6 Tips For Getting The Best Deal When Buying a Foreclosed Home

Have a Foreclosure Listing in Mind But Don’t Know Where to Start? Our Calgary Realtors Can Help You Get the Best Deal On Your New Home!

At Mel Star, our team of leading Calgary realtors can provide you with the expert advice you need when buying or selling a home. We have access to many foreclosure listings and our real estate agents have decades of experience in the market to make your home-buying experience as stress-free and easy as possible.

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6 Steps to Getting the Best Deal on a Foreclosure Listing

Bank owned properties, also known as foreclosures, can be a great deal, but buying one isn’t without risk, so it’s important to fully understand the process and what you are getting into. Working with a professional realtor is one of the best ways to ensure that you are getting great value for your money when purchasing a foreclosed home in Calgary.

Before you begin the process, here are 6 tips to consider for getting the best deal on a foreclosure listing:

1. Look for mispriced listings: This can happen in two different ways. The underpriced properties usually get a lot of activity and go quickly, but you may be able to get a better deal on an overpriced property. Why? The overpriced property will likely generate very little interest and may sit on the market for longer. So if someone makes an offer, the bank may act on it quickly.
2. Make sure the repair costs fit into the plan. There may be times when buying a foreclosure that lenders often make significant repairs, or offer assistance, to move the property faster. This alone will make the home, once fixed, a great investment down the road.
3. Check that the neighborhood adds appreciation: A good neighborhood will support your home value over time, so before you buy a home, make sure to scour the neighborhood for well-kept yards, easy access to amenities, and school scores. Make sure to also check out the number of foreclosures in the area. If there are a lot of homes in foreclosure in the neighborhood, then it could be a sign that values are still declining there. (4 Precautionary Steps to Take Before Buying a Foreclosed Home in Calgary >)
4. If possible, pay cash. When it comes to buying a foreclosed home, some lenders are favouring cash transactions and taking deeper discounts to sell the property. If cash is not an option for you, get prequalified for a loan so you can react quickly once you find a home.
5. Check out the home in person. There are times when an online listing may miss important aspects of a foreclosed home, such as a beautiful backyard. When buying a foreclosed home, it pays to do more than simply checking it out online. If the property meets your criteria for size, number of bedrooms, and location, then go see it in person. In addition, ALWAYS have a licensed inspector check out the home before you buy it.
6. Work with an experienced realtor. One of the very best ways to get a great deal on a foreclosed home is to work with a real estate professional who has extensive experience in the foreclosure arena, as they can give you the sound advice you need to get great value from your purchase. (4 Benefits of Working With an Agent When Buying a Foreclosed Home >)

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Finding a home can be a complex and a frustrating experience, but our team of professional realtors are on hand to make the process as easy and simple as possible.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.