How To Find and Buy Bank Owned Foreclosures in Calgary Alberta Canada
All Canadian banks and mortgage companies along with mortgage insurance companies have foreclosed homes for sale all the time. There is a steady flow of repossessed homes coming onto the Calgary Real Estate Market every day.
When a homeowner stops making mortgage payments, which can happen for many reasons the mortgage is in default and a lender moves to get the property back. Once the banks have control of the property they start the selling process.
Banks normally do absolutely nothing to get a home ready to sell. They simply put them on the market and try to get as much money as possible for the foreclosure in the condition they received the property in. No repairs, No Cleaning, No Nothing... "As-Is Where-Is" is the common term used.
Bank Foreclosures can be a great deal for someone willing to get the property back in shape. A lot of the deal is in getting the property back up to date and catching up on the neglected maintenance. Do It Yourselfers love buying foreclosures from banks for these reasons alone.
Buying a Bank Foreclosure in Calgary Alberta Canada is much like buying a non-foreclosure with a few exceptions. Those exceptions could exclude typical things you get in a normal sale. In a normal sale, the seller has provided a Real Property Report with the current stamp of approval from the city. Not so with foreclosures.
Banks often use what they call a Schedule A that is part of the Offer To Purchase a Foreclosure. The Schedule A basically says the bank accepts zero responsibility for anything and you can't complain about anything after you buy the property from them.
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