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.

The Three Biggest Mistakes Sellers Make When Listing Their Home

Selling a home can be a stressful and emotionally-draining process, especially if you’re selling a home for the first time.

Without professional guidance, home sellers often make mistakes that end up costing them.  In this blog post, I’ve listed three of the biggest mistakes people can make when trying to sell their home in the Edmonton area.

 

1. Price 

The most common mistake people make when trying to sell their home is overpricing their property.

 

Many home sellers are unfamiliar with the ever-changing housing market in Edmonton and often think that their homes are worth much more, or much less, than they actually are.  The same house can vary by 10s of thousands of dollars in one community, let alone across the city.

 

If your home is overpriced or doesn’t match market value, you risk losing out on potential buyers who will see your home when it’s fresh on the market.  With today’s inventory, buyers will not look at homes that are overpriced as there is just too much selection. The best chance for getting you the most amount of money is when the property is newly listed…so it has to be priced right.

 

To make sure your home is priced right, the best thing you can do is hire a Realtor Edmonton and have them give you a market evaluation on your home. They will help you price your home correctly from the get-go, so you can ensure that your home is being seen by as many prospective buyers as possible, and that you are getting fair market value for your home.

 

2. Condition

When selling your home, it’s your job to make sure that it is in great condition for potential buyers, especially if you plan on showing your home.

 

Put yourself in the shoes of a potential buyer and think about what easy changes you can make to spruce up your home before you put it on the market.

 

This could be as simple as giving your walls a fresh coat of paint, steam cleaning old carpets, or giving the backyard a little landscaping love.

 

If you’re having trouble seeing your home from the buyers perspective, ask a close friend or family member to tour your home and give you their unbiased opinion of what they think could be updated or changed.

 

3. Marketing

In order to Houses For Sale Edmonton, you have to make sure that potential buyers notice it. That’s where marketing comes in!

 

Advertising your listing online and posting high-quality photos will help garner showings, but marketing a property is way more than this.  It truly takes an experienced Realtor to be able to look for potential buyers, know how to cross-sell by asking the right questions from every inquiry, and so much more!

 

 

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.

These Tips May Speed Up Your Home Sale

Houses For Sale Edmonton

In a challenging real estate market, you need to have a solid plan for appealing to prospective buyers.  Investing in ways to boost the salability of your home, advertising your property effectively, and maintaining the condition of your property will assist you in speeding up the sale of your home.

By following these highly effective tips, you can decrease the amount of time needed to sell your home and generate the kind of profit you want.

Are you trying to sell your property and want the process to go faster?

There are many ways in which homeowners can increase the value of their properties, appeal to prospective buyers, and make the process of selling a home go more smoothly. Using techniques to enhance a property and bring in more potential buyers can be highly beneficial, especially in Edmonton Real Estate Listings market.
One of the most important areas to consider when selling your home are its condition and appearance. Although some buyers may be interested in properties that are ‘fixer-uppers’ or that can be remodeled to suit their preferences, most prospective homeowners are interested in properties that are updated and move in ready.

Edmonton Real Estate

Many people, especially those with demanding careers or families, do not have the time or the resources to spend on extensive remodeling projects. Because of this, it is important to make sure that your home has updated features, including appliances, cabinets, and flooring. Investing in these features also has the potential to increase the value of your home and make it stand out to prospective buyers. However, we can set up a meeting to see if this investment is worth it for the sale of your home, or whether we should just price the property more accordingly. It is also very important to make sure that the home’s outdoor space has been maintained. Making sure that the grass is cut, plants are taken care of, and that fences are in good condition are characteristics that potential buyers will find appealing and that will make them interested in your property. Create an outdoor space that the new owners can envision themselves spending time in. It may be helpful to invest in new flowers and plants to brighten up the space. It may also be advantageous to clean any outdoor furniture and décor to create a comfortable and peaceful environment.

Decorate for the new buyers, not yourself

You may want to invest in new paint, doors, cabinets, light fixtures, and home accessories, such as rugs, couch pillows, or wall art. You can also choose to purchase new furniture, rent furniture for home viewing (staging), or even ask others if they have any furniture or accessories that you can borrow for the staging process. Creating a welcoming and warm space will appeal to a range of buyers and make it easier for them to imagine themselves living in the home. Get started by having me over for a market evaluation and consultation about staging your home for sale.

Keep it clean

When presenting your home for sale, it is also very important to make sure that it is clean. It may be beneficial to invest in a professional cleaning company to make sure that all aspects of the home, including carpets, windows, and even baseboards are spotless. Not only is this appealing to prospective buyers who are viewing the home, it makes the move-out process easier for you, saves time for showing preparation, and also makes the move-in process easier for new homeowners. It would also be helpful to have your home inspected by a professional and well-respected company prior to beginning the process of selling your home. It is important to determine if there are any potential problems with your home, such as structural issues, mold, or outdated or faulty systems and appliances. By performing a pre-listing home inspection, you can prevent major delays in the home selling process.

Price it right

Another important step that you can take in the home selling process is to make sure that you are selling your home for a reasonable amount given its condition, age, location, and the price of nearby properties that are similar to yours. As a Realtor, I can give you the best advice on pricing your home to sell. It is especially important in a challenging market to appeal to buyers by setting a reasonable price.

When deciding to place your New Houses For Sale In Edmonton, there are many important decisions to make, and many aspects of the home selling process to consider. It is important that your home is up to date, well maintained, and advertised extensively and professionally.

