What to Know When Purchasing a Foreclosure

Real estate concept

When you’re buying a home, it can be tempting to look at foreclosure properties. They are often priced lower and you can find some great homes in areas you may not be able to afford otherwise. However, there are some things you need to know before you buy a foreclosure. 

 

You might not be getting the steal of a deal you think you are.

While the perception around buying a foreclosure has always been that you are getting a better deal, that doesn’t necessarily hold true anymore. 

 

Foreclosures typically occur when the lender (the bank) repossesses a home after the previous owners fail to pay their mortgage. Foreclosures can also occur as a result of a court ruling. In both scenarios, banks and the court system have an obligation to sell foreclosed properties for a fair market value. The market value of the home is typically determined by a realtor and a property appraiser. 

 

From my personal experience, the appraised value usually ends up being what the property is listed for, but it doesn’t always coincide with market value, meaning the property can be over or under-valued. 

 

At the moment, however, the current market could work in your favour. Read more about taking advantage of the spring housing market in my most recent blog post

Real estate concept

 

Bank sale vs Court-ordered

As mentioned, foreclosures can be a result of the bank’s decision or a court ruling, each of which will shape your experience when purchasing the property. 

 

Bank sales usually go a bit faster, as the bank is eager to sell the property and recuperate costs. Negotiations are handled by a bank employee using certain guidelines, meaning that it usually takes at most a few days to hear back with counteroffers. That doesn’t mean there isn’t the potential for delays, in some circumstances, offers can take longer due to legal red tape. 

 

Court-ordered sales are different. In the case of judicial foreclosures, a court date is set and a judge decides on the best price for the property from all of the offers submitted. This means your timeline is decided by the courts, and you may not even get to purchase the property. 

 

Be prepared to do a home inspection

When you are buying a home, you can typically make a property inspection a condition of the sale. However, foreclosures can often require that any offer submitted does not have conditions.  This means that you may be required to get an inspection, which can cost about $650, prior to even submitting an offer. Inspections will also give you a better idea of what the potential costs of fixing up the home may be. 

 

Additionally, just because it’s a foreclosure property doesn’t mean there won’t be competition. Paying for an inspection can be risky, as there could be others doing the same thing in preparation to purchasing the property. 

 

What you see is what you get, literally

With other properties, you may be able to negotiate for certain terms like a professional cleaning or items to be removed from the property like an old playset. Foreclosure properties are sold as-is, where is at the time of possession, leaving no room for these types of negotiations. If you by chance find a foreclosed property that is considered to be a steal deal, be prepared for that property to need (potentially costly) renovations. 

 

Want some renovation suggestions? I’ve got them for you here.

 

Additionally, if a seller or a tenant is living in the property prior to your possession date, there is always the risk that the property may not be in the same state that it was when you originally viewed or inspected the property. Unfortunately with foreclosure properties, you are responsible for whatever damages may have occurred, or whatever items are left on the property.

 

Overall, foreclosure properties can be an interesting option when purchasing a home. It is critical to have an experienced and knowledgeable realtor to walk you through the process and ensure that the property is right for you. 

 

Due to the many extra steps and potential risks involved with the purchase of foreclosure properties I am hesitant to recommend them for first-time home buyers. However, they can be great properties for investors to add to their portfolios, or for someone who isn’t afraid to do some (or a lot) of home renovations. 

 

Looking into foreclosure properties? Let me help you with that!

As one of Edmonton’s top REALTORS, I have the experience and knowledge necessary to guide you through the process of purchasing a foreclosure property.  Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

It’s Time To Take Advantage of the Spring Housing Market

woman looking at laptop

Now that the chill of winter is being replaced by the warmth of spring, it’s the perfect time to start thinking about the benefits of buying your first home or moving on to another as the spring housing market ramps up!

Quarantine has inspired many people to look for a change of scenery, especially as many continue to work from home, and maybe doing so for the foreseeable future as many businesses decide to ditch brick and mortar and continue operating remotely. Changes to people’s career requirements have forced people to reconsider their space as their housing needs shift, resulting in many looking for bigger homes. 

woman looking at laptop

According to the Realtors Association of Edmonton, total residential unit sales were up 47.1% in January 2021 compared to January 2020 for the Greater Edmonton Area. Predictably, listings are spending less time on the market, with the average coming in at 65 days across all types of residential property, decreasing 14 days year-over-year. 

