Foreclosure Listings - Jan 23rd 2015

[Travis Munroe]

Yes and no... banks will typically allow conditions, if it is a court of queens bench offer they are much less likely to accept any conditions.

Main differences are:
Appliances/non attached goods are not guaranteed to be included. Reason being, the bank doesnt know if the previous owner went to future shop and was on a $15 a month plan for all brand new appliances and will show up to repo them. I have never experienced a bank taking them as they are not in the business to sell appliances but they also wont be held liable if they are taken by a creditor.
Also, no warranties or representations. AKA, seller of normal sale knows of any major defects. He must disclose these and if he doesnt you can come after him when you move in and find a huge hole behind what was a painting. The bank has not been to the property and will not be held reliable. This is where a thorough inspection comes in handy.
Other than that, its pretty much the same thing. Condition of the place is typically in need of a major cleaning and some touch ups but this also comes with a reduced price.

[comrade]

I noticed the Renfrew Regal Terrace is "sold as is where is". What are we talking about here, former meth lab or some major damage like that? The write up talks about granite tiles and brazilian hardwood but that first sentence makes me think someone took an axe to everything before they left. Is the first sentence more a warning that it's a court sale or that the inside is trashed?

[Travis Munroe]

No need to be alarmed....this is the case with EVERY foreclosure. As is where is = another way to state there is no warranty or representation from the bank as they have no idea if there are any issues.
Example- large hole in the wall hidden by a painting. If you buy from the owner of the property he/she is not allowed to hide any defects and should you move in and then notice the painting gone but the hole in the wall, you can go after the seller for damages.
Should you move into a foreclosure and find out no electrical outlets work the bank has covered themselves by selling it as is where is. A inspection is important in any purchase however more so in a foreclosure.

[Travis Munroe]

Bump for update.

[bizaro86]

Originally Posted by InCoGnEtO

Travis, what differences are there buying a foreclosure compared to a non-foreclosed house? Can you still put conditions on a sale?

You might want to have your lawyer look at the "Schedule A" you'll be required to sign to buy a foreclosure. It makes a big difference and can have big consequences. For example, TD just changed there Sched A, and used it to stick someone with 15k of unpaid condo fees/special assessments. Because of how the sched A was worded the bank didn't have to pay them, since it specified they wouldn't and specified they wouldn't be getting a clean estoppel.

[Travis Munroe]

I don't know how much a lawyer would do in that case though.
A simple call to the property management company will determine if condo fees are paid and a condo document review should determine any near special assessments.

[bizaro86]

Originally Posted by Realtor 1

I don't know how much a lawyer would do in that case though.
A simple call to the property management company will determine if condo fees are paid and a condo document review should determine any near special assessments.

They should have called their lawyer, because they thought the previous owner would pay the outstanding condo fees, (as is normally the case in a condo sale) before they got their estoppel certificate. But they weren't entitled to an estoppel, so they're on the hook for the outstanding fees. This particular person also just used the selling agent instead of getting their own realtor, which was also a mistake, imo. (Especially on a foreclosure)

[Travis Munroe]

I understand. I have actually written in as a term that the condo fees would be paid in full by the bank in situations where we find a large outstanding balance. If the bank doesnt take it then we at least know it is a additional expense and doesnt come as a surprise.

[Travis Munroe]

Another update

[Violator]

I seem to come on here once every couple weeks to find a decently priced duplex saw one last year but i couldnt find it again

[Travis Munroe]

update coming later today.

Violator, did you mean last update or last year? If it was last year there is a good chance it sold!

[Violator]

Originally Posted by Realtor 1

update coming later today.

Violator, did you mean last update or last year? If it was last year there is a good chance it sold!

yes last year

it was a cool black duplex sitting by itself think it was 114,000

[Travis Munroe]

Update

[Paladium]

So I am new to your postings and saw a posting on this property
C3569095
So are all those properties in the drop down menu foreclosures?

I noticed in one listing a house was identified as a grow-op is that the case with this property?

Just wondering. And how fast can a foreclosure property be bought and then occupied.

Thanks

[Travis Munroe]

^^

Yes they are all foreclosures however many of the places in the list will have sold as its been a while since I have found time to do an update.
It is possible for a foreclosure to also be a grow op. A simple google of any address will turn up Alberta health's website within the first few results where you can search to see if the property was ever a registered grow op. After quick search and I am not seeing anything showing it as a grow op however I am not on my main system to verify at this moment.
Typically a foreclosure is vacant which means a offer can be negotiated within a few days and then you can move in within 7-10 business days after the fact.

[Travis Munroe]

Update

[Phaneufenstein]

Bought my first home in April of 2011 and it was a foreclosure.
My agent told me I couldn't do a home inspection on the house until after the purchase.
The house is fine and all, but I'm wondering if that's common practice, to not allow home inspections until after purchase that is.

Thanks in advance.

[Travis Munroe]

If you dont mind, send me a PM with the realtors name.....that couldnt be further from the truth. Some foreclosure listings allow no conditions which means you would have it inspected prior to writing the offer.

[LAHAL]

Hi,

Do you still have to pre-qualify for a mortgage like you would for a non-foreclosed property?

Or is there a special kind of financing that you need to get, to buy a foreclosed property?

Thanks,
Alex

[Travis Munroe]

bump