How To Find Foreclosure Listings in Your Area

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The Benefits of Investing In A Foreclosure

Foreclosure can be tricky, what may seem to be a rare opportunity to snap up a cheap property could end up being a bad investment. However, if you look long and hard enough you might just find a gem. Foreclosures are one of the real estate’s best-kept secrets. Foreclosures are often preferred for their tendency to have:

• Fewer title concerns
• More room for negotiation due to less competition 
• Reduced prices
• Expedited sales 

Looking to Invest in a Foreclosure? Our Calgary Realtors Can Help 
 

If you are looking to invest in a foreclosed home in Calgary, our team of leading realtors can provide you with the expert advice you need. We have access to many foreclosure listings and decades of experience in bank foreclosures and judicial sales to make your home-buying experience as seamless as possible. 

Want to know more? Contact Our Calgary Realtors

Where To Find Foreclosure Listings in Calgary

So you’re looking for a good deal on a foreclosure property- great! You might be wondering where to start looking. There are a few reasons why foreclosures can be hard to pin down; they’re listed and sold quickly, 

The Local Newspaper and public records: Checking your local paper for notices of sale. This is required to be published when a foreclosure is filed. Many banks will keep a list of foreclosed properties on their website as well, and you can try sifting through public records.

Drive-by/ neighbourhood drives: Another way, although not always successful, is to frequent neighbourhoods where you're looking to buy and look for For Sale/ Foreclosure Signs. This is great if an opportunity does come up in a neighbourhood you’re really interested in you’ll know right away. And since foreclosure listings often sell fast, you’ll notice right away when something pops up. 

Auction houses: One of the benefits of auction houses is volume. Many foreclosures are often sold at once so it is a great resource to identify a few good options. If you’re not sure which websites or auction names to trust, do your research and/or check for their listings in the paper. The downsides of auction houses? One of the appeals of foreclosures is usually less competition and lower prices, however, be careful not to get caught up in an inflated price or a bidding war in the heat of the moment. Know what you’re looking for and set a budget before going in. Since many auctions are online now, many auctions will list their items ahead of time so you can do your research and evaluate whether foreclosure is a good investment.
 

4 STEPS TO TAKE TO SUCCESSFULLY INVEST IN A FORECLOSED HOME

Websites: Foreclosure websites are another resource for finding foreclosure listings. However, they often come with a fee. The problem with these is you're paying a fee with no promise of finding the right property. Be wary when perusing foreclosure listing websites as many are looking to fish information or hook you into a scam.  

Foreclosure Realtor: When you consider how much time a foreclosure realtor spends learning the market, the trade and uncovering hidden gems throughout the city, it is no wonder they have access to the most and best foreclosure listings. Bonus? They can give you advice on a good or bad investment or whether it is fairly priced. Unlike auction houses and fee-based sites, there is no pressure or fees unless you want to buy the property. This gives you a second and level-headed set of eyes, with the expertise and breathing room to make a sound investment decision.

A Foreclosure Cinderella Story 

Finding the right foreclosure property can take some time and patience. You might have to try the shoe on every eligible listing so to speak. However, the tips discussed above can help you undertake that search. The next steps of learning how to spot a good investment and what steps to take before taking the leap are also important and require research. A realtor is a great resource for navigating this process. In addition, they bring their expertise and network of access to the table which can help you find the perfect fit.
 

Related Reading: 

4 RISKS OF BUYING A FORECLOSURE AND HOW TO COMBAT THEM

5 SUREFIRE SIGNS A FORECLOSURE IS A GOOD DEAL
 

FAQ's

Can I get a mortgage for a foreclosure?

Yes, this will be easier if you already have a mortgage for another property or your realtor can help streamline this process.

How soon can I buy a home after it’s been foreclosed?

While we advise waiting until the homeowners actually move out to avoid any further costs due to potential property damage etc, but you can make an offer as soon as it hits the market.

What are the risks of investing in a foreclosure?

A Foreclosure may seem like a good investment opportunity but turn out to have hidden damage And costs, outstanding Liens, and delays.