Calgary Foreclosure Blog

 

How Do You Find Properties to Fix n Flip in Calgary?

You need a Property Finding System. A System that sends you properties including foreclosures and bank-owned properties that match your criteria.

A great Property Finding System will give you confidence in your buying price and your selling price.

The truth is right now your competition has seen every property currently listed. If there were great deals on the market today they would be gone already. We have more buyers than sellers.

Which is why you need a great system to find what you are looking for. #1 is to call us. We will plug your criteria into the MLS® Computers so that every time a new listing gets added you will get an email with the listing details.

Over time you will get to know the market for the type of property you are interested in. You will get to know the selling prices, which for house flippers is just as important as the buying price!

Knowing the selling price for the type of properties you choose to work with allows you to work backward to arrive at the purchase price you need. 

Using the Property Finding System we set up for you will save you time and money. You will always get the Best New Listings before anybody only looking on public websites.

Your Property Finding System gives you the same advantage Realtors have in finding new hot properties.

Your Property Finding System makes the deals come to you. You will know before most Realtors know!

Contact Us and we will get your new Property Finding System set up today!


 

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2020 Calgary Foreclosure Sales Report


Type Avg Days Listed Avg List Price Avg Sold Price Avg % of Asking # of Sales
Apartment 93 199,464 178,175 90% 74
Attached 74 290,495 261,865 91% 80
Detached 70 439,620 413,268 95% 112
Land 40 369,500 363,850 96% 2
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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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Bank Owned Foreclosure Listings
Three Things To Know about Bank-Owned Foreclosure Listings

1. The bank has legal title to the property and will negotiate with buyers

2. The property is sold "As Is".

3. Home Inspection and Financing Conditions are ok to include on your offer.

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Court Ordered Foreclosures
Three Things To Know about Court Ordered Foreclosures.

1. You will not get a counter-offer from the Court of Queens Bench Foreclosure Listing.

2. The Court of Queens Bench sets the Possession Date for the accepted offer.

3. The property is still redeemable by the owner while the property is listed by the Court of Queens Bench. 

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A Few Things About Foreclosures


What is a Judicial or Court of Queens Bench Listing?

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 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 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 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.