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Old 12-28-2010, 07:49 PM   #21
Travis Munroe
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Quote:
Originally Posted by Finner View Post
200 - 400 ? How does one make an offer on foreclosed properties? Just get a realtor?
Well as a buyer it costs you nothing to hire a realtor and in many cases you might get some "perks" out of it.
Basically the process is as follows...
-See the property
-Write the offer, foreclosures also have a schedule a which is a document from the bank basically stating there are no warranties or representations as a typical sale.
-Wait... most deals you negotiate the same day you submit the offer. With a foreclosure it can sometimes take the bank a few weeks to get back to you. If the bank counters then they are typically able to do the negotiations from this point on all within a few days.

The purchase of a foreclosure is very similar to any purchase. Some of the biggest differences are the wait to have the offer accepted and having no warranty or representations (the bank doesnt know if there is something wrong with the property and does not care).
If you are interested in something send me a PM...I just finished working on one and guided handled everything from start to finish. All the client had to worry about was finding a place he liked.
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Old 12-28-2010, 07:52 PM   #22
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Quote:
Originally Posted by killer_carlson View Post
what are your experiences when purchasing a foreclosed upon property, or acting for a purchaser? Any tips or suggestions?
Much of this is answered above.
Certain foreclosures will not be to fond of conditions however the majority are fine as long as you can get them done quick. Have a property inspection done. if its a condo then chances are you will have to purchase your own condo documents and then have them reviewed to ensure that you are not walking into a hornets nest and obviously a financing condition.
I would be happy to get into detail if you wanted to email, pm or call me.
Cheers,
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Old 12-28-2010, 09:09 PM   #23
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you have a pm
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Old 12-28-2010, 11:36 PM   #24
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Quote:
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you have a pm
Email sent!
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Old 12-29-2010, 08:07 PM   #25
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Compared to market values and comparables, how much of a "discount" can you get by buying a foreclosure (assuming it's the "right" property, of course)?
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Old 12-30-2010, 11:05 AM   #26
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They are all different...
Rule of thumb...go in 10% lower than the asking price.
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Old 01-24-2011, 10:35 PM   #27
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Bump for update!
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Old 01-26-2011, 09:30 AM   #28
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Thanks for this. FYI, the 0-175k condo report doesn't work.
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Old 01-26-2011, 05:57 PM   #29
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Thanks,
Its all fixed now!
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Old 02-05-2011, 03:41 PM   #30
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Bump for update!
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Old 02-10-2011, 08:21 PM   #31
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Any idea if you can get the foreclosure list for "recreational properties" in Alberta + BC??

Bit more off topic, but do you have experience in the US real estate market at all.

I dont check this forum often, so PM may work best.
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Old 02-10-2011, 10:26 PM   #32
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sent you a pm
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Old 02-18-2011, 01:07 PM   #33
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bump for update
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Old 02-19-2011, 04:34 PM   #34
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An entire building on foreclosure? Yikes...
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Old 02-27-2011, 07:02 AM   #35
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Hi there,

Great thread. Any new listings as of late? Thanks in advance!
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Old 02-27-2011, 10:41 PM   #36
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Hi there,

Great thread. Any new listings as of late? Thanks in advance!
Hey,

Just updated the new listings only. Will update the rest later on in the week!
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Old 03-14-2011, 08:41 PM   #37
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update!!!
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Old 03-25-2011, 10:01 AM   #38
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On a foreclosure, is there any way of finding out how much is owing on the property? This would be very helpful re making an offer.
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Old 03-25-2011, 10:36 AM   #39
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Hey,

If it is a court of queens bench then you can go down and purchase the foreclosure documents. Inside these documents are a magic number (they show appraisal value and home value) that will give you an idea as to what they will accept. This is for when the property has first hit the market. As time passes and there is no interest the chances of them accepting below this number increase.
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Old 04-06-2011, 01:58 PM   #40
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update
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