Grande Prairie Foreclosure homes are a great way to make a profitable investment in real estate. Experts have always said that investing in real estate is a great way to get you profitable returns on your investment. Buying a foreclosed home at a discount helps you obtain those returns. Take Chloe Nathan from Grande Prairie, for example, who last year took advantage of the increased list of foreclosed homes due to the oil crisis and purchased a Grande Prairie foreclosure home. This was the first real estate investment Chloe and her family did, and there were some concerns and confusion. However, Chloe research and hired a good Realtor who was able to help her find a good foreclosed home. She and her family are happy about their investment and are achieving positive cash flow.
There are many people who have lost their homes to the bank simply because they have lost their job in the oil fields, and fell too far behind on their mortgage. This gave the opportunity for Chloe to pick up a discounted home to begin investing. If you are a prospective buyer looking for a residential home, this is the best time to strike because there are plenty of Grande Prairie foreclosure homes in the market you can pick up at a discount.
The realty world in Alberta is reeling under the post oil shock, and home prices have come down accordingly. However, experts predict that housing market will stabilize soon. As such, this is the best time to invest in real estate.
The complex world of foreclosed homes in Alberta
AREA or Alberta Real Estate Association admits that buying foreclosed homes may be a complex endeavor. Here are a few points identifying where foreclosed homes are different than other homes on the retail market.
- Foreclosed homes are sold by the court. You are not dealing with the bank or another seller. Your deposit is paid directly to the court through it’s own specific process, and not to the buyer’s lawyer to be held in trust.
- The dealing is only regarding the real estate property (land and building). Any chattels included in the contract will be deleted.
- All warranty clauses will be removed. The courts do not have any knowledge or control over the quality of the properties, so will not provide any warranty.
Getting started
The process does not have to be complex. Working with a realtor can help guide you through the process to ensure all steps are explained and taken properly. However, not all realtors are the same. It is recommended that you research and look for a realtor who is knowledgeable with the Grande Prairie foreclosure process and so will be able to help you buy a home at a significant discount while reducing any risk.
Research is the key
Often buyers are worried about buying a foreclosed home because of the tag associated with such homes. Ask your realtors for a list of foreclosed homes so that you can begin viewing different properties. Research your interested properties with the help of your agent. They will be able to identify issues and concerns you should be made aware of. This will ensure the correct process is taken so that you reduce any risk once you have taken possession.
Foreclosed homes are a great way to invest in real estate… and with a little research and guidance, you can alleviate concerns, minimize risk, and obtain successful returns on your investment.