5 Surefire Signs a Foreclosure Is a Good Deal

Are you thinking about buying a foreclosure in Calgary? Here are five surefire signs that a foreclosed home is a good deal and how to ensure you are making the right decision when it comes to purchasing your new home.


Due to the coronavirus pandemic, foreclosure rates in Calgary, and across the nation, are likely to increase substantially over the next few years. Despite the government’s efforts to prop up the economy, an increasing number of mortgage defaults on both residential and commercial real estate is inevitable. 

If you are thinking about buying a foreclosed home in Calgary, now may be the right time to do it. However, before you do, there are several things you should prepare ahead of time to ensure you make the best decision. This includes: 

  • Teaming up with an experienced realtor who knows how to buy a foreclosure 
  • Getting your finances in order (including getting pre-approved for a loan) 
  • Comparing the prices of other similar sales before making an offer 
  • Ensuring that your offer is competitive 
  • Having the foreclosure inspected before you decide to purchase it 


Our Calgary Realtors Can Help You Get a Great Deal on a Foreclosure 

It can be a huge challenge to buy a foreclosed home, especially if you are a first-time homebuyer. Our team of top Calgary realtors has the experience and knowledge to help you get your dream home at the best price! 

With over 40 years of experience in the industry, we will always go above and beyond your expectations and help make the home buying process as easy and straightforward as possible. 

Want to know how our Calgary realtors can help you? 

CONTACT US


5 Signs a Foreclosure Is a Good Deal 

When you are looking to purchase a foreclosure, you must remember that a great deal is not necessarily the lowest priced property on the block. Buying a foreclosure is an extremely complex process, and if you don’t have the right experience, you do run the risk of making the wrong purchase.

The best way to ensure that you make the right decision when it comes to buying a foreclosure is to work with an experienced realtor, as they can help you avoid any costly setbacks, minimize frustrations, and make the entire process fast and simple. 

WHY IT’S ALWAYS BEST TO WORK WITH A REALTOR WHEN BUYING A HOME


Is there a foreclosed home that has caught your eye? To help get you started, here are five signs that a foreclosure could be a good deal: 

1. It ticks all your boxes. 
If you have viewed the foreclosed home, driven around the neighbourhood, investigated the property, and decided that you love the home because it’s very close to exactly what you were hoping for, then purchasing it could be the right decision.


2. You plan on long-term ownership.
Regardless of how great a deal you think you are getting, the break-even point in homeownership is typically around 5 years. If you aren’t planning on owning the home for that long, then you are most likely better off staying a renter. Before purchasing a foreclosure, or any home, remember these three important words: long-term ownership.


3. The price is comparable with recent sales.
If you have completed a comparable market analysis of nearby properties and found that the price of the home is in line with comparable recent sales in the neighbourhood, purchasing it could be the right move. Always remember that if the price sounds too good to be true, it probably is.


4. The house is in pretty good shape.
The vast majority of home buyers have very low expectations of how much it costs to renovate a property. The truth is that renovations usually cost a lot more, and take a lot longer, than people believe, so you must make sure that the house is in good physical condition before buying it.


5. There aren’t many empty houses in the neighbourhood.
When you are deciding whether buying a foreclosure is a good deal, make sure to check whether or not most of the houses in the neighbourhood are occupied by owners or at least renters. Neighbourhoods with empty houses can go into downward spirals and become areas with low home values. It is always best to avoid that type of risk.


Have Your Eye on a Foreclosure? Contact Us 

Although it is possible for you to go through the process of buying a foreclosed home alone, hiring an experienced realtor will ensure that you are protected and save you a lot of frustration and risk. To find out how our team of Calgary realtors can help you find your dream home at the best price, contact us at (403) 284-6333, fill in our contact form or visit us in person at 206-2411 4 St NW, Calgary, AB T2M 2Z8.

Contact Us

We are here to help and we'd love to hear from you. Call us at 403-861-9944 and we will be in touch shortly!

Have questions? Call us today at:
1-403-861-9944
Call Us
Home Worth
What's My
TopAboutSearchCommunitiesContact
TopAboutSearchCommunitiesContact