Are you in the market to purchase a home in the Edmonton area? Have you come across listings that state the property is “In Foreclosure'' or a “Judicial Sale”? These types of properties can be good opportunities for individuals looking to purchase properties with equity building potential.  There are however, some important details that buyers looking at these properties should consider.

When a property is a “Judicial Sale”, it means that the sale of the mortgaged property is under the intervention of the court system. Some of the reasons that a property or property owner would be in this situation are as follows:

• The outstanding property debt cannot be resolved

• The borrower/owner has become insolvent

• The borrower has defaulted in mortgage payments and cannot afford to continue

• There has been an appraisal completed on the property and there is equity left in the home after mortgage, taxes, and legal fees have been paid out.

The “Judicial Sale” process is somewhat more complex and involved then buying a property “In Foreclosure”. The reasons for this is that at times the seller is still living in the property, numerous parties are involved (lawyers, banks, realtors, appraisers), with court dates and other protocol to follow. The courts also prefer seeing accepted offers (potentially multiple) without due diligence conditions (Financing, inspection etc.), as once the accepted offer has been stamped in court the property is considered sold. The buyer does have the ability to complete their due-diligence on the property to their satisfaction, however it must be completed ahead of submitting the offer to the courts. 

When a property is “In Foreclosure”, or “Bank-Owned Foreclosure Sale”, the lender has taken control of the property to secure monies owed. Some of the reasons why a home would go into foreclosure would be as follows:

• The owner has been released or has quit their job

• There are medical conditions preventing the owner from working

• Debt levels and outstanding bills are unmanageable 

• The owner has had a job transfer to another province or city

When properties are “In Foreclosure”, the sale of these properties are generally more straight forward than “Judicial Sales”. Financial institutions often allow due-diligence conditions  such as Financing and Property Inspection. There are also no court dates required for these offers to be considered, so there is more certainty with closing/possession dates. 

“Foreclosure” and “Judicial Sale” properties are often time good opportunities for a buyer to purchase a property with equity building potential. The properties are however sold “As is, where is”, and without any representations or warranties. There are also sections of the “Residential Purchase Contract” that contain clause insertions and deletions, which should be reviewed prior to writing an offer. These details should be discussed with your Realtor, Lawyer and Mortgage Broker, prior to proceeding with the purchase of a “Foreclosure” or “Judicial Sale”. 

Should you have any further questions about “Foreclosure” and “Judicial Sale” properties, please contact Ryan Philipenko of RE/MAX Real Estate. Ryan will also be able to guide you through the process of this type of purchase, and also present MLS listings in the Edmonton area that match the criteria of your desired search. 

Ryan Philipenko |  RE/MAX Real Estate 

780 504 6674 | www.philipenko.com | ryan@philipenko.com

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Edmonton Home Staging

Our “Preparing To Sell” program ensures your home showcases its full potential. We take the time to work with our clients to assist them in getting their home ready for the market. We have found that investing time to clean, declutter and stage a home, results in less time on the market and our listings sell for more money.

Our complimentary staging consultation will provide you with all the necessary tools to prepare your home. We walk through your property with our in-house home stager room by room, to evaluate each space and provide a final list suggestions for you. As we work through the list together over time, the home will transform into a brighter, more open space with better flow. Buyers generally respond favorably to our changes as it gives them a better feel and vision of the space. 

Often times, clients will need a few touch-ups to their home. Some will need a painter to come in to paint a few walls, or a carpenter to finish up some baseboard, we can assist with this. Our objective is not to fully renovate the home prior to sale, but to complete unfinished tasks and minimize the appearance of any deficiencies. From this point we can arrange cleaners, tackle outside tasks, remove clutter and debris and finalize staging details. 

Our in-house home stager is a valuable asset to the selling experience. She is hands on and works with the client every step of the way. We have a complimentary removal service for our clients that helps them to get rid of unwanted items and debris.  If you would like to see some of our before and after photos/videos, please click on the links below. The transformations are truly impressive! 

Please take the time to connect with us to see how our “Preparing To Sell” experience can assist with the sale of your home. We take pride in our work and the succussful results are the proof that our system works. We can be reached directly at 780 504 6674, for more information. 

Thank you for your time - we look forward to working with you.

Ryan Philipenko | RE/MAX Real Estate | Edmonton, Alberta | 780 504 6674 | www.philipenko.com

Whether you are interested in buying or selling real estate, I am here to help guide you every step of the way.

If you have any questions about real estate from home evaluations to mortgages to searching for properties in your area, don't hesitate to contact me today!

#homestagingedmonton #edmontonhomestaging #freehomeevaluation #edmontonremax #remaxedmonton #housesforsale #homesforsale #realestate #infillhomes #newhomes #newlistings #justlisted #justsold #yegremax