The lure of getting a good deal on house or condo that is foreclosure is strong. Why not? If you can get a good place for a reduced (read cheap…) price, go for it. There are a number of foreclosure listings in the Edmonton, St. Albert real estate markets.
We’ve seen lots of television reports from the U.S. listing the huge number of foreclosures that are causing a glut on their housing markets in certain areas. Here in Canada the story is quite different. We have a very low percentage of foreclosed properties.
The foreclosure process in Canada can take a long while, from the first missed mortgage payment, all the way to someone buying it from the Bank or Court of Queens Bench etc…
The process is also geared to let the home-owner buy their way out of the problem at any point before it reaches the market as a foreclosure.
Depending on the foreclosed home and who is selling it, you may or may not be able to get it officially inspected by a home inspector, or for that matter to put any conditions on your offer to purchase.
I’ve seen all kinds, from very nice to “holy crap I can smell the inside from the street!” Nasty.
From what I understand, almost all areas in Canada have legislation that generally says that foreclosed homes have to be listed for their approximate market value. That's not to say that you can’t get it a lot cheaper, it just depends on the situation and how much work is required to fix up the property.
Foreclosure listings are an entity unto themselves, so if you have questions please feel free to ask.
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You can send your home search criteria (including foreclosure properties) to me through RightHouseRightTime.com or BenOfficer.ca. I can help you find what you are looking for.
Ben Officer, CD REALTOR®
RE/MAX Real Estate
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