What You Need to Know About Buying a Calgary Foreclosure – 2019

Why You Should Hire a Calgary Realtor to Purchase a Foreclosure

Buying a home can be a complicated process but buying a Calgary Foreclosure can be complicated and risky. It is extremely important to use the experience and advise of a Calgary Real Estate agent who have helped buyers like yourself purchase a foreclosure. This not only will help mitigate the risks but also the complexity of the transaction so you know what to expect in the procedure of the courts. Thanks to the Internet and other resources, more homeowners feel like they can take on this responsibility themselves. But is this the best thing to do? For some people it might work out well, but in most cases it can end up with them not getting the desired property, losing money or not getting good value for the risk they are taking on. It is best to work with a real estate agent. Here are a few reasons why you should hire a Calgary realtor.

Foreclosure Properties Are a Very Specialized Part of the Real Estate Market.

Realtors are trained professionals who know about the process of buying and selling homes. Hiring a professional who has worked with foreclosure listings and representing buyers will give you easy access to a wealth of information and experience mitigating the risk involved in purchasing a foreclosure and increasing your chances of purchasing the home should it be a competing offer situation.  

 Two types of Foreclosure Properties

There are two type of foreclosure properties that buyers need to be aware of when expressing interest or submitting an offer. A judicial sale is a foreclosure where it is in the hands of the Courts of Queens Bench. This can complicate the process if the buyer or buyer’s agent isn’t aware of the procedure or process involved. The second type is Bank Owned, a situation where the court proceedings are underway but the bank still has time to accept a suitable offer that will cover the remaining balance owing on the mortgage and all other closing costs. Normally the title has been transferred from the original owner into the first right financial institution on the title. Negotiating a price for Calgary homes for sale is difficult but negotiating a Calgary foreclosure can be very time consuming and tricky if not done properly. Specialized foreclosure Realtors offer guidance through this process and have the negotiating skills required to help you get the best price.

Paperwork Handled by a Realtor

There’s a lot of paperwork involved in buying a Calgary Foreclosure and numerous exclusions in a normal residential purchase contract. Normally each foreclosure will have no warranties or representations about the home thus limiting the risk of the financial institution and placing it on the buyer. Usually there will be 1 or two schedules that form part of the purchase contract omitting certain representations that a normal transaction would have on a Home Seller.  A Calgary realtor saves you the time and energy of having to research each document and what it means it also helps point out any red flags or major risks involved in the transaction.

A Calgary real estate agent makes the process of buying a Calgary Foreclosure much easier and offers numerous benefits.

You’ll be worry and hassle free when you choose Jesse Davies Team as your next Calgary Foreclosure realtor. Contact us today and see how we can make your next foreclosure purchase a great investment and a reality! https://jdrealestatecalgary.ca/ | 403-969-2363