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Lethbridge Foreclosures
Foreclosure properties sound like a good idea. Get a property at a reduced rate from the bank. You may be able to save a lot of money, but there are a lot of hurdles that you should be aware of: Here are some of the Pros and Cons of buying a foreclosed home: 1) PRO- Getting a deal. The main, and basically only reason you would want to buy a foreclosed home, is to get a deal. You can sometimes save several thousands of dollars buying a foreclosure. CONS: 1) AS IS WHERE IS: When purchasing a property that is under foreclosure, you will need to sign a schedule A. Schedule A basically states that there are no guarantees that the property will be in the same condition when you take possession, as it is when you make the offer. If there is a flood, or a natural disaster, or if someone puts holes in the walls, you are not protected. You also cannot negotiate for the seller of the home to fix things before you purchase the home. 2) SEEING THE PROPERTY: In some cases, you may not even be able to see the inside of the property. If you do, it could be uncomfortable if there are still tenants or the original owners of the property still living in the premises. 2) FINANCING: Most banks will not accept offers that are subject to financing. So you may need to have the money already in place before you buy a foreclosed home. 3) CONDITION: Often, a foreclosed home is in poor condition. It may have been neglected for many years, and there is likely thousands of dollars of repairs that need to be done. 4) TIME: It can be quite a time consuming process buying a foreclosed home. You may need to put down a significant deposit if you are part of a bid, before you even know if your bid has been accepted. Court dates can be 2 or 3 weeks away. That may mean that you are tied up to this one home during this time, and are unable to pursue any other great deals that may come up in the meantime. Lethbridge does not have too many foreclosures. Often, you may come across ads for listings of foreclosed properties, and these ads come out of the United States, where foreclosures are quite common. In Lethbridge and in Canada in general, lenders are very strict when approving mortgages, greatly reducing the occurrence of foreclosures. If you are looking for a great deal in Lethbridge Real Estate, there are many more options. Often, there are fixer uppers available, or people who HAVE to SELL quickly because of a move to another city, a divorce, or because they have already purchased a new home. I keep track of the foreclosures in Lethbridge, and the surrounding area. For a list of these homes, please feel free to contact me at 403 795 8783. EMAIL ME A LIST OF FORECLOSURES |