There are many reasons why someone would want to purchase distressed properties in the city of Calgary. Many times they are scooped up by investors for a low price. Other times, new home buyers are looking for a great deal on a home that needs some repairs. Still, there are business owners who buy homes at low prices, fix them up, and then sell them for a fair market value. Distress properties are being sought after by these people because they are looking for a great deal. However, keep in mind that a distressed property may not be the best deal in the neighbourhood. Contact a reputable realtor to help you find out some distressed properties.
Distressed properties in Calgary are likely owned by the bank. In some cases, the owner could not make the monthly payments and therefore the bank repossessed the home. Often times these homes are damaged and are in need of serious repairs. This type of home is normally listed for a lower price because its value has gone down. A home like this is not always a good deal because repairs will cost good money. A realtor will be able to help any potential buyer with realistic property value estimates.
Whether you are an investor looking to flip a house or a new homebuyer looking for a place to raise a family, a distressed property might just be for you. Call the realtor who knows the Calgary market and can show you houses that are bank owned or distressed. Most of these homes are sold as-is and your realtor will have this information. They may also have any property disclosures revealing existing damage to things like plumbing, roofing, or electrical. However, there may not be any disclosures and the potential new homeowner will have to take the risk and fix any problems themselves.
Buying a distressed property in Calgary could be a good deal if the new homeowner knows what they are looking for. A realtor will take their client through any homes that may be interesting to the buyer. They will also help them to make a reasonable offer based on current home values in the area. Anyone looking to purchased distressed property in Calgary should lean on their knowledgeable realtor to walk them successfully through the home buying process.