It’s clear that the Edmonton real estate market is eager to get going despite the weather and the pandemic. 

As discussed in my previous blog post, historically low-interest rates are a great reason to consider selling and/or buying a new home. Low-interest rates can make your dream home more attainable, and for those selling it means more home buyers are able to enter the market as homeownership becomes more affordable. 

Thinking about selling your home but want to put a bit of work into it first? Check out my blog post about home renovations that increase the value of your home and result in higher offers. 

While the Bank of Canada forecasts that interest rates will stay low until 2023, that doesn’t mean mortgage rates will. Mortgage rates (the rate of interest charged on a mortgage) have already started to bounce back as our economy begins to recover. Therefore, spring 2021 is the prime time to consider buying or selling your home if you’d like to take advantage of low interest and low mortgage rates. 

Understandably, the pandemic might still be a point of apprehension for most when it comes to home buying and selling, but as mentioned in this blog post, the pandemic has resulted in favorable market conditions that have increased the number of people wanting to buy. We have safety measures in place when viewing properties in order to protect the buyers and sellers. Furthermore, the housing market has been leveraging technological advances so that the market can continue to thrive and while keeping home sellers and buyers safe by using tools like virtual tours. 

With all those points aside, it’s always easier to move in the spring and summer months when you don’t have to worry about slipping on ice or getting frostbite from hauling boxes and furniture in the cold. 

Do you or someone you know want to take advantage of the spring housing market by either buying or selling a home? 

As one of Edmonton’s top REALTORS, I have the experience to sell your home for top dollar while helping you find your dream home! Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

This Summer, Go on a Home Shopping Staycation

Since we likely won’t be venturing too far from home this summer due to COVID-19 restrictions, it’s the perfect time to go house shopping in Edmonton!

With tons of new homes on the market and more free time on your hands to scope out new properties, you’ll be able to find your dream home for a great price.

In this blog post, I touch on the advantages for home buyers in the Edmonton real estate market and I give some tips to those who are selling their homes right now. 

Advantages For Homebuyers 

Low-Interest Rates 

For many people, buying a home is the largest expense they’ll ever make in their lives. So, it can be difficult to know when to commit to starting your buying journey. 

 

If you’ve been thinking of buying a home, now is the time to take advantage of the record low-interest rates available.

 

Want to find out your true affordability?  Don’t just use the online mortgage calculators.  Let me set you up with a great mortgage specialist at your bank (who only deals in mortgages), or a mortgage broker that can shop you around to find the best individual rate and term specifically for you.  

Great Selection of Homes 

With a flood of new properties hitting the market, searching for that place you’ll soon call home is easier than ever!

Right now, Edmonton home buyers have the advantage of looking at a great selection of properties for sale in our city. Who knows? You might even find the perfect home in your dream neighborhood! 

 

Tips for Home Sellers  

Curb Appeal 

One of the most important things to do when selling a home in a competitive market is to try and make your home stand out from the rest. An easy way to do this is to make the outside of your home look pristine. 

Before putting your house on the market, give your front yard a little TLC. Try pulling out some of those weeds, mowing your lawn, planting some flowers, or power washing your siding. 

Another great tip to brighten up your home’s curb appeal on a budget is to update your front door with a fresh coat of paint and new hardware. 

 

Eliminate Clutter 

In a crowded market, you want your home to appeal to as many buyers as possible. Buyers may not have the same style or taste as you, so it’s important to make the inside of your home as generic and simplistic as possible. 

You can de-personalize your home by removing clutter and decorative items, taking down family photos, and painting the walls in neutral colours. Let your home be a blank canvas for a buyer to transform into their dream home!

Are you looking to buy or sell a home in the Edmonton area? Contact me (Jeneen Marchant, Re/Max Real Estate) by phone: (780) 904-4240 or by email: jeneens@remax.net.

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction.
Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

5 Ways to Make Your Offer Stand Out

Buy Homes In Edmonton

Making an offer on your dream home can be daunting, especially when you are putting a competitive offer on a great home in a desirable neighborhood.

In this blog post, I’ve listed some tried-and-true tips for writing a winning purchase offer that stands out among the competition. These are helpful during a multiple offer situation, where you are competing with other buyers for the same property.

