkeep, forced downsizing, etc. There are lots of truly Motivated Sellers willing to sell below market value for every foreclosure out there. And there are lots of people watching the new listings daily that snap up the great deals before you've had your morning coffee.

How can you tell if someone is Motivated to Sell a Calgary below market value?

Number one is you have to know general market values for the area you are looking at and the style of homes in that area. In other words, you need to do some work. There's always someone working just as hard or harder than you are to find the great deals that pop up. After a while of studying the market and viewing lots of properties, it gets easy to spot something out of the ordinary that might be an opportunity. Then you write an offer with your Realtor with the price, terms and conditions that you want!

What kind of Terms and Conditions do Motivated Calgary House Sellers want?

They want all-cash offers with no conditions or terms and quick closing dates. If you want a lower price, you shouldn't weaken your offer by adding any crazy-sounding conditions and terms. If you do need a financing condition and home inspection condition the length of time you ask for can also weaken your offer. If it's a great deal, count on the seller getting a few offers to compare against each other. Put yourself in their position.

What other signs are there that a Calgary Home Seller might be motivated?

Two people on the legal title and only one adult living in the home. Moving boxes already packed up. Deferred or ignored home maintenance. Vacant properties. Tenant Occupied Properties. The owner is on the title is a company. Neighbours look sketchy. The neighbourhood looks run down. Size no longer works. After looking at lots of properties the signs generally jump out at you.

What you really need if you want to buy a bargain property in Calgary is a seasoned Realtor® that knows what to look for and where to look on your behalf.

December 2021 Calgary Real Estate Newsletter

5 Ways to Re-Energize in Just 5 Minutes

December tends to be a busy month for most people. It’s all too easy to feel drained and even burned out. Unfortunately, you may not have the luxury of time to relax with a good book or go to a yoga class. So, with that in mind, here are some proven ways to quickly unwind and boost your energy:

• Take a short walk. Scientists say your body will often de-stress significantly after just a 12-minute stroll.
• Drink a glass of water. Dehydration, which can come on without you realizing it, can quickly lead to fatigue and tension.
• Do something completely different. Often, if you completely remove yourself from a situation or activity, even for just a few minutes, you’ll come back feeling better. So, take a moment for yourself!
• Breathe and stretch. It’s almost impossible to feel tense after a few deep breaths and some stretching exercises. In fact, that’s where the urge to yawn and stretch comes from. It’s your body’s way of boosting energy!
• Write it down. If you’re worried or frustrated about something, writing it down will feel like deflating that balloon of stress. Taking it off your shoulders and onto paper will put the concern into perspective. 

Try one of these tips the next time you feel overwhelmed.

Showcase your Home With the Right Lighting

The top retail store chains invest heavily in creating just the right lighting to make their products look great. Why? They know that lighting makes a measurable difference to sales.

The same is true when you sell your home. Lighting can make a big difference in the impression your home has on buyers.

There are two types of light sources, manufactured and natural. You need to consider both when staging your home for sale.

Think about the mood you want to create in each room. For example, you might want the kitchen to seem bright and alive. If yours isn’t quite like that, check whether you are using the highest wattage light bulbs suitable for your fixtures. Also, look for ways to bring in more sunshine. Switching curtains for blinds might do the trick.

In the living room, you might want a cozier feel. That can be accomplished by using lamps that cast a softer and gentler light than more imposing overhead fixtures.

Pay particular attention to dimly lit rooms in your home, including nooks and crannies. Even adding small track lighting to a pantry cupboard can make the space seem brighter and more inviting. Check that lighting is adequate in the garage and walk-in closets too.

Finally, make sure all lights in your home work during viewings. Have spare bulbs available in case one burns out. You don’t want a buyer to try to turn on a light and discover it’s not working.

Leverage the Power of “Done” to Achieve Goals

During a marathon, organizers typically set up signs along the route to indicate distances completed. For example, one might say, “You’ve just finished 4K!” They do that for two reasons: to let runners know where they are; and, to motivate them.

Why are these signs motivational? They give runners an ongoing sense of accomplishment. The runners have “finished” a certain section of the marathon. They’ve reached a milestone. That part is done! As a result, they feel inspired to continue on.

You may feel the same way when you finish a project or task. Energized!

You can use this phenomenon to help you reach your 2022 goals. If you have a big goal, you can divide it into specific milestones that will give you that motivating sense of completion. Say, for example, you want to lose weight. Your milestones might include:

• Make a nutritional eating plan.
• Find a weight loss buddy to share the journey.
• Lose your first 5 pounds.

As you check off each milestone, you’ll become motivated to take on the next. Give this technique a try in the new year!