4 Benefits of Working With an Agent When Buying a Foreclosure

Looking at Foreclosure Listings in Calgary? We Can Help You Find Your Dream Home!

Don’t know the difference between a judicial sale or bank owned foreclosure? Are you having difficulty negotiating a price for your new home? At Mel Star, our team takes care of all the big and small details, so you can focus on what matters most: investing in your financial future and finding a dream home to call your own.

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4 Reasons to Work With a Realtor When Buying a Foreclosed Home

In a home foreclosure sale, the seller is actually a bank or the mortgage lender. In such a case, the lender has seized the property from the previous owners who were unable to pay their mortgage, and is now trying to recoup its losses by selling the property.

This is a different scenario from the typical real estate transactions in which the buyer and seller negotiate through their real estate agents, with their lenders in the background.

So if you are considering buying a foreclosure, do you still need an agent? The answer is yes! Here are 4 benefits of working with a realtor when buying a foreclosed home:

1. A Realtor is Familiar With the Process

If this is your first time buying a foreclosed home, you probably don’t have much expertise in this area, which is why working with a real estate agent who is well versed in this type of transaction is beneficial.

Working With a Realtor Ensures a Smooth Process

Negotiating with a bank is very different from negotiating with an individual, and a real estate agent who has worked with banks before will understand the bank’s processes and will be able to anticipate any requirements to make the transaction smoother.

2. An Agent Works to Protect Your interests

When thinking about buying a foreclosure, always remember that banks are in it to recover the money they lost from the house. Often, banks set rules by insisting upon certain contracts and conditions, and these are designed to protect the bank with no benefit to the buyer.

The best way a buyer can protect him/herself is by having their own agent, who acts as a fiduciary in the buyer’s best interest. An agent can help you navigate the transaction and avoid any possible pitfalls.

3. An Agent is Well-Versed in the Inspection Process

An agent has extensive experience identifying problem areas in your prospective home and working with home inspectors. They can detect the problems and locate professionals who can provide an assessment of the foreclosed property.

4. An Agent Knows the Market

Purchasing a foreclosure can be a great opportunity to save some money, but just because it’s a good deal, doesn’t mean it’s worth buying. An agent can give you market knowledge that you may not be aware of, such as location, condition, and comparable sales.

This is especially important when considering resale value or if the home is an investment property.

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At Mel Star, we have over 40 years of experience in Canada’s Real Estate industry, and we know first-hand the stress and uncertainty that can come with buying or selling a home. Our team of knowledgeable real estate agents hedge the risk associated with this process by providing an all-inclusive, one-stop-shop concierge service for your real estate needs.

To find out more, contact us at (403) 284-6333, fill in our contact form or visit in person at 206-2411 4 St NW, Calgary, AB T2M 2Z8.