Condo Foreclosures in Calgary
Is there good opportunity in Foreclosures? Short answer...Yup.
Are there pitfalls to buying foreclosures especially condos? BIGGER YUP!
We all know about 'as is, where is'...if you don't this means that the property you are buying is not guarunteed to be in the same condition it was in on possession day as it was the day that you viewed it.
There are going to be pitfalls in buying a condo that is in foreclosure, however likely not as many as there would be a single family home. The difference being that the condo corporation has a duty to maintain the common areas of the condo development...in the single family home there is noone looking after regular maintenance or upkeep of the property.
Being Cautious is Very Important
Condos that are in foreclosure typically do not come with any condo documents, these are usually obtained by the ex-owner of the property and it is highly unlikely that they would leave them for the bank or the entity that foreclosed on the property.
As a buyer, you would be on the hook to obtain these documents and have them inspected. You must be cautious and have your REALTOR® do some digging on the condo corporation before you shell out the bucks to buy the docs...to learn more either watch the video below or call me direct at 403-827-7527
Condo Documents from Foreclosure Condos