Bank Owned Properties
Bank owned Calgary Foreclosures are the most common scenarios. For example, if someone defaults on their mortgage or loan and cannot pay anymore; since the mortgage was initially taken to purchase the property, the bank technically owns it until it’s paid in full. In this case, the person who stops paying – loses his assets and the bank takes over the property. Such properties owned by the banks are often listed using the Multiple Listing Service (MLS).
Bank foreclosures in Calgary are sold “As Is”: The most important factor to keep in mind, when buying bank foreclosures, is that the property is sold “as is.” This could have its ups and downs, which is why having CIR Realty Calgary assisting you along the way is essential. This also means that sales may come with conditions, however, you, as a buyer, have the right to bring in a licensed home inspector and have a condition of financing. When the property is sold “as is,” this means that property reports, land surveys or documents are not provided and that appliances are not a part of the purchase contract. When negotiating bank owned properties, you can expect a response to your query within 2-5 business days, and possession is negotiable; however, these homes are often vacant.