Looking a buyer a foreclosure property?

You see a foreclosure property on the market. Should you go for it? Perhaps you can get a deal on it. Before you take the plunge, here are a few things to consider. First of all, you are purchasing the property in "as is where is" condition. What does this mean? It means that the seller (usually the bank or mortgage company) does not warranty any information about the property. They have never lived there. Representatives of the bank may have never even seen the property in person. They do not usually know the history of the property, such as any leaks in the basement, structural issues, or whatever. When you look at purchasing a foreclosure property, you will be getting it in the same shape that you look at it. The seller is not going to fix it up for you. For example, the seller is not going to fix the roof, or repair a leaky faucet. This is why you should get a property inspection. At least this way, you will have an independent professional inspect the property and point out any defects that you may, or may not, have seen. Also, the seller will not be providing you a real property report. Remember those from a previous post? This is a survey of the lot, which shows the permanent structures and how they are situated in accordance to the property lines. If you are getting a mortgage to purchase a foreclosure property, you will be on the hook for getting a new RPR, as your lender will most likely want one. The risk is on the buyer, for pretty much everything. This may put some people off, but for others, purchasing a foreclosure property may end up being a great investment. If you get the property for a decent price, and can fix it up yourself (some people may leave the property in good condition, while others are usually leaving in not very good circumstances and may leave a mess and damage the property), you may have just made one of the best investments of your life. Just do your homework ahead of time. Do your due diligence during the buying process. Talk to the neighbours. Some may have some wild stories about the property (take them with a grain of salt!), while others may tell you that the previous owners took good care of the property, and just fell on hard times. Talk to the local municipality representatives, such as the town office, or city hall, to see if they have any history of the property. Talk to your real estate agent. Get as much history as possible about the property. Once you have done all that, then you should have enough ammunition to decide on whether the foreclosure property is right for you, or not.

Interesting Year

In a year where markets across the province are weaker than we have seen in recent years, the market at the resort seems to be holding its own. With three cottages sold in May/June, we are now seeing some cottage lots sell. Some of these lots have been on the market for a few years, but now there is interest. Plus, there are a couple of basements being set up for cottages to either be moved in, or be built on. It is nice to see activity at the resort, as it has been a while since we have seen this type of excitement in the local real estate market.

June 2018 Update

There are currently twelve properties listed for sale through the Calgary Real Estate Board at Lake McGregor Country Estates. One cottage, four cottage lots, and seven RV lots with units on them (either park model units or trailers). Over the past year, there have been eight sales reported through the board at the resort - three cottages, two cottage lots, and three park model units with lots.

Summary of May 2018

The start of the summer season is upon us at Lake McGregor Country Estates. As far as real estate goes, May was a busy month. Magnuson Realty Ltd. had three cottages listed during the month of May and all three have sold! One cottage was on the market for over one year, while another was on the market for several years. And the third cottage, well, it sold in less than one week of being listed. Could this mean that the recreational property market is finally turning around? Well, it's a start. Now we need to see if we can get some cottage lots sold, many of which have been on the market for at least one year, or more. I see that there are markings for what could possibly be a lot ready for a cottage to be moved on site. That would be nice to see. There are a couple of existing cottages that the owner are doing the final touches on out there. Outside of the real estate market, the boat docks are out and the grounds are looking nice and green! Much better than that white stuff that blanketed us not that long ago...

Local State of Emergency for Vulcan County

There is a state of emergency in place for Vulcan County. For more information, please visit the Vulcan County website at: www.vulcancounty.ab.ca. There has been overland flooding due to high amounts of snow melt and some roads have washout areas

Is it Spring yet?

April 16th, and Southern Alberta is getting hit with another snow storm today. This winter certainly seems to have drug on longer than average, and we certainly have had an above average snowfall. However, this means that we will have much more moisture to help our grass and trees get growing (whenever the winter decides to take a season off!). Like much of the real estate market in Alberta, perhaps Western Canada, the longer, colder, wetter winter has slowed an already weak market down. Yet, when the weather finally does start to warm up, I feel that the markets are going to get busy. Not 2006-2007 busy, but better. The reason being, people are sick and tired of being stuck indoors and will want to get out and do something. Soak in some sun! Get their boats in the water! Just be outside! In 2017, there were three less sales at Lake McGregor Country Estates than there were in 2016. Average roughly about 10 sales a year, including private sales and MLS sales. According to the Calgary Real Estate Board states, since January 1, 2016, there have been 9 sales reported at Lake McGregor Country Estates, and 5 sales at Little Bow Resort.

Lots of Snow

We have had lots of snow this winter, which means lots of green this spring! The moisture was a must, and we got it. As far as real estate activity goes, the interest has been minimal. With the weather due to warm up during the next month, we can expect some of the snow birds back, and people getting anxious to leave their igloos and look check out recreational property again. Here's looking forward to a busy spring!