1. Make it friendly and personable 

When making an offer on a home, it can be a good idea to write a personal letter to the seller. Introduce yourself to them and tell them what you love about their home, why you want to purchase it, and how you plan to take care of the home once you take possession.  A seller that knows you on a more personal level, and knows you are going to take good care of their home, will be much more inclined to sign the papers over to you.

I usually write up an email on my buyer’s behalf along with the offer to help win the seller over and show why the buyer is offering what they are.  This has helped me “win” many multiple offers for my clients.

2. Be flexible 

Selling a home can be just as stressful as buying one, so it’s always smart to try to make the transition as easy as possible for the seller. This could mean pushing back your possession to give them a bit of extra time to move out or even taking out some demands on your end. Being kind and flexible will always set your offer apart from other buyers.

3. Write down your best offer

The first offer that you make is your best chance to make a good impression on the seller. So it’s important that your first offer is your best offer – especially when you are making an offer on your dream home. If you are making an offer and know that you are competing against other buyers, figure out the top dollar you are willing to pay for the home and offer that price.

4. Be ahead of the game 

Sometimes, the early bird really does catch the worm. If you absolutely love a home, one of the best things you can do is to send your offer in as early as possible. With the help of a real estate agent, you may even be able to put in an offer before the property is listed to the public, giving you first dibs.

5. Get help from an experienced real estate agent 

 

A good real estate agent has the skills and expertise to know how much a home is worth in the current market. With help from a real estate agent, you can make an informed offer that will impress the sellers. Realtor Edmonton are also the first people to know about new listings and can help you put an offer on your dream home before anyone else!

Read More-3 Reasons Why You Should Buy or Sell a Home in 2021

If you’re ready to make an offer on a home and still need some help in crafting a winning purchase offer, be sure to contact me (Jeneen Marchant, Re/Max Real Estate) by phone: (780) 904-4240 or by email: jeneens@remax.net

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

First Time Home Buyer Tips

walk-out bungalow, 2350 sq ft. 4 bedroom and 3 bathroom

Purchasing a property can be a daunting task, especially for first time home buyers. There are many factors to take into consideration, some of which include location, price, and needs. But there are ways to secure your first home while staying within your budget, and to make sure that you make the right investment.

Buying your first home is an important milestone that requires time and thoughtful consideration. There are many steps that first time home buyers can take to secure a property that will reflect their needs and budget. There are also things that prospective first-time buyers can do to ensure that the property they are purchasing is in good condition and will not require any significant repairs in the future.

1. Start Planning

One of the most important steps that a buyer can take, whether it is their first time or 10th, is to plan their investment ahead of time. This may involve saving for a down payment/ closing costs, and getting pre-qualified for a mortgage to determining how much is needed in order to purchase a property that will suit your needs. These initial steps may vary in time depending on factors such as income/ credit level and the availability of properties in your desired location, but they are critical steps in the home-buying process that all people should consider before investing in a property.

2. Choose the right Realtor

Another important step will be to consult with a professional Realtor (like myself) who can assist you with looking for a property that suits your needs and price range. We have access to every property available (no matter whether it is a for sale by owner or which company it is listed with) and assist with negotiating to come to an agreement that works for both a seller and a buyer…just to name a couple items out of the dozens we do behind the scenes. Professionals in the industry have an in-depth knowledge of neighbourhoods, amenities, whether a property follows city guidelines, what updates are worth the price, and much more. Doing it on your own will mean that you may not be fully informed or getting the best value for your investment.

3. Getting Pre-Approved for your mortgage

A mortgage pre-approval is important because it means your lender has checked your credit and verified your documentation to approve a specific mortgage loan amount.  I always recommend using a mortgage broker that shops you around in order to find the best terms and rates for your needs as going to the bank directly may not be as firm of a number for us to work with.  Let me know if you need some referrals. This makes buying your home even easier because you will know exactly what you can afford and feel confident when submitting your offer.

