Where did the spring go? We at Baxter and Associates got busy with a brisk flurry of a spring market and our bi-monthly list of foreclosures and judicial sales got delayed. But here it is again – all of the bank-owned and court-ordered sales that have been listed within the last 30 days and still unsold.
For the complete, downloadable list click here: ForeclosuresandjudicialsalesinCalgaryJune282017
Keep in mind a couple of things. Court-ordered sales usually don’t entertain a financing condition, so you must be sure your finances are in place before you put in an offer. If the home has already been foreclosed and is now bank-owned, the bank owner may entertain a finance condition, even an inspection condition. However, in most cases these sales are “as-is where-is”. In other words, “you bought it you got it”. There are no guarantees at all – they don’t have to provide condo docs or real property reports. They don’t even assure that the appliances will be there on move-in day, or even that the property will be vacant when you take possession. In fact, often there is not even access to the property for viewing, so you are trying to buy “a pig in a poke”!
In the news a week or so ago, a man from the maritimes bought a foreclosure home and after he moved in discovered that his backyard didn’t belong to him, but rather was a separate parcel of land altogether that he had not purchased. Someone did not do his due diligence.
That doesn’t mean that there are not good, smart investments in this list – they are just not for the faint-hearted or naive. Do as much research as possible. Study the flood plain, pull the title, check the AHS database for grow ops, knock on neighbours doors. In the case of foreclosures and judicial sales the buyer must beware!
Of course all of this makes a skilled buyer’s agent all the more valuable. It makes sense to have a professional at your side helping you to weigh the risks and benefits, someone who knows where to find the information that would ordinarily be provided by the seller.
So, if we can help in the search for your next great deal, just give us a call.
Betty Anne Tarini, Realtor
Baxter and Associates Real Estate Services