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The Complete Guide to Buying Bank-Owned vs. Court-Ordered Foreclosures in Calgary

When it comes to buying a foreclosed property in Calgary, one of the first decisions you'll need to make is whether to pursue a bank-owned foreclosure or a court-ordered foreclosure. Each type has its own advantages and challenges, and understanding these differences can help you make the best decision for your real estate goals. In this guide, we'll dive into the ins and outs of both, making sure you're well-prepared for your next investment.


What Is a Bank-Owned Foreclosure?

A bank-owned foreclosure, also known as a Real Estate Owned (REO) property, is one that has gone through the foreclosure process and is now owned by the bank. The property owner defaulted on the mortgage, and after following the necessary legal procedures, the bank has taken possession of the property.

Why Banks Sell Foreclosures

Banks are not in the business of holding onto real estate, so their goal is to sell these properties as quickly as possible. They want to recover their losses from the defaulted mortgage and move on, which often means pricing these properties competitively to attract buyers.

The Benefits of Buying a Bank-Owned Foreclosure

  • Faster Process: With bank-owned foreclosures, the bank has already gained possession of the property, which means the sale process can be faster compared to court-ordered foreclosures.

  • Fewer Legal Complications: Since the bank is the sole owner, you don’t have to deal with ongoing court involvement, making it a smoother experience for the buyer.

  • Negotiation Flexibility: Banks are typically more willing to negotiate on price, repairs, or closing costs, especially if the property has been sitting on the market for a while.

Things to Watch Out For

  • As-Is Condition: Bank-owned properties are almost always sold "as-is." Be prepared for unexpected repairs, as banks do not typically invest in maintenance before selling.

  • Limited Disclosures: Banks are often not required to provide full disclosure about the property's condition, so it’s crucial to do a thorough inspection before committing.


What Is a Court-Ordered Foreclosure?

A court-ordered foreclosure is a property that is being sold under the supervision of the court. This happens when a lender, such as a bank, wants to sell a property but must first go through the legal system to get approval. This type of foreclosure sale aims to ensure that all parties involved, including the original homeowner, are treated fairly.

The Role of the Court

The court acts as an intermediary between the bank and the homeowner. The goal is to ensure that the homeowner's rights are protected and that the property is not sold at an unreasonably low price. Because of this, the process can be slower and involves more legal paperwork compared to buying a bank-owned property.

The Benefits of Buying a Court-Ordered Foreclosure

  • Transparency: The court process ensures that the sale is conducted fairly, which can add a layer of transparency that some buyers appreciate.

  • Potential Deals: Since court-ordered foreclosures are subject to judicial oversight, there are often fewer competing offers, meaning there’s potential for getting a good deal if you’re willing to navigate the legal process.

Challenges to Consider

  • Lengthy Process: Since the sale must be approved by the court, the timeline can be unpredictable. It may take months, or even longer, for the sale to be finalized.

  • Limited Negotiations: The offer process is much more rigid, with fewer opportunities to negotiate price or terms compared to bank-owned foreclosures.

  • Uncertainty: The homeowner can still redeem the property by paying off their debt, which could nullify your purchase even after making an offer.


Which Is Right for You?

Choosing between a bank-owned and a court-ordered foreclosure comes down to your risk tolerance, patience, and goals as a buyer. Here are some factors to consider:

  • Speed: If you're looking for a faster transaction, a bank-owned foreclosure may be the better choice. The bank already owns the property, so once your offer is accepted, the process can move forward quickly.

  • Potential Bargains: If you're more interested in getting a potentially lower price and are willing to wait, a court-ordered foreclosure could provide more opportunities, as there may be fewer competing buyers.

  • Complexity: If you prefer a simpler transaction, bank-owned properties come with fewer legal hurdles. On the other hand, if you’re comfortable navigating the court system, a court-ordered foreclosure can sometimes yield unique opportunities.


Tips for Success in the Calgary Foreclosure Market

  1. Work with an Experienced Realtor: The foreclosure market in Calgary can be complex. An experienced Realtor who understands both bank-owned and court-ordered foreclosures can help you navigate the nuances and maximize your chances of success.

  2. Get Pre-Approved: Whether you're buying a bank-owned or court-ordered foreclosure, having your financing in place will make the process smoother. Banks and courts are more likely to take your offer seriously if they know you have secured funding.

  3. Be Prepared for Repairs: Foreclosed properties are often neglected. Set aside a budget for repairs, as these properties may have hidden issues that need to be addressed after purchase.