4. Finding a home that matches your lifestyle

Part of your first home search will be researching prospective neighbourhoods that you want to live in.  Is it safe, near the amenities that are important to you? Does it match your lifestyle? For example, if you are a single working person who values convenience, you may want to consider an area that is in close proximity to grocery stores and restaurants, as well as a low-maintenance property like a condo or townhome.  If you have a family or are considering having a family in the future, you may want a property in a suburban area that has amenities for children and families, such as schools and parks. You will want to consider the size of a property and determine how much space you need along with what features will make this home ideal for your wants and needs. When considering your options, it is important that we search for a property that will meet your needs today and for the next few years.  But keep in mind that things change and people typically live in their first home for 2-5 years before wanting to move or upgrade to fit their new needs or use equity to get closer to their forever home. Although it may be tempting to purchase a property that is priced lower in order to save money, this may not be the best option for your future satisfaction as a homeowner.  Some compromise might be necessary in the home-buying process, depending on your budget, such as spending a bit more to be able to live in your desired location or choosing a different neighbourhood to save a bit of money.  Balance is key when it comes to finding the perfect first home as it likely is just your entry into home ownership. Focus on finding a property that is ideal for your current needs and budget, and be flexible if needed.  

5. Property Inspection

After we find you the right home, negotiate an offer, and send the documents to your mortgage broker for final financing approval, the next important step is to ensure that the property you are purchasing is in good condition. Although a property may appear to be in good condition, having a property inspection can notify you of any structural, electrical, or plumbing issues, or just give you a list of small repairs that you can do over time as every home whether brand new or 60+ years old will need some form of maintenance. Property inspectors are registered professionals with building and/or trade experience.  They always have knowledge of the latest building and safety codes, and what is necessary for the property to have versus suggested to have based on the year built.  I also have several inspectors I have worked with for years to referral if needed.   When searching for your first home, concentrate on the practical aspects of your search, such as planning ahead, maintaining your budget, and looking for a safe and secure neighbourhood. Remember to also look for a space that you can envision yourself spending time in and what reflects your needs. A professional Realtor like myself can help make your first home buying experience educational, positive, and unforgettable.  Give me a call to get Professional Real Estate Advice, Jeneen Marchant, Re/Max Real Estate – (780) 904-4240 . Find me on Instagram

Hi, I’m Jeneen Marchant!

I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.

7 Things All Homebuyers Should Look Out For Before Purchasing A Property

Finding your forever home can be an exciting process, but it’s important for all homebuyers to be on the lookout for potential problems on their house-hunting journey.

When viewing a home for the first time, you might not notice that leaky roof or chilly spare bedroom. But, once you’re settled into your new space, these problems will make themselves known and can cost you a fortune to fix!

Unfortunately, not everyone can have Canada’s Mike Holmes by their side when purchasing a new home. So, I’ve put together a list of the top 7 things you should look out for before purchasing your “dream home”

1.Information about the Land

  • When you buy a home, you are also purchasing the land surrounding it
  • Make sure to spend as much time viewing the outside of the home as the inside.
  • Is the area prone to flooding or ice build-up? Are the fences around the property built properly? Is the driveway in acceptable condition? Are there signs of any tree root issues?

Information about the Land – When you Buy House Edmonton, you are also purchasing the land surrounding it. Make sure to spend as much time viewing the outside of the home as the inside. Is the area prone to flooding or ice build-up? Are the fences around the property built properly? Is the driveway in acceptable condition? Are there signs of any tree root issues?

2. Peculiar Smells

  • When you walk into a home, be on alert for any unpleasant smells like sewage, gasses, pet odours, and more
  • These smells could be signs of problems you might have with the home down the road.

Peculiar Smells – When you walk into a home, be on alert for any unpleasant smells like sewage, gasses, pet odours, and more. These smells could be signs of problems you might have with the home down the road

3. Room Temperature

  • A faulty heating or cooling system can be expensive to replace.
  • When viewing a home, make sure to take the temperature of the rooms you are in. If they are particularly warmer or cooler than usual, this might be a sign that the heating and cooling systems need to be replaced.

Room Temperature-A faulty heating or cooling system can be expensive to replace. When viewing a home, make sure to take the temperature of the rooms you are in. If they are particularly warmer or cooler than usual, this might be a sign that the heating and cooling systems need to be replaced.

4. Roof Repairs

  • Replacing a roof is never fun and can cost you thousands.
  • When looking at a home, make sure to check the roof for any cave-ins, cracks, unsealed edges, or missing shingles.

Roof Repairs – Replacing a roof is never fun and can cost you thousands. When looking at a home, make sure to check the roof for any cave-ins, cracks, unsealed edges, or missing shingles.

5. Unusual Dampness or Humidity

  • Did a room feel unusually damp or humid when you were touring the house? This could be a sign that there is mould, leakage, or improper insulation behind the walls.
  • Look for flaky plaster and watermarked walls or ceilings.
  • Keep in mind that some sellers will try to paint over the watermarks before you buy. 

