So you’ve been thinking about investing in Real Estate, and your favorite Uncle has told you that foreclosures are the real gems of the real estate market.
Sometimes it’s possible to find a foreclosure as a "Diamond in the Rough"
However consider that undervalued listings are not always foreclosures and foreclosures are not always a good deal; and that there are more buying risks involved when shopping for a foreclosure. In fact, 97% of the foreclosure listings in Calgary in 2014 were sold at market value or above. (Calgary Real Estate Board Data 2014)
There are many risks to consider when shopping for a foreclosure,
“The best deals” according to Patrick Hospes RE/MAX House of Real Estate “are when a property is listed below market value.” When you are notified of a great deal. You act quickly! You view the property immediately with your Real Estate Professional and draft up a reasonable offer. Always keep in mind that speed of action is the formula for success.
Undervalued MLS® listings are a great opportunity for Investors if you know the tactics of finding and buying them.