  4. Stay Patient: If you're pursuing a court-ordered foreclosure, patience is key. The legal process can be lengthy, but for the right property, the wait can be worth it.


Buying a foreclosed property in Calgary can be a fantastic opportunity for those who understand the differences between bank-owned and court-ordered foreclosures. By knowing what to expect and preparing accordingly, you can make informed decisions that align with your goals.

If you have more questions or are ready to start your journey into Calgary's foreclosure market, Contact Us today. We're here to help you every step of the way!

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The Calgary Real Estate Market is going through a transition phase we have seen before. After years of slow to no growth in prices, the past three years have more than made up for it. Prices jumped over 20% in quite a few communities in the past year alone. These huge jumps are not normal and happen after long periods of sideways price action. I having seen this movie before, expect some slight pull backs before leveling out once again with these higher prices becoming the new normal. 

2024 April Calgary Housing Sales Report
2024 MLS Home Sales Report for the City Of Calgary
2024 MLS Home Sales Report for the City Of Calgary
MLS Calgary Community Map

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Investing in Condos in Calgary, Alberta

Investing in Condos in Calgary, Alberta

Buying and selling condos in Calgary, Alberta, can be a profitable venture if done strategically. Here are some ideas and tips to consider:

Market Research: Start by conducting thorough market research to understand the current real estate trends in Calgary. Analyze factors like demand, supply, and pricing in different neighbourhoods.

Identify Target Neighborhoods: Calgary has several neighbourhoods with varying price ranges and demand. Identify neighbourhoods that are popular among condo buyers and have the potential for future growth.

Real Estate Agent: Consider partnering with a local real estate agent who has expertise in the Calgary condo market. They can provide valuable insights and help you find lucrative opportunities.

Property Types: Diversify your portfolio by considering various types of condos, such as luxury condos, starter condos, or investment properties. Each type may cater to a different market segment.

Renovation and Improvement: Look for condos that need renovation or upgrades. Adding value through improvements can increase your selling price and profit margin.

Rental Income: If possible, invest in condos that can generate rental income. Calgary has a strong rental market, and renting out your properties can provide a steady cash flow.

Short-term Rentals: Explore the option of short-term rentals (e.g., Airbnb) in areas with high tourist traffic. This can yield higher rental income during peak seasons.

Financial Analysis: Perform a thorough financial analysis to assess the potential return on investment (ROI) for each property. Consider factors like mortgage rates, property taxes, and maintenance costs.

Networking: Build a network within the real estate community in Calgary. Attend local real estate events, join investment groups, and connect with other investors and professionals.

Marketing: Develop a strong online presence for your condo listings. Use professional photos, virtual tours, and social media to attract potential buyers.

Negotiation Skills: Hone your negotiation skills to secure the best deals when buying and maximize profits when selling.

Legal and Compliance: Ensure you are well-versed in local real estate laws and regulations. Compliance is crucial to avoid legal issues.

Financing Options: Explore financing options, including mortgages and partnerships, to fund your condo purchases. Compare interest rates and terms to find the most favourable option.

Long-term vs. Short-term: Determine whether you want to focus on short-term flips or long-term investments. Both strategies have their pros and cons, so choose based on your financial goals.

Property Management: If you plan to invest in multiple condos, consider hiring a property management company to handle day-to-day operations and tenant interactions.

Sustainability: In today's market, sustainable and energy-efficient features can add value to your condos. Consider eco-friendly upgrades when renovating or purchasing.

Remember that the real estate market can be cyclical, so it's important to have a long-term strategy and be prepared for fluctuations. Seek advice from professionals and continuously educate yourself about the local market conditions to make informed decisions.

FAQs

What are the best neighbourhoods in Calgary for investing in condos?

Some of the top neighbourhoods for condo investments in Calgary include Beltline, East Village, and Eau Claire. These areas are known for their vibrant urban lifestyle and have shown consistent demand and growth in property values, making them attractive for both rental and resale markets.

How can I ensure a good return on investment (ROI) when buying condos in Calgary?

To maximize ROI, focus on properties that offer opportunities for value addition through renovation or have potential for high rental yields. Areas like Stephen Avenue or close to the University of Calgary offer lucrative opportunities due to their high foot traffic and tenant demand.

Are there specific legal considerations for condo investments in Calgary?

Yes, investors should be aware of the Alberta Condominium Property Act, which outlines the legal framework for condominium operations. It's also essential to understand specific bylaws within Calgary and any condo association rules that could affect your investment strategy.

