Foreclosure Real Estate & Home Listings
Buyers who are looking to buy affordable homes often look at foreclosure homes for sale. Many times a home can need a lot of work depending on the condition of the house when the previous owner leaves. Many cases buyers look at the foreclosure properties and assume the bank is desperate to let go of the property. That is why it is always a great idea to have a real estate professional to get more information on the home you are interested in purchasing.
Foreclosure Q &A
What is a foreclosure definition?
A foreclosure means your lender has the legal means to take over your home. In most cases, you must move out of your home.
Will I go into foreclosure if I miss one payment?
The short answer is no. However, call your lending institution and explain your situation. Many lenders have programs to help with many cases that stop you from making payments.
Why Do Sellers Go Into Foreclosure
- Loss of job
- Medical reasons
- Mounting debt
- Job transfer
- Can no longer afford the maintenance
More Foreclosure questions
What is the purpose of buying this property?
These are perhaps the most crucial questions to ask yourself before purchasing a foreclosure in Edmonton.
- Your short and long term plan?
- Is this a purchase to live in?
- Is the home for rental or a flip?
- How long do I wait before selling?
What’s my budget?
There are few calculations to take into consideration before buying foreclosure Edmonton homes.
- The full price of the home
- Monthly payments
- Cost of repairs
How much money will I have after buying the house?
You can find many foreclosures in great shape, but many need repairs and even full renovations.
- How much money will you have after the purchase?
- Will you make a profit?
- Will I need to spend tens of thousands to make the home livable?
Why buy foreclosure homes?
Many times you can find a gem in the rough and end up having a home that will need a very minimal amount of repair or gives you an investment opportunity to re-sell or rent out.
Where do I find foreclosure homes?
They can be found all over Edmonton ranging from as low as $100,000 to over a million. Setting up a search to get notified on a home being listed gives you an opportunity to go see it before other investors get a chance.
What is the market value of the property?
If the home was not in foreclosure, what would this home be worth? Understanding the value will give you an understanding if the house is worth investing in. A real estate professional will run a comparative market analysis and provide you with the profits.
What is the age of Plumbing, Furnace, Roof, and other features?
Make sure to ask about the history of the home and maintenance. Some items to ask are:
- Age of the roof?
- How old is the furnace?
- How old is the water tank?
- Has the electrical wiring been upgraded?
How is the community you are purchasing the home?
Take the time to assess the neighbourhood and see what is surrounding the home. Some things to look for are:
- Local Schools
- Community Centers
- Crime rate
Are there any other foreclosures listings?
There are many foreclosure listings available above. If you require to view the home or need more info, click “schedule a showing” or “Ask a question” and one of our foreclosure experts will reach out to right away.