Stephen McDonald & CIR REALTY is happy to be able provide you details on Foreclosures in Calgary, Judicial Sales, Civil Enforcement and Bank Owned properties. Sometimes these houses and Condos are fantastic deals. These real estate listings sometimes can be tricky to understand and deal with, it is wise to contact Stephen McDonald CIR REALTY on whether or not this type of real estate is best for you. Find out how to buy houses for sale foreclosures. The representation we offer includes negotiating favourable terms with bank owned properties, or representation in the court for judicial sales.
Judicial Sales – In Foreclosure: These real estate sales are governed by the “Court Of Queen’s Bench Alberta”. No conditions of any kind may form part of the purchase contract. Possession dates are determined by the courts. In many cases a court date is set once an acceptable offer has been presented. Up until the judge has accepted an offer anything can happen! In some cases the person in foreclosure may still live in the property, making things difficult for viewing. Judicial or Court sales Foreclosures are “as is where is”. Due to the crazy variables in this type of sale, it is best to use a CIR real estate agent that has experience in this type of sale, for success.
- Court date may be a couple weeks from submitting offer
- All offers should be unconditional. It is best to have access to funds prior to any offer.
- Property is "as is"
- The judge will make the ruling on what offer wins. In some cases multiple offers.
- There will likely be no counter offer.
- No land survey or condo documents will be provided.
- The court will determine the possession day. Usually 30-40 days after offer is accepted.
- Appliaces may be left at property but are not part of the contract.
Bank Owned Properties: Property owned by the banks are often listed and sold using the MLS. Here are some of the things you can expect when buying a bank owned property.
- Usually offers may have conditions. You may bring in a licensed home inspector, and have a condition of financing.
- Most institutions will respond within 2-5 business days.
- Land surveys, real property reports, condo documents are not provided.
- Appliances do not form part of the purchase contract.
- Possession is negotiable, but these homes are often vacant so along possession is not ideal.
- Purchases are "As Is Where Is"
Civil Enforcement Sales: In some cases a bailiff or civil enforcement agency has been hired to collect debts, resulting in a real estate sale or partial sale. What a partial sale?! The enforcement agency collecting debts can only sell the debtors share of the property resulting only half of a home or the debtors share being for sale. The Civil enforcement agencies have their own purchase contract that is different than the most common one used by Alberta REALTORs®. An experienced CIR real estate agent would be able to guide you through this process. These proprties are quire rare.
Marijuana Grow Op Homes: Marijuana grow op homes are are not necessarily in foreclosure or bank owned. These properties do have significant issues, and a buyer should be weary of them. When viewing properties it is recommend to look for evidence of a grow op. Is their mold, tampered electrical, remnants of grow op materials are just a few things to look for. If a known grow op has not been re mediated then access to the property will not be granted.
As is Where Is: This means any chattels and or appliances that are on the property may be left behind, but will not be included as part of the deal, but will probably be left for the new buyer. The condition of the house, condo, or other real estate will not be guaranteed. One other issue is the Real Property Report (land survey) is probably not available and any buildings may not be built within property boundaries. No guarantee as to any construction on the property has proper permits. If the property is a condominium no documents will be provided for the buyer to review. A condo buyer must obtain these documents at their own expense.
Calgary and area new foreclosure listings
The above chart shows the amount of new listings every month that are Judicial sales, or bank owned properties. This data was taken from the Calgary real estate boards MLS/Matrix.
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