What strategies can enhance the profitability of short-term condo rentals in Calgary?

Focusing on condos in tourist-friendly areas such as near the Calgary Zoo or Stampede Park can increase profitability. Offering well-designed, fully furnished units that cater to short-term needs and leveraging platforms like Airbnb during peak seasons such as during the Calgary Stampede

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Getting the Most Money Selling a Home in Winter in Calgary

Selling your home during the winter in Calgary can be a great opportunity to get the most money for your property. While the market may slow down compared to the spring and summer months, serious buyers are still actively searching for homes. With the right strategies, you can make your winter home sale a success.

Price it Right: One of the most critical factors in selling your home for top dollar during the winter is setting the right price. Work with a real estate agent to determine a competitive and attractive listing price based on the local market conditions.

Enhance Curb Appeal: Even in the winter, curb appeal matters. Clear snow and ice from walkways, add some outdoor lighting and consider placing a welcoming winter wreath on the front door.

Highlight Winter Features: Emphasize the winter-friendly features of your home. If you have a cozy fireplace, make sure it's lit during showings. Showcase the warmth and comfort of your home.

Professional Photography: Invest in professional photography to capture your home's beauty in the winter light. High-quality photos can make your listing more appealing to potential buyers browsing online.

Be Flexible with Showings: Winter schedules can be unpredictable, so be flexible with showing times to accommodate potential buyers' needs. Make your home as accessible as possible.

Keep Your Home Cozy: During showings, keep your home at a comfortable temperature. A warm and cozy atmosphere can make buyers feel more at home and more likely to make an offer.

Selling your home in the winter in Calgary is entirely possible with the right strategies. By pricing your home competitively, enhancing its curb appeal, and showcasing its winter features, you can attract motivated buyers and maximize your selling price. With a little effort and the help of a skilled real estate agent, you can make the most of your winter home sale in Calgary.

FAQs

What advantages does selling a home in the winter in Calgary offer?

Selling in winter often means less competition in the market, allowing your home to stand out more easily to serious buyers. Additionally, buyers in winter are typically more motivated to close quickly, particularly those relocating for jobs in Calgary’s vibrant economic sectors such as energy and technology.

How can I enhance my home’s curb appeal in winter?

Keep walkways and driveways clear of snow and ice to ensure safe and easy access. Adding seasonal decorations, like a tasteful winter wreath or string lights, can make your home feel inviting. Ensuring outdoor lighting is adequate can also significantly enhance your home's visibility and appeal during the shorter winter days.

What are the key features to highlight during winter home showings?

Emphasize features that enhance comfort during cold weather, such as a working fireplace, efficient heating systems, and good insulation. Also, highlight any winterized amenities, like heated garages or walkways, that can make winter living more convenient and enjoyable.

Are there specific marketing strategies that work best for selling homes in winter in Calgary?

Utilize online platforms and social media to showcase your home through professional-quality photos and virtual tours, highlighting its coziness and warmth. Targeting local buyers and those looking to relocate to Calgary by emphasizing proximity to amenities like schools, public transit, and shopping centers can also be effective.

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Preparing Your Calgary Home for Winter: Basic Maintenance Tips

Calgary's winters are beautiful but can be harsh, with cold temperatures and plenty of snow. To ensure your home stays cozy and efficient during the winter months, it's essential to prepare with some basic home maintenance. In this guide, we'll walk you through the essential steps to get your Calgary home ready for another winter wonderland.

Inspect and Clean the Gutters: Before the snow starts falling, make sure your gutters are clear of leaves and debris. Proper drainage is essential to prevent ice dams, which can damage your roof and gutters.

Seal Gaps and Cracks: Check for any gaps or cracks in your home's exterior, especially around windows and doors. Seal them with weatherstripping or caulk to keep the cold air out and the warm air in.

Service Your Heating System: Have your furnace or heating system serviced by a professional. Clean filters and vents ensure efficient heating and lower energy bills.

Insulate Your Pipes: Insulate exposed pipes in unheated areas like basements, garages, or crawl spaces to prevent freezing and potential burst pipes.

Check Your Roof: Inspect your roof for damaged or missing shingles. Make repairs to avoid leaks when the snow melts.

Clean and Adjust Ceiling Fans: Reverse your ceiling fan's direction to clockwise; this will help distribute warm air evenly throughout your rooms.

