Selena’s February 2017 Update

Buying Foreclosure Properties – Part2

My article last month on Bank Foreclosures generated a lot of interest. This month I will cover Court sales as there are some key differences between the two. I mentioned in a Bank sale, it is a lot like a normal transaction where you can put conditions to protect yourself. Not so with Court Sales, as all offers have to be unconditional.
Reading between the lines, you may have to pay the full purchase price in cash which is why many people do not even qualify to buy in Court Sale. Schedule “A” forms part of the agreement just like Bank Sales.
Once again you can not ask for any unattached goods, (fridge, stove, washer, dryer etc) Condo Docs or an RPR either (Real Property Report). Most likely, there will be more than one offer, so you are in multiple offer situation and you will need to present your best offer as there is no negotiating. All dates in the Purchase Agreement need to refer to the Court Date because when the judge chooses your offer, congratulations, you have bought it. Caveat Emptor. So if this article hasn’t put you off and you are still interested in Foreclosure Properties, reply to this email and we can send you a list of currently available Bank Sale and Court Sale Foreclosure Homes.

Hong Kong Trip

Jan 28th was Chinese New Year and I received a call that night from Hong Kong saying that my dad is in hospital with unknown condition. I booked a flight to visit him right away. Everything was in such a rush and lots of emotion to deal with. Glad by the 9th day the hospital released him back to nursing home. Everyday I went to nursing home, feeding him and just spending time with him. My memories of him from when I was a teenager were not that pleasant. My perception was, “I was never good enough” and that caused a distance and unspoken anger. But looking after him those few days and things changed. Until this moment when he looked me in the eyes, I suddenly felt his love and just unconditional love from him, and assurance he will be okay if this is last time I seen him. There is no need to explain the past of what happened, and unconditional love heals every hurt. This trip is more for me to experience father’s love than anything else. I feel grateful to have this precious moment with my dad. And God bless him.

How Realtor® Searches Work

Finding properties on the internet is getting easier for the average person and websites like realtor.ca have come a long way with their search function but it doesn’t beat having an automatic search set up by a Realtor® and here’s why. Did you know not all homes make it to realtor.ca? And on top of that, those that do make it are delayed by a day or 2 as information is checked to make sure it is suitable to be released to the public. As a Realtor®, we have access to many more search options than the general public do although lets just do a quick comparison. If I search for Foreclosure on realtor.ca then 15 properties show up in the Edmonton region compared to the 50 that my clients get with autosearch. Every now and then a home will show up in the results which is clearly not a foreclosure so how do these slip through you may ask? When listing a home for sale there is no checkbox to tick if it is a foreclosure property, so these types of listings are found with a keyword search. I use several keywords along with “Foreclosure” such as “Schedule A” but if the listing agent makes the comment, “call me to schedule a viewing” then these homes show up in your results too. The solution? If a home shows up and you want more information on it, simply send us a quick email and we will get back to you right away with the answers.

Latest Sales Data

Every Month the Edmonton Real Estate Board gathers the latest sales figures sorted by property type, price ranges, listed and Sold. Click the above link to download a copy from our website.

Housing Trends

Its one thing to download the latest sales figures from Edmonton Real Estate Board and its another to actually understand what all the numbers mean. Click the above link link for a summary from the President of the Edmonton Realtors® Association, or reply to this email and we will be happy to discuss it with you or provide sales figures for different months.

Valentines Day

Fionna is almost 4 and she is so proud to give us this Valentine day card she made all by herself one afternoon. Yes she can actually read and write, and yes, Mommy & Daddy are very proud too. It does raise an interesting question though. If Fionna is this capable at 4yrs old then our challenge will be finding a school where she will be motivated, inspired and encouraged to continue learning. We know we are not the only parents who have been in this situation before so we would love to hear your solutions and school options.

Investing With Tenants In Place.

We have really nice and warm weather in Edmonton, which means we are going to have early spring, and spring is when most home owners plan to list their home for sale. This also applies to investment properties. Currently we do have 5 listings (including condos, townhouse, single family homes and 4plex) and these are all tenant occupied Homes. They will be ready to put on the market next month, so if you would like to get more information, we can send you the details. As smart investors, a good way to save money is by assuming good tenants when the deal closes, so that way you are receiving cash flow at day I. You may not know however that many lenders ask to view leases when you buy investment property so if the property is vacant it can be much harder to finance.

Disclaimer: Not intended to solicit buyers or properties under contract.
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with COLDWELL BANKER Venture Realty.
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