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Red Deer Foreclosures – What are your options?
The city of Red Deer is right in the middle of Alberta, close to the midpoint of the Calgary-Edmonton Corridor. After Edmonton and Calgary, it has the third most people. As of the 2013 city census, the population of the city proper is 97,109, and the 2011 census put the population of the city and the surrounding region at 152,546.
Currently, the economy of Red Deer is on the rebound after a fairly weak 2012. While growth averaged 4.1 percent annually for the three years before that, expected growth in the town is set at 3.3 percent for 2014. Output in manufacturing and goods sectors is expected to provide the majority of the growth.
Purchasing a Foreclosure in Red Deer
If you are looking for a property currently in foreclosure, there are plenty of Red Deer foreclosures available for sale. These properties can represent a real value, whether you are an investor looking to turn the property owner or someone new to the home market looking to get a new house for an affordable price. Buying a foreclosure is different from buying a home from a traditional seller. This doesn’t mean that you should stay away from the process. Knowing how the process works can make the difference between getting the best deal and ending up on the short end of things.
Steps to Buying a Foreclosure in Red Deer
1. Get preapproval before you even start thinking about making a bid.
When you’re looking at a foreclosure, you’re dealing with an asset manager at a bank, who is just waiting for a verified offer that matches a certain number. If you don’t have a preapproval letter from a lender, your offer might not even receive a response at all. Banks don’t have time to deal with significant negotiations, and waiting around for a potential buyer who has not even gotten preapproval is not high on their list of priorities.
2. Talk to a realtor that specializes in foreclosures.
Amansad Financial has a list of realtors in Red Deer who have their ear to the ground when it comes to the latest foreclosure properties coming onto the market. These agents have a better sense of the market than a general realtor. This can keep you from missing out on an attractive property.
3. Be aware of the length of time that it takes to sell a house that is in your particular price bracket.
This is particularly helpful if you are on a set time frame to move into the city. Sometimes foreclosure sales take longer, simply because the bank moves slowly on offers or paperwork. This is an area that a realtor who is expert in foreclosures in this market can help you with.
4. Look at selling prices for comparable homes in the area.
A realtor can pull this list for you, but you can also get this list if you have the time to do some research. Because a realtor will not charge you to find the list, this is one reason why having the right agent can make all the difference. Knowing the comparable prices gives you a starting point for your own negotiations. However, before you set your price, read this last tip.
5. Remember that you are buying a home “as is.”
Even if the foundation is in a shambles and there is a hole in the roof, the bank will not pay for any repairs. This means that you need to find the cost of any necessary repairs and adjust the bid value downward accordingly.
Talking to a customer service professional from Amansad Financial is the best way to start moving toward the home of your dreams — or the investment you’ve been looking for.