Test Smoke and Carbon Monoxide Detectors: Winter heating can pose risks, so ensure your detectors are working correctly. Change the batteries if needed.

Prune Trees and Shrubs: Trim branches that could become heavy with snow and ice and potentially damage your home or power lines.

Protect Outdoor Faucets: Drain and turn off outdoor faucets and insulate them to prevent freezing and bursting.

Stock Up on Winter Supplies: Gather winter essentials like shovels, ice melt, and snow blowers. Keep them easily accessible for when the snow arrives.

Clean and Store Summer Gear: Organize your outdoor furniture and gardening tools, cleaning them before storing them away for the season.

Prepare an Emergency Kit: Assemble an emergency kit with essentials like flashlights, blankets, non-perishable food, and a first-aid kit in case of winter storms.

Schedule a Chimney Sweep: If you have a fireplace or wood-burning stove, have your chimney cleaned and inspected for safety.

By taking these simple steps to prepare your Calgary home for winter, you can ensure a cozy, safe, and energy-efficient season. Regular maintenance not only keeps your home in good shape but also provides peace of mind during the coldest months. Embrace the beauty of a Calgary winter, knowing your home is ready to withstand whatever Mother Nature brings your way. Stay warm and enjoy the snowy season!

FAQs

What are the first steps to prepare my Calgary home for winter?

Begin by cleaning your gutters and sealing any gaps or cracks around windows and doors to prevent drafts. It's also crucial to have your heating system checked and serviced to ensure it's running efficiently before the colder weather sets in.

How can I prevent pipes from freezing and bursting in my Calgary home?

Insulate any exposed pipes, especially in areas that are not heated such as basements, garages, and crawl spaces. Additionally, consider keeping your home heated to a consistent temperature and letting faucets drip slightly during extremely cold temperatures to prevent freezing.

Why is it important to check the roof before winter in Calgary?

Inspecting your roof for damaged or missing shingles is vital to prevent leaks when the snow melts. Addressing these issues before winter can help avoid more significant problems and potential damage to your home's interior.

What should be included in a winter emergency kit for a Calgary home?

Your winter emergency kit should include items such as flashlights, batteries, blankets, non-perishable food, a first-aid kit, and water. These supplies can be lifesavers during a power outage or severe winter storm when leaving the house might not be possible.

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Collective Responsibility in Calgary Condominium Living: A Shared Commitment

Condominium living in Calgary, with its towering structures and diverse communities, embodies a unique model of collective responsibility. This article explores how residents come together to not only share spaces but also the responsibilities and benefits that come with maintaining these environments, emphasizing the unity, shared purpose, and strength inherent in this communal approach.

The Condominium Building: A Tapestry of Shared Spaces

Apartments and Shared Components

Imagine a Calgary condominium as a modern architectural wonder, encapsulating numerous individual units. This structure isn’t powered by a single entity but thrives on a complex system of shared elements like entrance doors, lobbies, elevators, and more. These components are essential for the building’s functionality and communal well-being, representing the heart of condo living.

Collective Commitment

Any disruption in these shared systems is not just a singular inconvenience but a collective issue that affects every resident. This necessitates a unified effort where each individual contributes to the maintenance costs, ensuring the smooth operation of all communal spaces.

Embracing the Lessons of Condominium Living: Unity in Diversity

The diversity within condominiums flourishes under the binding commitment to collective maintenance and improvement. It stands as a powerful example of how varied backgrounds and lifestyles can come together in harmony to manage a shared living environment.

Shared Purpose

The rhythm of collective responsibility in condominium living is profound, binding residents with a sense of purpose and commitment. As stewards of our spaces, we not only maintain but also enhance our communal homes, strengthening our community’s fabric.

However, the practical application of these theories often reveals challenges. Effective management is crucial to avoid mismanagement, which can lead to excessive costs and potential financial strain for the residents due to poorly managed condo fees and reserve funds.

Calgary Condo Owners Be Aware

To safeguard your investment, familiarize yourself with critical documents like the Reserve Fund Study, Budget, Financial Statements, Bylaws, and Minutes of Board Meetings. Understanding these can help you anticipate and mitigate risks associated with condo ownership, preventing surprises such as Special Assessments that arise from deferred maintenance and management lapses.

Contact us to learn more about how to avoid potential nightmares of condo ownership and ensure your condominium experience is positive and well-managed.

FAQs

What is a Reserve Fund and why is it important for condo owners?

