Foreclosure Homes in Fort McMurray
When purchasing a foreclosure in Fort McMurray there are a lot of key things that you need to know. Due to the economic downturn happening in Fort McMurray, there have been a substantial amount of bank foreclosures coming on the market. But just because these properties are on the menu, it doesn’t mean that they go through the same home purchasing process that other properties do. That’s why it’s important to be well-informed about what you need to know about buying a foreclosure home.
There are different types and categories of foreclosures that you need to know about. Bank Foreclosure (through the bank), Insurer Foreclosure (through CMHC or Genworth), Court-Ordered Sale, and Estate Sale. These four categories are typically the more frequent types of foreclosure sales we see happening in our market.
When purchasing these types of properties, a lot of times, buyers feel that they can get a better deal. Sometimes this can be true but typically, the properties are appraised by one to three appraisers and listed for fair market value. The banks typically have a guideline that they follow when it comes to how much money they’re willing to negotiate or reduce each month.
There are risks associated with buying foreclosures. The first one being, the property is sold ‘As is, where is.’. This is where you do not get to know any past history of the property, nor are there any warranties or guarantees associated with the purchase of the property. It is critical to have a Realtor, such as myself help you through this process by doing homework as to what we should know about the property. If it’s a bank foreclosure or through the insurer, you typically have conditions of financing and property inspection. It is very important to have a home inspection conducted by a qualified home inspector. I can also help you out with this by providing you a list of trusted home inspection companies. If issues are found during the home inspection, you will have the option to walk away, or sometimes, negotiate deficiencies. When it comes to a court-ordered sale, a lot of times, you have to have an unconditional offer before the court for them even look at the offer. With these properties, you need to have the home inspected and have financing in place prior to proceeding.
There are so many different factors that come into play when dealing with foreclosures. That’s why it’s very important to have a real estate agent who is well-versed about dealing with foreclosure sales. That’s where I step in to guide you through the whole process to ensure that you are making a good decision. Feel free to get a list of foreclosure properties from my website and I would be glad to go over all of these options to help you find the best home in Fort McMurray at the best deal possible.