Frequently Asked Questions
Why should I use one of your members to buy a foreclosure property?
Every realtor or other professional member of ForeclosuresAlberta is a veteran of many years experience in their various professions, most focusing on the the specialty of dealing with properties either in, or about to go in to foreclosure. There are risks and rewards in buying foreclosed properties and we can guide you through the complications and procedures involved in making an offer to the Court.
I'm in arrears with my mortgage company/bank. Is there anything you can do to help me?
Quite often, a lender or their lawyer will be more patient with a borrower who is actively trying to either re-finance or sell their property. Our realtors are local to your region. They can provide you with an accurate estimate of what your property can bring in a reasonable length of time. We will provide you with that assessment IN WRITING. This is especially important in rural markets, where the net value of a property can vary significantly, dependent on its proximity to a major urban center. Local expertise is invaluable in this scenario. Regardless, if you have been contacted by a Lawyer for your lender, it's time for you to get one of your own. We can help.
Can I finance a foreclosure purchase? I've heard that offers must be unconditional for cash.
Many of our lenders have a program where a buyer can pre-qualify to an upper mortgage limit for purchase. There is a fee for this, and it is usually used as a "back-stop". You need not use their financing. This allows you to make a cash offer knowing you have financing, while allowing you the flexibility of seeking out conventional bank financing.
What does your service cost?
To the buyer, nothing. All transaction fees are paid by the seller, unless a service "over and above" normal agency applies..
To the seller - our service costs no more than conventional realtor's fees, and is only due upon the successful sale of the property. Legal, appraisal and property management costs are, of course, over and above.
Will you just buy the property from me to clear my debt?
Sometimes. We have a number of investor clients who are able to act quickly to buy a distressed property under threat of foreclosure. This is determined on a case by case basis and is mostly dependent upon the amount you need to clear your name and credit rating vs. the fair market value of the house.