A Reserve Fund is a pool of money set aside by condominium associations to cover future major repairs and replacements of common property elements. It is crucial for maintaining the building’s long-term health and avoiding large, unexpected expenses that could necessitate special assessments.

How can effective management impact condominium living?

Effective management ensures that condominiums are maintained properly and financially stable. Good management practices help prevent conflicts, enhance property values, and ensure a harmonious living environment for all residents.

What can condo owners do to ensure their building is well-managed?

Condo owners should actively participate in association meetings, understand the building’s financial and operational documents, and communicate regularly with the management and board members. Staying informed and involved helps ensure transparent and effective management.

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Consumer Awareness Guide: Pros and Cons of Buying Calgary Foreclosures

Consumer Awareness Guide: Pros and Cons of Buying Calgary Foreclosures

In the bustling real estate scene of Calgary, foreclosed properties frequently appear on the market, often perceived as attractive deals. This guide delves into the advantages and challenges of purchasing these properties, providing a balanced view to aid potential buyers in making informed decisions.

Pros of Buying Calgary Foreclosures

  • Price Advantage: Foreclosed homes are typically available at lower prices than comparable properties in the area, offering considerable savings for budget-conscious buyers or investors.

  • Potential for Appreciation: Purchasing a foreclosed property at a low price may lead to significant appreciation, especially with market improvements or property upgrades.

  • Less Competition: The complexity and risk associated with foreclosures can deter some buyers, resulting in less competition for those willing to navigate the process.

  • Opportunity for Rental Income: With strategic renovations, a foreclosed property can be transformed into a lucrative rental unit.

Cons of Buying Calgary Foreclosures

  • Property Condition: Foreclosed homes may require extensive repairs due to neglect or vandalism, leading to additional investment in renovations.

  • Complex Purchasing Process: The procedure for acquiring a foreclosed property involves more steps than usual, including interactions with banks and navigating legal and court matters.

  • Unpredictable Costs: Initial savings may be offset by unexpected expenses such as repairs, unpaid taxes, and liens that can emerge post-purchase.

  • Market Volatility: The real estate market’s unpredictability offers no assurances that a foreclosed property’s value will increase.

  • Emotional Toll: The nature of a foreclosure, often linked to financial distress, can be emotionally challenging for some buyers.

  • Less Room for Negotiation: Negotiations with banks or financial institutions typically offer less flexibility compared to dealings with individual sellers.

Purchasing a foreclosure in Calgary requires careful thought and diligent preparation. It is crucial to consider both the potential benefits and the risks involved. Consulting with a realtor experienced in foreclosures and obtaining legal advice can facilitate a smoother transaction.

While foreclosures might offer unique opportunities for savings and returns, they also come with distinct challenges. It's important for buyers to make well-informed decisions and to always consider their long-term objectives in the real estate market.

FAQs

What are the primary risks associated with buying a foreclosure in Calgary?

The main risks include the property's poor condition, requiring significant investment in repairs, complex purchase procedures, unforeseen costs such as liens and unpaid taxes, and market volatility which may affect property values.

Can buying a foreclosure in Calgary be a good investment?

Buying a foreclosure can be a good investment if managed correctly. It offers potential for significant appreciation and rental income. However, it requires upfront research, careful planning, and consideration of the additional costs and potential risks involved.

What steps should I take before buying a foreclosed property?

Potential buyers should conduct thorough property inspections, review all legal and financial documents, consult with professionals experienced in foreclosures, and fully understand the potential costs and challenges associated with the property.

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The Ultimate Guide for First-Time Home Buyers in Calgary

Stepping into the real estate market for the first time in Calgary can be both exciting and overwhelming. This guide provides essential tips and information to assist first-time home buyers in making informed decisions throughout their home buying journey.

Understanding the Calgary Real Estate Market

Before you start browsing listings, it’s crucial to understand the current market conditions. Knowing whether it’s a buyer’s or seller’s market will help you gauge your bargaining power and make strategic decisions.

Assessing Affordability

How much mortgage can you afford? Consulting with a mortgage broker can provide you with customized advice and help you secure competitive mortgage rates in Calgary.

First-Time Home Buyer Incentives and Assistance

Calgary offers various incentives and assistance programs for first-time buyers which can lessen the financial strain of purchasing a new home. These programs are worth exploring to potentially save thousands of dollars.

Picking the Right Location

Choosing the right neighborhood is critical. Consider factors like budget, proximity to work, and potential for property appreciation when researching the best areas for first-time buyers in Calgary.

