At times, bad things happen to good people with good intentions. Foreclosure in Edmonton should be the last resort. An Edmonton foreclosure can be extremely damaging to your credit and your ability to purchase a home in the future.
Many individuals are not provided with all their foreclosure options. Amansad Financial Services is familiar with many private lenders and their guidelines. A quick mortgage application and a complete assessment can determine your best course of action.
Below is a Recap of the Foreclosure process in Edmonton:
- Statement of claim. This occurs after missing 3 payments on your mortgage. Your financial credibility is being questioned.
- This statement of Claim must be served to the owner of the home. As an owner you have a 15 day period to file a statement of defence. If not completed, the next state occurs.
- The bank will request to the courts to sell your home. Time periods will vary, but the most common redemption period is 6 months or less.
- Order for Sale of the property is ordered by bank. An appraisal is also ordered. In addition, this step will detail the specific dates of the redemption period. How your property will be sold will also be determined; either by the Court Tender Process or via the MLS at the appraised value.
- The Order for Sale must be served to the owner of the home.
- If the redemption period passes without the owners paying out the mortgage balance; including legal and arrears, your home will be sold.
In addition to the services provided and information on this website, we always recommend seeking Independent Legal Advice (ILA).
Things to do when facing foreclosure in Edmonton:
Act quickly! Procrastination not only wastes time, but costs you additional interest and legal costs that can be avoided. Every day that passes reduces your probability of overcoming the foreclosure challenge. Additional costs can sometimes prevent you from getting out of your current situation.
Buying Foreclosures in Edmonton
Knowing these truths about the foreclosure process is important. However, it’s also important to know that you can sometimes get the house much more cheaply through a foreclosure sale than you would otherwise, even if the house is still in great shape. If you’re curious about purchasing foreclosures in Edmonton, get in touch with one of the pros at Amansad Financial to get some referrals in the Edmonton Foreclosures market.
Edmonton, the capital of Alberta, had 812,201 residents in the 2011 census, which means it is the fifth largest city in Canada. It is the northernmost city on the North American continent with more than one million people in its greater metropolitan area.
As with all cities, Edmonton’s economic status has fluctuated over time. As 2014 takes off, Edmonton’s economy is experiencing growth approximately three times that of Canada as a whole. The energy sector is currently driving the growth — particularly the focus on non-traditional sources of oil, including the oil sands exploration in northeast Alberta, for which Edmonton serves as the logistical staging point. Construction, manufacturing and professional services are also strong points in Edmonton’s economy.
Just because the capital of Alberta is booming currently, though, doesn’t mean that you can’t find plenty of Edmonton foreclosures for sale. The worldwide recession that struck in 2008 had a significant impact on the Canadian economy as a whole, including the Edmonton area, and there are still ripples running through the job sector that force people onto downsizing lists, as well as other events that keep people from making their mortgage payments regularly.
Foreclosure buying process in Edmonton
If this will be your first time considering investing in the Edmonton Foreclosure market, there are several things for you to keep in mind.
1. The process is much less personal.
When you buy a home from an individual, the process takes place with a lot more individual care. When you make an offer, you generally get a quick response. There is also usually some degree of emotional attachment for the seller that can make negotiations more difficult.
Edmonton foreclosures are property of a banks. This means that it’s not someone’s family home; it’s just an asset that the bank is trying to clear off the books. When you make an offer, you might not get an answer for a few days, or even a couple of weeks. You’re basically waiting for the number (your offer) to get to the bank’s asset manager, who either accepts or declines. It’s just a matter of numbers.
2. Do not ask for disclosures.
You can’t go ask the seller about the particular oddities of the house, or the state of the neighborhood. This means that you have to work through your buyer’s agent to secure an inspection, because there won’t be any seller disclosures. Taking a look at the preliminary title report can tell you volumes about the home as well.
3. Don’t expect staging in the houses.
When individuals try to sell homes, they put a lot of time into staging the different rooms. This means leaving furniture in place and making everything look perfect so that the potential buyer sees how wonderful the house would be to purchase. In a Edmonton foreclosure sale, you’re often dealing with a property that shows the anger of the person who lost that home to the bank. So you might find a kitchen with no sink, or a home with absolutely no light fixtures. You might find holes in the walls, significant damage to the carpet. You can factor those items in when making your offer, but don’t expect the bank to fix those things.
Amansad Financial can connect you with realtors listing Edmonton foreclosures for sale and can connect you with websites featuring Edmonton foreclosure listings.
If you are facing foreclosure in Edmonton, Contact Amansad Financial to explore your mortgage options.