Bank Owned Properties

Bank owned  Calgary Foreclosures are the most common scenarios. For example, if someone defaults on their mortgage or loan and cannot pay anymore; since the mortgage was initially taken to purchase the property, the bank technically owns it until it’s paid in full. In this case, the person who stops paying – loses his assets and the bank takes over the property.  Such properties owned by the banks are often listed using the Multiple Listing Service (MLS).

Bank foreclosures in Calgary are sold “As Is”: The most important factor to keep in mind, when buying bank foreclosures, is that the property is sold “as is.”  This could have its ups and downs, which is why having CIR Realty Calgary assisting you along the way is essential. This also means that sales may come with conditions, however, you, as a buyer, have the right to bring in a licensed home inspector and have a condition of financing. When the property is sold “as is,” this means that property reports, land surveys or documents are not provided and that appliances are not a part of the purchase contract. When negotiating bank owned properties, you can expect a response to your query within 2-5 business days, and possession is negotiable; however, these homes are often vacant.

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Civil Enforcement Sales

If a civil enforcement agency or a bailiff was hired to collect debts from a person or company, this might result in a real estate sale or partial sale. While a regular real estate sale does not need any further explanation, a “partial sale” is not the same. In this case, the enforcement agency collecting the debt can only sell the debtors share of the property. For example, if the debtor owns half of the house, enforcement agency can only put up for sale the 50% of the property that he owns. The Civil enforcement agencies have their own acquisition contract, which is different from the most popular one used by Alberta REALTORs®; however, the experts at CIR real estate agency in Calgary can guide you through this slightly more complicated purchase process. However, there is a minimal number of ‘these’ properties on the market, today.

Court Owned

These property sales are governed by the “Court Of Queen’s Bench Alberta.” These purchase contracts, generally, come with no conditions, and in many cases, a court date is set once an agreeable offer has been presented. Until the judge has accepted the final offer, anything can happen. In some situations, the person in foreclosure may still reside in the property, making it complicated for viewing. Judicial or court sale foreclosures are “as is where is.” Due to the absurd variables in this type of real estate sale, it is best to contact a CIR real estate agent that has experience in this type of business, for a successful and risk-free transaction.

Another thing to bear in mind is that the Court date could be a couple of weeks from submitting the offer and all offers should be unconditional. The judge decides, which offer wins. In some cases – multiple offers. The possession day is also determined by the court, in most cases, 30-40 days after the offer is accepted. Just like other foreclosures, Judicial property sales are also sold “as is.”

Marijuana Grow Op Homes

Another type of property that you may find listed under the “foreclosures” category is “Marijuana grow-op homes,” which are technically neither in foreclosure nor bank owned category.  These are the least recommended types of properties, as they come with significant issues, which the buyer should be aware of. When seeing the property, it is advised to inspect it for evidence of a grow op. For example mould, tampered electrical wires, parts of grow-op materials – are just a few things to look for. The access to the property will not be granted if a known grow-op has not been remediated.

As is Where Is

What other things should you take into consideration? Any appliances, chattels and other objects that are on the property’s territory, which were left behind by previous owners, which were not included in the transaction, will most likely be left to the new buyer. Buyers should bear in mind, though, that the condition of the real estate property, condo or house is ‘not’ guaranteed. As mentioned above, “real property reports” (also called “land survey”) in most cases are not available for foreclosure sales, and any buildings may not be built within property boundaries. Also, there is no guarantee concerning proper building permits for each construction project on the land, which can result in further complications after the acquisition. Last but not least, no documents will be provided for the buyer to review if the property is a condominium. This means the condo buyer must collect these papers at their own expense.

Calgary Foreclosures New Listings

From this chart, that derives data from Calgary’s real estate boards MLS/Matrix, you can see the number of properties that go on sale every month. If you are looking to purchase a foreclosure property at a great price yet with minimum risk, fill in the contact form below, and Stephen McDonald or anyone from CIR Realty’s experts’ team will get back to you. CIR Realty are available seven days a week and are leaders in the market for real estate Calgary foreclosures sales.