House vs. Condo Debate

Deciding between a condo and a house depends on your personal lifestyle needs and preferences. While condos offer ease of maintenance, houses provide more space and privacy.

Working with the Right Professionals

Partnering with a knowledgeable real estate agent can make navigating the Calgary real estate market easier. They can guide you through property listings, negotiations, and the purchasing process.

Important Steps in the Buying Process

The home buying process involves several key steps from house hunting to finalizing your transaction. Don’t overlook the importance of home inspections to ensure the property's condition before finalizing your purchase.

Closing the Deal

Be prepared for the costs associated with closing the deal, including property taxes and other fees. Understanding these costs upfront can prevent any surprises as you finalize your home purchase.

Mistakes to Avoid

Avoid common pitfalls such as skipping the inspection, not getting pre-approved for a mortgage, or underestimating the total costs of homeownership.

Future Developments

Keep an eye on upcoming developments in Calgary which might affect property values. Being informed about new amenities or transit options can provide valuable insights into future property appreciation.

With the right preparation and knowledge, your journey as a first-time home buyer in Calgary can be a successful and enjoyable experience. Take your time, do thorough research, and make well-considered decisions to find your dream home.

FAQs

What should I consider when choosing a neighborhood in Calgary?

When selecting a neighborhood, consider your budget, lifestyle needs, proximity to work or schools, and the area's overall safety and amenities. Researching the potential for property value appreciation is also advisable.

How can I determine how much mortgage I can afford?

To determine how much mortgage you can afford, consider your annual income, existing debts, and other financial commitments. A mortgage broker can help you understand your options and what you can comfortably afford to spend on a home.

What are the most common mistakes made by first-time home buyers in Calgary?

Common mistakes include not getting pre-approved for a mortgage, underestimating the total costs of homeownership, and failing to perform a thorough home inspection. Avoiding these errors can lead to a more successful home buying experience.

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How To Prepare your Calgary Home before Selling

“You never get another chance at a first impression.” We have all heard this expression before. And now, while you are preparing your home to sell, it should not be far from your mind.

While logical factors such as price and location narrow the pool of houses, a potential buyer will look at, the ultimate decision to buy a particular house is fuelled by a mixture of logic and emotion. And emotion often wins out. For this reason, Calgary Real Estate Agents, when they talk to you about buying real estate, will refer to your purchase as a “home.” However, when discussing the sale of your current home, an agent will refer to it as the “house.” This is a conscious choice. The agent knows that buying a house is often an emotional decision, while, when selling a house, emotion should be separated from the process.

Buyers are searching for a “home” - a place where they will feel comfortable, secure, and happy, a place in which they can imagine settling down and raising their family. As the seller, your goal is to cultivate these feelings through the property you are selling. Look at your house as a marketable commodity. A buyer’s emotional response is triggered early, so you want to ensure you have done everything you can to encourage a positive response to your house from the outset. Within minutes, even seconds, of pulling into your driveway, buyers have formed an impression that they will carry with them through the rest of the showing and beyond. Keep in mind. This impression will influence whether they make an offer and what they consider to be the property’s value.

If you have ever visited model homes, you are familiar with effective presentation styles. Have you ever walked into one of these homes and immediately begun taking stock, planning how to get your home to look that good? Well, now is the time to take some of these steps. Of course, there are ways to achieve the same effect in your own home without incurring show home costs.

When homes create this immediate emotional appeal type, they tend to sell quickly and for more money. Use the following step-by-step guide to get your house into selling shape before you put the property on the Calgary Real Estate Market, and you will be well on your way to a successful sale!

Outside the House

Work your way from the outside in. Your home must possess a certain “Curb Appeal.” Remember, a potential buyer’s first impression of your house is formed while still sitting in the Realtor’s car. So, you need to view your house from this perspective. Stand on the opposite curb and observe your property. Compare it to surrounding properties. Concentrate on the following four areas:

Landscaping

How does your landscaping measure up compared to the rest of the neighbourhood? If you guess it would rate below-average, make a few adjustments. You might want to consider buying some bushes and planting them around the property. If the problem with your yard is not a case of too little greenery but rather too much, get out the pruning shears. The purpose of landscaping is to complement the home, not hide it. Overgrown shrubs should be sheared to a height near the bottom of the windows. Remove any ivy clinging to the side of the house. Tree limbs should be high enough that you can walk beneath. Trim any branches that bar the way. Your lawn should be freshly cut and watered and an even colour. If there are brown spots, make sure you begin to remedy this well in advance of putting the house on the market. You may want to re-sod areas, and you need to make sure these spots are given enough time to grow so that they will match the existing lawn. Rake up any leaves or grass cuttings. Planting a few flowers is an easy way to add colour and vibrancy to your yard, enhancing the first impression of your home. Invest in a full flat of mature, colourful flowers, such as petunias or periwinkles, which last the length of the growing season. If you do not have an area to plant flowers, consider purchasing a few flower pots for your porch and planting flowers or blooming plants.