Want to know how to get the best price possible, even in today’s market? Want to know what similar ones on your street have sold for? Give me a call! Jeneen Marchant, Re/Max Real Estate – (780) 904-4240

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.

What to Expect from the Real Estate Market in Edmonton 2019

Houses For Sale Edmonton

The real estate market is continuously changing which makes it incredibly difficult to keep up with the ins and outs.

If you’re not a real estate agent or are not directly linked to the industry, it can be extremely hard to know what to expect from the Edmonton Real Estate market.

For most, the opportunity to buy or sell property comes around once in every five to ten years, which, in real estate years, is basically an eternity! So, it’s important to do market research before buying or selling your home (even if you’ve already bought or sold a home previously).

Fortunately, I’ve put together a list of things that you can expect from the 2019 real estate market!

Buyers Choice

  • If you are looking to buy a home in the near future, 2019 is the perfect year to bite the bullet! Currently, there are a record high number of homes for sale in Alberta, which means that you can snag an amazing property for a great price.
  • On the flip side, if you are planning to sell in 2019 — don’t fret! In a buyers market, making your home stand out is more important than ever. Working with an experienced real estate agent who knows the ins and outs of the real estate market can help you sell your home quickly, and for a competitive price!

Steady Waters

  • In 2019, the Canadian Real Estate Association expects that average home prices will stay stable in Edmonton. A stable market means that homebuyers and sellers won’t have to deal with any bewildering pricing surprises when buying or selling property this year.
  • Currently, according to the REALTORS® Association of Edmonton, the average selling price for Houses For Sale Edmonton is approximately $370,000. However, this price shifts slightly depending on whether you are buying or selling a single family home, condo, or row house/duplex.

I hope this blog post helps you understand what to expect of the 2019 Edmonton housing market. Have any more questions about buying or selling your home in 2019? I’d love to chat with you!

If you’re looking for an experienced realtor to help you buy or sell a home in the Edmonton area, give me a call!

Jeneen Marchant with RE/MAX Real Estate

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

A Realtor’s top 5 tips for prepping your home for sale in Edmonton

Every seller want’s their home to sell fast and for asking price. But, that doesn’t just happen by fluke. 

Did you know that when a house is prepped for sale before private showings and open houses, homebuyers are more likely to purchase it for, or above, the asking price? With that being said, it’s a mistake to invest thousands of dollars, without understanding where you will get the most return on your investment.

Remember — homebuyers want to see themselves in your property. If they are going to be spending hundreds of thousands of dollars, they need to be able to envision your home as their forever home. So, it’s your job to make it as appealing as possible to potential buyers by prepping it beforehand.

Here are 5 tips for prepping your home for sale:

1. Repaint 

If there’s anything that the famous Edmonton Talus Balls have taught us, it’s that not everyone has the same taste. Although lime green may be your favorite color, somebody else might hate it.

When prepping your home for sale, be sure to repaint with neutral colors (whites, tans, etc.) to make your home appealing to as many buyers as possible. Rooms painted in neutral colors allow buyers to look at your home as a blank slate, which will help them envision it as their own.

While you’re at it, you should also fix any scrapes, scratches, or holes that might be residing on your walls.

2.Eliminate bad odours

You may think your home smells fine because you’re so used to living in it, but some of the odours that exist in your home may turn off potential buyers.

When you’re prepping your home for sale, make sure to cleanse all scents in your home. Usually, this can be done with a top to bottom cleaning, but most sellers don’t have time for that. Instead, many mask odors during open houses with inviting smells such as fresh cookies or flowers.

Every homebuyer is going to remember touring the house that smelled like warm chocolate chip cookies, so why not give it a try!

3. Depersonalize

When buyers step into your home, they need to be able to envision it as their own — they want to see it as a blank slate that they can fill with their own belongings. If your house is filled with all of your “stuff”, buyers won’t be able to visualize their own “stuff” in it.

When prepping your home for buyers, make sure to depersonalize it as much as possible. Take down family photos, put your shoes and coats away, organize your closets, and make sure every room is de-cluttered, clean, and tidy.

4. Increase curb appeal

In Edmonton, curb appeal is something that overlooked by many home sellers— especially during the winter months. But, it shouldn’t be.

The outside of your home is the first point of contact that buyers will have with it, so it’s essential that you make it look as appealing as possible.

When prepping your home for sale in the summer months, make sure to mow the lawn, weed the garden, and maybe even plant some new flowers if you have time. During the winter months, shovel the walk and make sure your front steps are de-iced.

5. Use as much natural light as possible

Sellers aren’t going to want to purchase a home that feels like a dungeon, so when you are holding private showings or open houses, make sure to fill your home with as much natural light as possible.

When prepping your home for sale, open the curtains and blinds in every room to let natural light in through the windows. If you are showing your home when it’s dark outside, or have a room without much natural light, turn on as many lamps and lights as you can to brighten up the space.

If you want the best return on investment for your home, you have to make sure that it’s as appealing as possible to potential buyers. A little bit of preparation can go a long way. When you’re ready to start prepping your Edmonton homes for sale, make sure to keep these 5 tips in mind.

  • Do you need help selling your home in the Edmonton area? Jeneen Marchant with RE/MAX Real Estate can help! Send her an email at jeneens@remax.net to get started.