A great way to increase your investment portfolio, whether it is for personal use or an income property, purchasing a foreclosure or bank owned home in Calgary may be right for you.
Generally, these types of homes are distress sales in Calgary, brought on by the current economic downturn or other various reasons, but bank owned homes are not necessarily any cheaper than other homes on the market. They will be assessed and listed at market value in order for the bank to recoup their investment. Many are sold in as-is condition, and bought sight unseen in most instances.
Read more about Bank Owned Homes.
Calgary Homes in Foreclosure
Forecloures Home’s Calgary
Distress sales in Calgary can be categorized in many ways. Some include Un-remediated “Grow Operation” Sale which is a high cost to bring it back to health and safety standards. It is not the kind of home a new home buyer should consider. A Remediated “Grow Operation” Sale is another High Risk property especially when it comes to the resale value. A Forclosure Property Sale is a bank owned home in Calgary and will have a restricted purchase contract or other various legal conditions.
For the investors and builders there are the the Knock Down Property sale or “Very Old Property” : This is a Moderate risk, but the buyer takes on the costs to knock down the building and other costs including
environmental costs and re-zoning.
Finding a distress sale in Calgary is as easy as using the search function that will show all the bank owned homes in Calgary from the MLS® listings. See also the newest real estate listing in Calgary.