House Exterior

When you view your house from across the street, does it appear weathered or faded? If so, it is probably time to treat it to a fresh coat of paint. This is usually a sound investment; new paint can do wonders to increase a home’s perceived value. Stay away from unusual or loud colours. The new colour should fit in with surrounding houses and complement the style and structure of your house.

Examine the roof closely. Old or leaking roofs should be replaced. If there are leaks, you will have to disclose this detail to the homebuyer anyway, and they will want it replaced. However, if there is not any apparent damage, wait for word from the Calgary Home Inspector before making repairs.

The Front Door and Porch

The front door and surrounding area should look particularly fresh and welcoming, as this will be the buyer’s first up-close impression as they enter the house. If you paint nothing else, at least give the door a new coat. Replace the doorbell if it is broken and polish the door fixture until it gleams. Wash the mailbox. Keep the porch swept and buy a new plush doormat. All these little things will contribute to the overall effect of a well-cared-for and welcoming home.

Ensure the lock works smoothly, and the key fits properly. When a homebuyer visits your house, the Realtor will open the front door with a key. You do not want the buyers’ first experience to be of waiting on the doorstep while the Realtor fumbles with the lock.

Depersonalize

This should be one of your first steps when you begin preparing your house to sell. Over the years, a home inevitably becomes tattooed with the owners’ lives, covered with touches that have made it that special place for you. At this point, however, you want buyers to recognize it as a property they could make into their unique place. When a homebuyer walks into a room and sees these personalizing touches—such as photos on the walls or trophy collections—their ability to picture their own lives in this room is jarred, impairing a positive emotional response. So, your first step will be to remove all the family photos, trophies, collectible items, and souvenirs. Pack them all together, so you will have everything you need at your disposal when it comes time to personalize your new home. For the time being, rent a storage space and keep these items there. Do not simply transfer these items to another place in your house. Do not hoard them away in a closet, basement, attic, or garage, as the next step in preparing your home is to minimize clutter—and these areas of your house will all be targeted.

Remove all clutter

The next step on the list is to purge your house of the excess items accumulated over the years. This is the hardest part for many people, as they have an emotional investment in many things. When you have lived in a house for several years, a build-up of personal effects occurs that is often so gradual that you do not notice space is becoming cluttered. If you need to, bring in an objective friend to help point out areas that could stand to be cleared. Try to stand back yourself and see your house as a buyer might. Survey shelves, countertops, drawers, closets, the basement—all places where clutter often accumulates—determine what needs to go. Use a system to help you decide: get rid of all items, for example, you have not used in the past five years, and pack up everything you haven’t used in the past year. Although getting

rid of some things might be hard, try to do it without conscience or remorse. You will be forced to go through this process anyway when you move, and with each box, you eliminate your storage space—and the room in general—begins to look larger. We have broken down the process into specific areas of your house to help you concentrate your efforts:

Kitchen

The kitchen is an ideal place to begin, as it is easy to spot and eliminate the type of clutter that tends to accumulate here. Homebuyers will open your drawers and cabinets as they will want to check if there will be enough room for their own belongings. If the drawers appear cluttered and crowded, this will give them the impression there is not enough space.

• First, remove everything from the counters, even the toaster (the toaster can be stored in a cabinet and brought out when needed).

• Clean out all the cabinets and drawers. Put aside all of the dishes, pots, and pans that you rarely use, then box them and put them in the storage unit you have rented (again, not in the basement or a closet).

• If you, like many people, have a “junk drawer,” clear this out.

• Get rid of the food items in the pantry that you do not use. Begin to use up existing food—let what you have on your shelves dictate your menus from now on.

• Remove all extra cleaning supplies from the shelves beneath the sink. Make sure this area is as empty as possible. You should thoroughly clean this spot and check for any water stains that might indicate leaking pipes. Buyers will look in most cabinets and will notice any telltale signs of damage.

