Obtaining expert advice from a real estate agent is a highly effective way to ensure you avoid common pitfalls when it comes to purchasing a foreclosure property. Even if you have experience in the past with purchasing and selling homes, the world of foreclosure properties is far different from traditional real estate. Although foreclosures pose an attractive opportunity, they also come with extra processes and can sometimes be a risky investment if you do not do your homework. A Calgary foreclosure specialist will be of great help to both investors and homeowners to help navigate the entire foreclosure process to give you the confidence that you are making a good purchase decision.
What Is A Foreclosure Specialist?
A real estate agent who specializes in foreclosures helps their clients understand the complicated foreclosure process and negotiate and advocate on behalf of their clients. They know how to effectively communicate with the bank and are aware of the protocols for closing a deal. The foreclosure process goes beyond the scope of a normal agent's experience, therefore it is important that you hire a realtor® who has extensive experience with these types of properties to ensure you are receiving the best deal and that you are making a sound investment decision.
3 Reasons To Work With A Realtor When Purchasing A Foreclosure Property
A Foreclosure Realtor® Understands The Foreclosure Process
A foreclosure occurs when the homeowner is unable to meet their mortgage payments. The bank then forecloses on the property once a certain amount of mortgage debt is in arrears. The bank then lists the property for sale to try and recuperate the money lost from the missed mortgage payments. This means that you are negotiating with the bank, not an individual like in traditional home-buying practices. Foreclosure deals are unique; no two are the same. Each bank will have its own procedures and timelines, but a Calgary realtor specializing in foreclosures will be able to anticipate the bank's needs to make the transaction go much faster and smoother. Working with a Calgary real estate agent who can help navigate these nuances can alleviate a lot of stress and save you time.
Foreclosure Realtors® Know The Market
Many foreclosure properties are extremely tempting due to their low prices, however, this does not always mean that the property is worth buying. An agent will be able to give you market knowledge that you may not be aware of or have thought about such as location, condition of the property, and comparable sales. They will also be able to ensure you are making the best decision when considering resale value if the home is an investment property. The bank has no idea the condition of the house being sold, but a foreclosure specialist will know the red flags and will be able to identify problem areas with the property to ensure you are not purchasing a property where the costs will outweigh the benefits. Many Calgary realtors® specializing in foreclosures have connections to inspectors who will be able to provide a professional assessment of the property before you decide to buy.
Foreclosure Realtors® Will Protect The Buyers Interest
When purchasing a foreclosure, most banks will often set the rules insisting upon certain conditions and contracts. The contracts can be extremely long and overwhelming and are designed to only benefit the bank, not the buyer. Without the proper knowledge, the bank can easily take advantage of you as a buyer. Most buyers are blinded by the extremely low price of a foreclosure property and are unaware that they may be walking into a transaction that ends up costing them more than anticipated. A real estate agent will be able to point out these red flags and will negotiate with the bank on your behalf.
Your Team For Foreclosures In Calgary
Foreclosure properties are often attractive due to their low purchase prices, however, without the right knowledge you could be potentially walking into a poor decision that could end up costing you more money and time than anticipated. Calgary offers immense foreclosure opportunities, but it is important that you work with an experienced Calgary Realtor® to ensure you are getting a good deal and that the property has no red flags.
The Mel Star Team has over 40 years of experience in Canada’s real estate industry specializing in foreclosure properties. We know the stress and uncertainty that can come when buying a foreclosed home. We mitigate the risks by offering an all-inclusive, one-stop concierge service for all your home buying needs. Our team of Calgary realtors will navigate you through the purchasing process and will ensure you are receiving the best possible deal on the foreclosure property.
To find out more, contact us at (403) 861-9944 or fill in our contact form.
FAQs
Q: Can you finance a foreclosure property or do the banks only accept all-cash offers?
A: Yes, you can finance a foreclosure purchase. However, banks do find all-cash offers more attractive.
Q: What is a foreclosure property?
A: A foreclosure occurs when the homeowner cannot make their mortgage payments. After a certain number of missed payments, the bank will foreclose on the property and list it for sale.
Q: Why are foreclosure properties so cheap?
A: The bank wishes to sell the property as fast as they can to recuperate the lost money from the missed mortgage payments by the previous homeowner. This is often why foreclosure properties are listed for low prices to attract buyers.
CONTACT US
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