As home prices soar in many cities, buyers are looking towards foreclosures as an affordable option for landing their dream home. Typically, a foreclosure occurs when a homeowner can no longer make the mortgage payments and either the home becomes a bank-owned property or becomes a court-ordered judicial sale.
When the home becomes a bank-owned property, the home will be vacated, and then offered for sale. When the home becomes a judicial sale, in many cases the owner still has equity in the home and would still occupy the home until court proceedings end and an offer is accepted. Typically, the owner would then have 30-45 days to vacate the property.
If you’re looking to buy a home, you may be wondering about foreclosure property. Before you begin the process, it’s important to understand the difference between judicial and bank-owned sales. Working with a professional real estate agent who has experience in these matters is always the best choice.
Bank owned and judicial foreclosures both come about after an owner has missed a series of payments. The bank-owned foreclosure comes about when, through an appraisal, it is determined that the owner has no equity, so the bank obtains the title and markets the home.
This process is pretty straightforward for the purchaser, who can insert conditions in the offer such as financing and home inspections.
Judicial sales come about when it’s determined that the owner has equity in the home. The biggest difference is that with a judicial sale, all offers have to be unconditional.
Some questions you may have about buying a judicial sale foreclosed home include:
Anyone looking to buy a property should consider a foreclosure, as long as you ensure that your real estate agent is fully aware of how to protect you.
The Mel Star Team Can Help!
The Mel Star team has successfully marketed thousands of Calgary foreclosures. Our experienced and knowledgeable team can professionally guide you through the whole process to ensure you have the best chance of success at purchasing your dream home.
The Mel Star team has sold thousands of foreclosures. In the 40 plus years of business, we’ve encountered many different scenarios while dealing with both sellers and buyers in the foreclosure market. In addition, our team:
Over the years, we have built up a vast network of connections and we are proud to be a one-stop-shop for all your real estate needs.
If you would like to take advantage of our expert knowledge and advice, please contact us at (403) 861-9944 or fill out our contact form.
22May 2020This includes making sure you: Are out of debt Have a downpayment of at least 10%-20% for a 15 year fixed-rate mortgage Have an emergency fund of 3-6 months expenses Have enough additional cash saved to cover the cost of any repairs If you are looking for a move-in ready home…
14May 2020There are several reasons why this may happen, including the fact that the homeowner may: Have excessive debts Be unemployed Have fallen ill and is unable to work Have recently become divorced and is unable to make the payments on a single income Have drained their financial…
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Typically there two types of foreclosures. Bank owned and Judicial Sales. If you would like to find out more information about how they work and the differences between the two, feel free to contact us anytime.
Depending on the market, the timing and the type of foreclosure they can be great deals. There are different strategies in order to get a deal on these types of properties.
When it comes to buying a foreclosure there is no special training for realtors. Because of this it is extremely important to have a realtor with extensive experience and the knowledge to increase your chances of obtaining a great deal as well as looking after your best interests
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!