So, you are interested in buying an Edmonton foreclosure? Most Edmonton foreclosures are “Sold As Is.” In simple terms, this means that no repairs, upgrades or warranties will be provided by the vendor.
When you are considering writing an offer, there are three major items the bank and/or court look for: price, possession date and terms & conditions. An offer with a good price, quick possession, little or no conditions is usually most appealing to the vendor.
Keep in mind, just because you are purchasing a foreclosed property, it does not mean that you will get a “steal of a deal.” Edmonton foreclosures must be assessed and listed at market value.
- If circumstances permit, pay for a home inspection before making an offer.
- Talk to the neighbours to find out the history of the property.
- Ensure financing is securely in place before making an offer.
- Use a Sable Realty Corp. Associate/REALTOR® to provide you with competent guidance and critical information.
Simplified negotiations:In a foreclosure, the lenders will either accept, reject or, in rare circumstances, counter-offer.
Quick possession: In many cases foreclosures are vacant allowing for a quick possession.
Unconditional offer: Typical conditions like home inspection, condo document review, and financing are not permitted.
Property sold as is/where is:Not only will the courts/bank/vendor not do any repairs, you are not guaranteed that the property will be in the same condition when you purchased it. As well, none of the chattels (fridge, stove, etc) are sold with the property.
Multiple Offers: Often, there is a time period that offers must be left open before they can be dealt with. During this time period, a number of offers may be presented.
Over paying:When a lender forecloses on a property there are costs involved. In order to recuperate these costs, the property is listed at an asking price higher than market value.