How To Buy A Calgary Foreclosure 2021

Foreclosures in Calgary are either Bank Owned Listings or Court Of Queens Bench Listings.

The three steps a property facing foreclosure goes through are:

  1. The owner tries selling on their own before time runs out.
  2. The court steps in to sell the property before the owner's equity runs out.
  3. After 1 and 2 fail to sell the property the bank gets the legal title and sells the property.

  • The Court tries to save any remaining equity a homeowner has in the property.
  • The banks are required by law to mitigate the homeowners’ losses.
  • Foreclosures are sold “As Is”.
  • No Real Property Reports or Condo Documents supplied by lenders or the court.
  • Most foreclosures sell at market value for the condition they are in.
  • Foreclosures offer Sweat Equity opportunities and fix n flip opportunities.
  • Foreclosures represent a very small percentage of Calgary home sales.
  • Great foreclosure deals get bought quickly by prepared buyers working with Realtors®.
  • Great Realtors work in the market every day and know recent home values.
  • Banks and Courts list foreclosures on MLS®

How to Buy A Court Of Queens Bench Foreclosure

A Realtor completes an offer to purchase that goes to a law office who decides if the offer to purchase will be presented to the court. The court considers all offers presented by the law office and the court can decide to accept one or accept none and ask all parties to resubmit their best offers at a later date. Offers To Purchase a Court-Ordered Foreclosure must include a deposit, no buyer conditions and the court decides on the possession date. Courts do not negotiate.

How to Buy A Bank Owned Foreclosure

A Realtor completes an offer to purchase that goes to the law office representing the bank who can decide to counteroffer, reject the offer or accept the offer as written. Offers to purchase a bank-owned foreclosure can include buyer conditions like a home inspection or financing clauses. Bank will negotiate.

Buying a foreclosure in Calgary is not difficult.

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
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.