The Steps to Buying A Bank Owned Foreclosure

1. Select the Property and Your Realtor
2. Decide On Your Offer Price, Your Possession Date, Your Conditions
3. Your Realtor presents Your Offer To Purchase to the Banks law firm
4. Your Offer To Purchase can be Accepted, Rejected or Negotiated
5. Your Offer To Purchase is Accepted
6. You can Waive or Not Waive Your Conditions
7. You Waived Conditions creating a Firm Sale
8. You get the Keys on Your Possession Date
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Are You Ready To Buy A Calgary Foreclosure?

Calgary Alberta Canada ForeclosureGet Direct Access to New Foreclosure Listings First!
Before the Public Finds Them!

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Photos, Prices, Addresses, Sizes, Bedrooms, Bathrooms, Basement Developments, Parking, Year Built, and More!

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Contact Us Anytime 403 831 0842 for information on How To Buy Foreclosures in Calgary

Foreclosures sold in Calgary are not for everybody. Low priced homes carry higher risks. Foreclosure Buyers need to be informed and ready to act quickly to get the best Calgary Foreclosure deals.


Once you buy a foreclosure from a Calgary Bank or the Alberta Courts get ready to do some work. These properties are usually poorly maintained. Deferred maintenance is being kind in most cases. Neglected repairs would also be kind. Most Calgary Area Foreclosures are in really rough shape.


Mold, leaking plumbing, sketchy renos, unsafe electrical, lousy windows, worn out shingles are just a few issues facing foreclosure buyers in Calgary.


If you still think Foreclosures might be for you contact Jerry at 403 831 0842

How It Works

Buying a foreclosure in Alberta is much like buying any other property listed on the local Calgary Real Estate MLS® System. Make an offer with YOUR PRICE AND TERMS and wait to see if the Banks or Courts accept it.


Contact Us For More Information on Writing Offers To Purchase Calgary Foreclosures

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A Few Things About Calgary Alberta Foreclosures


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 Ordered to list the property for sale. At this point, the sellers could still catch up 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 a quick closing date. 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. Owner 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.

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Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.