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Calgary Foreclosures

Foreclosures often result in lower prices for home buyers. However, finding foreclosures is a difficult task. Searching for these deals can be a tedious process of scouring classified ads, roaming through endless web sites, feeling frustrated by the lack of information, and locating few actual foreclosure properties. That is why we built this search: to save you time while finding quality investment opportunities. If you are a real estate investor this site will be invaluable to you. We have made this search in such a way that it finds foreclosures on the MLS® System through keyword identification. You can browse all of them conveniently to find some potentially profitable investments. We've done the research so you can stop hunting and start narrowing done your search.

What is a Foreclosure?

When a homeowner falls behind on mortgage payments (often 3 months) and does not have the ability in the foreseeable future to catch up, the banks take control and foreclose on the property. Once the lender has started the foreclosure process it is rarely ever reversed. Mounting legal fees, late interest charges and accumulating debt make it near impossible for a homeowner to keep their property. Homes that have gone into foreclosure are often listed at lower prices and are on the market quickly so banks can recoup monies lost. Other important facts to know about foreclosures properties:

• Banks offer no guarantee or warranty on the property

• You buy the home As-Is

• A home inspection is highly advised

• Offers on foreclosures can be left open for as little as 24-72 hours or as long as 5 business days

Court Sales

Court and judicial sales of properties that have gone into foreclosure simply means that a judge from the Court of Queens Bench in Alberta will decide on which fair offer to accept regarding foreclosed properties. A real estate agent will take an offer on a court sale to a lawyer who then presents it to a judge. There are a few key points to remember with court sales.

• The process can take up to 30 days to be completed

• Homebuyers are required to submit unconditional offers

• There can be multiple offers that a judge is taking into consideration on a single property

• The “buying as-is” policy applies

Grow-Op Homes

Grow-Op homes are residential properties that have been used to grow marijuana, commonly in basements. When discovered by authorities these homes are seized and foreclosed by the provincial government. Grow-op homes can be a gem for homebuyers and property investors. These homes are often sold below market value at a reduced price and do not stay listed for long. Important notes you need to know about grow-op homes are:

• You cannot get a mortgage on a busted grow-op home (has to be purchased in full)

• Buying the home is done under the condition that the homeowner has the property remediated

• The home must pass all health inspections set in place by Alberta Health Services before it can be lived in or resold

• All costs to get the home up to AHS standards are paid by the homeowner 

Motivated Sellers and Networking

It is not just court-sales, foreclosures and grow-op homes where you will get deals from, motivated sellers are often where the best deals are made, if you can find them. Motivated sellers often have to list their homes due to employment change, job relocation or financial reasons, just to name a few. Established real estate agents with strong networks can locate these listings very fast and have you viewing them just as fast. There are other great investment properties that get listed and fly under the radar, everything from handy-man specials to estate sales to homeowners that need to sell quickly. An experienced real estate agent is a great resource that can spot a deal far in advance. 

With years of experience I’ve constructed a great team and a solid network in Calgary’s real estate market. For more information on any property in Calgary or if you have questions regardingforeclosures, court-sales or group-op homes, feel free to contact me today!

Latest Foreclosure Listings

MLS® listing #C4229337 for sale located at 5530 Patina DR SW

3 BED • 2.1 BATH • 2282 SQFT

$730 000

5530 Patina DR SW

MLS® listing #C4235389 for sale located at 309 2 AV

5 BED • 1.1 BATH • 1047 SQFT

$129 900

309 2 AV

MLS® listing #C4234062 for sale located at 30 Red Deer AV

2 BED • 1 BATH • 663 SQFT

$79 000

30 Red Deer AV

MLS® listing #C4228890 for sale located at 210 ROYAL BA NW

6 BED • 3.1 BATH • 2173 SQFT

$629 900


MLS® listing #C4229619 for sale located at #5202 27 GRIER PL NE

2 BED • 2 BATH • 822 SQFT

$174 500

#5202 27 GRIER PL NE

MLS® listing #C4234000 for sale located at 211043 Range Road 260

3 BED • 2.1 BATH • 1740 SQFT

$360 000

211043 Range Road 260

MLS® listing #C4234002 for sale located at 332 PROMINENCE HT SW

2 BED • 3 BATH • 1264 SQFT

$389 900


MLS® listing #C4233606 for sale located at 6 ROBINSON DR

4 BED • 3 BATH • 1154 SQFT

$349 900


MLS® listing #C4233377 for sale located at 320 SILVERADO CM SW

3 BED • 2 BATH • 1236 SQFT

$276 000


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