People try to find foreclosure listings for sale because they are looking for a deal. And it's true that much of the time, the list prices of foreclosures (and other types of distressed listings) are lower than the list prices of generic homeowners. It's all about risk, work & reward.
Foreclosure is the process where lenders (often banks) become the owners of homes because the previous homeowners have stopped paying a mortgage. Banks (or their lawyers, acting as agents) list these homes for sale in order to recover their investments. Generally, those agents specify what kind of contract they require the buyer to sign. They may be listed "as is where is" or "as is where is on possession", which mean different things (differing levels of risk). They may or not be discounted for this risk...
Sometimes foreclosures and court listings are good deals, but not always, and don't forget that generic listings can be well priced, too.
Often it is possible to have a property inspection as well as a financing condition during the purchase of a foreclosure, but not always. The properties below have either been listed by their REALTORS® either as "court sales", "bank/financial institution-owned" or "foreclosure".
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Timberlea 4 Bed 3 Bath 1387sqft
RE/MAX FORT MCMURRAY
Gregoire Park 2 Bed 2 Bath 901sqft
Prairie Creek 3 Bed 2 Bath 1420sqft
Wood Buffalo 5 Bed 3 Bath 1163sqft
ROYAL LEPAGE TRUE NORTH REALTY
Downtown 5 Bed 2.5 Bath 1154sqft
Wood Buffalo 4 Bed 3 Bath 1155sqft
Thickwood 6 Bed 3 Bath 1598sqft
Gregoire Park 3 Bed 2 Bath 1224sqft
COLDWELL BANKER FORT MCMURRAY
Downtown 2 Bed 2 Bath 756sqft
More Fort McMurray Communities…
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Disclaimer: CREB® Data Ownership and Disclaimer Statement Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The listing data displayed is deemed reliable but is not guaranteed accurate by CREB®. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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