Looking for a steal of a deal on a property? For many, the idea of purchasing a bargain-basement priced foreclosure is an option to explore. The reality is, there are very low inventories of bank owned homes you can acquire in Calgary and the savings are minimal, if any. Purchasing distressed homes under foreclosure may be a popular trend in the United States markets. This is due to different laws and regulations as in Canada the rules are different and expose buyers to many liabilities.
In Canada, banks are not legally allowed to sell homes below market value. Foreclosures are often purchased as is and sight unseen. There really should be a well-planned and strategic reason for acquiring a foreclosed local property as the risks often outweigh the benefits. When looking for a deal, we strongly recommend deploying several other advantageous tactics, and choosing from a larger pool of inventory where buyers’ due diligence is welcomed.