Lethbridge Revenue Properties
The
Alberta real estate market is active!
Now is your opportunity to invest in a
solid entity that is safe, inflation proof, rapidly appreciating and cash
producing, month after month. In the 1990's it was the stock market which
boomed, this decade it's real estate. Calgary and Edmonton prices have
already sky-rocketed, but there is still time to get into the Lethbridge
market.
To date, Lethbridge has enjoyed the lowest prices of any major
Alberta city, but this is changing FAST. Lethbridge is ideally located on
the main transportation corridor running from the US border through
Calgary and Edmonton, to Fort McMurray. Major new employers such as Sun
Life insurance have moved to town. With a
population increase from 72,000 in 2001 to 84,000 2009, is it
any wonder that new housing is mushrooming on every side of the city.
A lack of inventory,
is causing prices to continue rising. The average Sutton Group Lethbridge resale price year to date in 2005 was
$142,394, in September 2008 it was $275,959.
All of the fundamentals
for sustained Lethbridge property price increases are in place. Many real estate
agents are projecting a 5-year boom period, playing catch up with our
close neighbour Calgary, and benefiting from the expected long term oil
demand across Alberta. Each area of the city generates it's own pressure
for rental property. In the west it is primarily the university, in the
south the college, and in the north, the industrial sector.
At Team Miller we specialize
in finding revenue property for our clients. If you would like to take
advantage of one of the most active property markets in Canada, please fill
out the form below, or call Allan Miller today at 403-320-6411.
Lethbridge Foreclosures
In the real estate world
deals come in many different forms. One such form is a foreclosure
property. A foreclosure results when a borrower defaults on his or her
mortgage payments. The sale of the property is to satisfy the payment of
the loan. In Alberta, foreclosures are processed under judicial sale but
the court ordered sale is carried out under the Court of Queen’s Bench.
A judicial sale is when
the lender has the property
listed for sale under the supervision of the court. If there are no offers
from the judicial sale, the lender can seek an order absolute of
foreclosure, therefore becoming the new owner.
The foreclosure process
is quite complicated and your ability to secure a good price will, in many
cases, depend on what stage the process is at. It will also depend on your
ability to choose a knowledgeable realtor, whose expertise can guide you
smoothly through the process.
Upside of Foreclosures
No fear of upsetting the
vendor. In many cases if you
write a low-ball offer on a listed property, the vendor may become upset
and counter at full list price, essentially telling you to go away. In a
foreclosure, depending on what stage it is at, the lenders or the courts
do not have an emotional attachment to the property. They will either
accept, reject or, in rare circumstances, counter-offer. Good price.
Sometimes foreclosures are priced below market value.
Quick possession.
In many case foreclosures are vacant allowing for a quick possession. So,
if you need to start renovations right away, it is possible to do so.
Downside of Foreclosures
No condition offer.
Usually, if you wish to purchase a foreclosure, a no condition offer must
be presented to the court for approval. This means you cannot make the
offer subject to a home inspection or financing. You have to be absolutely
sure you can obtain financing to buy the property before tendering your
offer.
Property sold as is.
When you write an offer on a foreclosure you must sign a schedule A form.
This form specifies that you are waiving your right to litigation if you
take possession of the property and it is not in the same shape it was
when you originally viewed it. It also specifies that lender or court
makes no warranties or representations that anything in the property
functions as it should. As well, none of the chattels (fridge, stove, etc)
are sold, conveyed or transferred with the property. The property is sold
“as is, where is” and there is no guarantee that you will get a survey or
Real Property Report.
Multiple Offers.
In many cases, when a foreclosure is listed, there is a time period that
offers must be left open before they can be dealt with. Sometimes this
time period is as long as two months. Usually, during this time period, a
number of offers come in on the property. It then becomes a multiple offer
situation where the best offer is accepted. The best offer may well be
over the asking price for the property.
Paying too much.
When a lender forecloses on a property there are costs involved such as
legal and realtor fees. Sometimes, if a lender hopes to recover these
costs, the property is listed at an asking price higher than what it’s
worth.
Fixer Uppers, Motivated
Vendors, Distress Sales, Estate Sales
Sometimes you may find
the best deal with other types
of properties. A vendor may decide to price a property low because it
needs major repairs and he or she is not inclined, or cannot afford to do
them.
If a vendor is getting
transferred to another country or province, for employment purposes, there
may be some motivation to take a reduced price on the property to affect a
quick sale.
If there is marital discord,
a home may be priced below market value as the couple may no longer wish
to remain in a home that has stood witness to bad memories.
In an estate sale,
sometimes there are family beneficiaries of the will who are more
concerned with getting their hands on their share of the cash than they
are with fair market value.
So you see,
real estate deals come in many forms. If you're working with an
experienced Team Miller realtor, who can help you determine vendor
motivation, track deals as they become available, and negotiate the best
price and terms, you have a much better chance of succeeding with your
investment goals.
Finding Distressed Sales resulting from bank foreclosures and other
special circumstances can be challenging for the average homeowner. While
there are some terrific deals to be had, finding them usually involves a
routine time-consuming study of the local newspaper.
Fortunately, there is an easier way. By requesting Team Miller's
Foreclosure and Distressed Sales information, you can keep ahead of others
seeking out these great deals. This totally FREE service will save you
many hours of research. You will be automatically notified about the most
up-to-date Foreclosures, Motivated Sellers, and Estate Sales presently on
the market.
There is absolutely no cost for this FREE service, and the personal
details which you provide on our sign-up form will never be sold or
forwarded to third parties. Our report will be computer generated, and
will include the most recent Foreclosures, Estate Sales, Motivated Sellers
and Company Owned properties in the price range and location which you
determine. All this will be e-mailed to you in an easy to understand form.
Once received, you will be in an excellent position to grab those great
deals before your competition.
To request this service, simply fill in the form below.
Please be sure to include the area and price
range you would like to be notified about.
Alternatively, if you prefer, feel free to
call Allan at Team Miller, Sutton Group Lethbridge,
403-320-6411.
Please Note:-
To receive this information you must not be working with another real
estate agent. (Team Miller considers it unprofessional, and highly
unethical, to provide information if you are working with another agent or
brokerage.)
*We regret that requests submitted without the required fields for
verification purposes will not be answered.
