Foreclosure Buyers Calgary FAQs

What is the process for buying a foreclosure in Calgary?

Buying a foreclosure in Calgary typically involves working with a Realtor®  like Jerry Charlton who is very familiar with judicial sales. You'll make an offer, which may need court approval. This process can be more complex than traditional sales but offers the potential for great deals.

Are foreclosed properties in Calgary sold "as-is"? 

Yes, foreclosures in Calgary are sold "as-is, where-is," meaning the seller makes no guarantees about the property's condition. It's crucial to do your due diligence with professional help.

Can I negotiate the price of a foreclosed property in Calgary?

While negotiation is possible, banks or lenders managing foreclosures may be less flexible than private sellers. Research comparable properties and work with an experienced foreclosure Realtor® to craft a competitive offer.

Do I need a mortgage pre-approval to buy a foreclosure in Calgary?

Yes, mortgage pre-approval is highly recommended. Since foreclosure sales can move quickly, having your financing ready shows you're serious and able to complete the transaction.

What are the risks of buying a bank or court ordered foreclosure in Calgary?

Risks include potential unknown issues with the property, additional legal or financial liabilities, and limited disclosures. Working with Jerry Charlton, a knowledgeable Realtor® can help mitigate these risks and guide you through the process.

Shouldn't I Just Call the Listing Realtor® for Foreclosures?

While you *can* call the listing Realtor®, it's important to understand that foreclosures are not like regular listings. For a typical property, the listing Realtor’s® goal is to provide as much information as possible to attract buyers for their client. However, foreclosed properties are sold **“As Is”**, and listing Realtors® are often instructed by the foreclosure seller to withhold certain details to avoid liability issues. In foreclosure sales, the seller’s priority is to limit risks—not to make the process easier for buyers. This means the listing Realtor® may not be forthcoming with crucial information you need to make an informed decision. Having an experienced professional on your side who understands the foreclosure process can help you navigate these complexities and avoid costly mistakes.