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BUYING A FORECLOSURE HOME IN CALGARY
Bank-Owned vs Judicial Sales: These are the two Types of Foreclosures you'll typically see in the greater Calgary area.
If you’re thinking about buying a home, many of our buyers are often wondering about foreclosure properties. Before you start the process, it’s vital that you understand the differences between bank-owned sales judicial sales through the court systems. Partnering with a licensed real estate professional who has experience in these matters is always a great choice!
Judicial and bank owned foreclosures both become a reality once an owner has missed a series of payments. The bank-owned side of foreclosures arises when, through an appraisal, it is determined that the owner has little to no equity, so the mortgagor obtains the title of the property and is tasked to market and sell the home.
This real estate process is pretty straightforward for the buyer, you'll put together an offer and can include various things such as conditions including those to inspect the home or to obtain financing.
Judicial sales come about when it’s determined that the owner has equity in the home. The primary difference between a bank owned and those with a judicial sale, is that all offers have to be unconditional.
With that said, here are some typical questions we receive that you may have about buying a judicial sale foreclosed home:
- Am I able to obtain a home inspection or an appraisal before making the offer on a property that's a judicial sale?
- When we write an offer, how long does it take before it's accepted, who decides?
- What is the situation if there are multiple offers?
- Are there any ways to find out the highest offer?
Should you Consider Buying a Foreclosed Property?
This really depends, sometimes there's a little extra baggage and steps that come with a foreclosed property, and inherently there's also a bit more risk, after all, the home you're buying is not being given up willingly by any means. If Anyone looking to buy a property should consider a foreclosure, as long as you ensure that your real estate agent is fully aware of how to protect you.
The Real Estate Partners Team Can Help You!
The Real Estate Partners Team have successfully marketed Calgary foreclosures throughout the city, we've worked with banks and individuals. Our experienced, talented, and knowledgeable team can professionally navigate you through the entire process to ensure you have the best odds of successfully purchasing your next foreclosure.
Why Choose The Real Estate Partners? Exceptional Marketing backed by years of Real Estate Experience
The Real Estate Partners Team has sold
In addition, our Calgary real estate team:
- Is experienced in all sorts of different markets from the best of the best to the worst of the worst.
- We will provide you with expert knowledge and advice to ensure you make the right decisions for your needs.
- Is made up of experienced and consistently trained, expert negotiators who can help you achieve the best deal possible.