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How to Buy a Foreclosure 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.

The 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 the property of 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 an 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.

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.

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Daniel K. Akowuah | Mortgage Professional / DLG Underwriter
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