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PAL Real Estate has successful represented many buyers in navigating this unique process. Let us know how we may be of assistance to you!
Judicial Sales – In Foreclosure:
These real estate sales are governed by the “Court Of Queen’s Bench Alberta”. No conditions of any kind may form part of the purchase contract. Possession dates are determined by the courts. In many cases, a court date is set once an acceptable offer has been presented. Up until the judge has accepted an offer anything can happen! In some cases the person in foreclosure may still live in the property, making things difficult for viewing. Judicial or Court sales Foreclosures are “as is where is”. Due to the crazy variables in this type of sale, it is best to use a real estate agent that has experience in this type of sale, for success. Rest assured PAL Real Estate have successfully helped past and current clients navigate the process. Feel free to contact us online or call us 403-836-8208.
- Court date may be a couple weeks from submitting offer
- All offers should be unconditional. It is best to have access to funds prior to any offer.
- Property is "as is"
- The judge will make the ruling on which offer wins. In many cases multiple offers.
- There will be no counter offer.
- No land survey report or condo documents will be provided.
- The court will determine the possession day. Usually, 30-40 days after the offer is accepted.
- Appliances may be left at the property but are not part of the contract.
Bank Owned Properties:
Property owned by the banks are often listed and sold using the MLS. Here are some of the thins you can expect when buying a bank owned property.
- Usually, offers may have conditions. You may bring in a licensed home inspector, and have a condition of financing.
- Most institutions will respond within 2-5 business days.
- Land surveys, real property reports, condo documents are not provided.
- Appliances do not form part of the purchase contract.
- Possession is negotiable, but these homes are often vacant so a long possession is not ideal.
- Purchases are "As Is"
Civil Enforcement Sales:
In some cases a bailiff or civil enforcement agency has been hired to collect debts, resulting in a real estate sale or partial sale. What is a partial sale? The enforcement agency collecting debts can only sell the debtor's share of the property resulting only half of a home or the debtors share being for sale. The Civil enforcement agencies have their own purchase contract that is different than the most common one used by Alberta REALTOR®. These properties are quite rare.
Marijuana Grow Op Homes:
Marijuana grow-op homes are not necessarily in foreclosure or bank owned. These properties do have significant issues, and a buyer should be wary of them. Most cases are difficult to obtain financing.
As is Where Is:
This means any chattels and or appliances that are on the property may be left behind, but will not be included as part of the deal, but will probably be left for the new buyer. The condition of the house, condo, or another real estate will not be guaranteed. One other issue is the Real Property Report (land survey) is probably not available and any buildings may not be built within property boundaries. No guarantee as to any construction on the property has proper permits. If the property is a condominium no documents will be provided for the buyer to review. A condo buyer must obtain these documents at their own expense.