Foreclosures in Lethbridge
Your destination for information about home foreclosures in Lethbridge.
Lethbridge does not have many foreclosures. In Lethbridge, and Canada in general, lenders are very strict when approving mortgages, which greatly reduces the number of foreclosures versus somewhere like the United States. Buying a foreclosed home or a court-ordered sale may seem like a great idea, as you are getting a property at a reduced rate from the bank. However, there are many hurdles you may have to cross in the process.
Pros of Purchasing A Foreclosed Home
- You could save potentially thousands of dollars when purchasing a house this way.
Cons of Purchasing A Foreclosed Home
- You must sign Schedule A, which states that there is no guarantee your house will be in the same condition when you take possession, as it is when you make the offer on another house. If there is a natural disaster, or if someone came and vandalized the property, you would not be covered.
- There is no option to negotiate with the seller to make repairs before you purchase the home.
- Sometimes, you may not be able to view the property. If you are able to view it, they may be very tense viewing conditions as the tenants may still be living on premise.
- Real Property Report: As the banks and the court will not provide a Real Property Report, which costs approximately $600 or a letter of compliance from the city, which is another $150 cost.
- Often, a foreclosed home is in poor condition, there may be up to tens of thousands of dollars in necessary repairs. If you are looking for a great deal on Real Estate in Lethbridge, there are many other options. Sometimes you can find a fixer-upper or sellers who are particularly motivated. For a list of foreclosures in the area, please feel free to send us an email or phone Peter at 403-394-7721.
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