Unusual Dampness or Humidity – Did a room feel unusually damp or humid when you were touring the house? This could be a sign that there is mould, leakage, or improper insulation behind the walls. Look for flaky plaster and watermarked walls or ceilings. Keep in mind that some sellers will try to paint over the watermarks before you buy.

6. Dodgy Wiring

  • Improper wiring can be dangerous. Not to mention, rewiring your home could cost thousands!
  • Make sure that a home investigator or trusted electrician approves the wiring and fuse board before you decide to purchase the home.

Dodgy Wiring – Improper wiring can be dangerous. Not to mention, rewiring your home could cost thousands! Make sure that a home investigator or trusted electrician approves the wiring and fuse board before you decide to purchase the home.

7. Improper Insulation

  • A properly insulated home can reduce monthly heating and cooling costs, which is a huge win for a new homebuyer.
  • When viewing a home, check the attic and heating ducts to ensure that they are adequately insulated.

Improper Insulation – A properly insulated home can reduce monthly heating and cooling costs, which is a huge win for a new homebuyer. When viewing a home, check the attic and heating ducts to ensure that they are adequately insulated.

Are you on the hunt for an experienced realtor to help you to Houses For Sale Edmonton? Give me a call!

Jeneen Marchant with RE/MAX Real Estate

780-904-4240  or email at jeneens@remax.net to get started.

The Top 5 reasons Why You Should Work With a Realtor When Buying or Selling Property

In today’s economy, people are looking to cut costs wherever they can. With so much information readily available online, individuals often think that they are equipped to buy or sell property without the help of a realtor.

But what many people don’t realize is that working with a realtor not only saves you time and money, but also comes with a ton of added benefits!

Before skipping out on a realtor, take a look at this list of the top 5 reasons you should work with one:

  1. Years of Experience

  • Most people don’t have a lot of experience in buying and selling property, which can sometimes make for delays and costly mistakes.
  • That’s where working with a realtor can come in handy.
  • Experienced realtors have been involved in the buying and selling of hundreds of properties, and because of this, know the entire processes inside and out.
  • They are familiar with all of the intricate forms, contracts, and reports so that you don’t have to be.
  • When you work with a realtor, they will guide you through every procedure and make sure that no costly oversights or errors are made.
  1. Connections in the Industry

  • When buying or selling a property, you may be looking to work with other individuals in the real estate business like home stagers, inspectors, photographers, etc.
  • Luckily for you — a relators network spans far and wide.
  • A realtor is like a Disney World FastPass that gives you direct access to other talented individuals in the industry.
  • They are associated with the best and brightest in the real estate business, and will gladly help you get in contact with them.
  1. Killer Negotiation Skills

  • Sit back and sip a cold one while your realtor deals with the offers and counter-offers from the other side.
  • Without the emotional connection to property that most buyers and sellers experience, realtors are able to focus on negotiating with the other side to get you the best deal possible.
  • Experienced realtors have exceptional negotiation skills and will always craft messages with your best interests in mind.
  1. Market Knowledge

  • No one has as much knowledge of the Edmonton housing market than local Edmonton-based realtors do.
  • It’s their job to stay up to date with the local market prices so that you don’t have to.
  • Realtors know everything there is to know about the local market, as well as the current market trends. So, when you hire a realtor to help you with the process of buying or selling property, you won’t have to spend your time researching the market.
  1. Easy access to sellers and buyers

  • When you’re looking to purchase property, a realtor can help you gain access to tons of listings that the general public wouldn’t have access to.
  • Most realtors have access to extensive databases that allow them to see the best properties on the market.
  • People also associate realtors with professionalism, so sellers are much more likely to trust buyers on their property when a realtor accompanies them.
  • If you are looking to sell property, realtors can bring in more individuals to view your listing because of their connections with others in the real estate industry.

Whether you are looking for a new place to call home, or are selling a place you’ve outgrown, it’s beneficial to have a realtor by your side to help you through the process.

Remember — at the end of the day it’s a realtor’s job to make the transaction as easy as possible for you. Not only will a realtor save you time and money, but they will also bring tons of added benefits and resources along with them.

Are you looking for a realtor to assist you in buying or selling property in the Edmonton area? Jeneen Marchant with RE/MAX Real Estate would be happy to help! Send an email at jeneens@remax.net to get started.