Closets

• Go through all clothes and shoes. If you do not wear something anymore, get rid of it. We all have those clothes, too, that we wear only occasionally but cannot bear to give away. Box these items and keep them in the storage unit for a few months.

• Go through all other personal items in the closet. Be ruthless. Weed out everything you do not absolutely need.

• Remove any unsightly boxes from the back of the closet. Put them in storage if need be. Get everything off the floor. Closets should look as though they have enough room to hold additional items.

Furniture

• You may want to tour a few model homes to gauge the type of furniture chosen by design teams to create a spacious yet comfortable atmosphere. Note how that furniture is arranged to cultivate a certain feeling.

• After having armed yourself with some ideas, stand back and look at each of your rooms. What will you need to remove? Remember, most homes contain too much furniture for showings. These are items that you have grown comfortable with, which have become incorporated into your everyday routine. However, each room should offer a sense of spaciousness, so some furniture will likely need to be placed in storage.

Storage Areas

• Basements, garages, attics, and sheds: these are the “junkyard” areas of any given home. It is possible to arrange simple clutter into a certain order, but junk is sent packing to these often-hidden rooms. First, determine which of these boxes and items you need. Can some of it be sent to the dump once and for all?

• Hold a Garage Sale. You’ve heard the saying, “One person’s trash is another’s treasure.” Let these items go to a better home.

• Transfer some items to the rental storage unit. You will want to clear the

storage areas in your house as much as possible for them to appear spacious to potential homebuyers. Buyers want the reassurance that their own excess belongings will find places for storage in their new home.

Inside the House

Once you have cleared the house of excess items, you will have room to work on other areas.

Walls and Ceiling

Examine all the ceilings and walls for water stains or dirt. We do not often look closely at the walls surrounding us, so be careful—there could be residual stains from leaks that have long been fixed or an accumulation of dirt in an area you hadn’t noticed.

Painting the walls may be the best investment you can make when preparing your home to sell. You can do it yourself, and relatively inexpensively. Remember, the colours you choose should appeal to the widest range of buyers, not just to your own personal taste. A shade of off-white is the best bet for most rooms, as it makes the space appear larger and bright.

Carpet and Flooring

Does your carpet appear old or worn in areas? Is it an outdated colour or pattern? If the answer to either of these questions is yes, you should consider replacing it. You can find relatively inexpensive replacement carpeting. And always opt for neutral colours.

Any visibly broken floor tiles should be replaced. But make sure you do not spend too much on these replacements. The goal is not to revamp the entire home but, rather, avoid causing any negative impressions due to noticeable damage or wear around the house.

Doors and Windows

Check the entire house for any cracked or chipped window panes. If they are damaged in any way, replace them. Test all windows, as well, to ensure they open and close easily. Try spraying WD40 on any with which you are having trouble. This should loosen them up.

The same can be done with sticking or creaking doors. A shot of WD40 on the hinges should make the creak disappear. Check to make sure each doorknob turns smoothly and polish it to gleaming.

Odour Check

Begin by airing out the house. Chances are, you would be the last person to notice any strange or unpleasant smell that may be immediately apparent to visitors.

If you smoke indoors, you will want to minimize the smell before you show your home. Take your cigarettes outside for a period of time before you begin showing. Ozone sprays also help eliminate those lingering odours without leaving a masking, perfumed smell.

Be careful if you have a pet. You may have become used to the particular smell of your cat or dog. Make sure litter boxes are kept clean. Keep your dog outdoors as much as possible. You may want to sprinkle your carpets with carpet fresheners as well intermittently.

Plumbing and Fixtures

All sink fixtures should look shiny and fresh. Buy new ones if scrubbing fails to get them into shape. Replacing them can be done easily and inexpensively. Check to ensure all hot and cold faucets are easy to turn and none of the faucet’s leaks. If you do find a leaking faucet, change the washer. Again, this is an easy and inexpensive procedure.

Finally, check each faucet's water pressure and look for any stains on the porcelain of the sinks or tubs.

Once you have covered all these bases, your house will be in prime shape for its time on the Calgary Real Estate Market. Congratulations, you are ready to begin showing!

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Deciding the Best Approach: Sell or Buy Your Calgary Home First?

When embarking on a new home search as a current homeowner, a significant question arises: should you sell your existing home before seeking a new one, or vice versa? Let's delve into both strategies to determine which might be best for your unique circumstances.

The Case for Selling First

Advantages: Selling your current home before diving into the housing market can offer clarity and negotiation power. With the proceeds from your sale, you'll have a clear budget, enabling you to focus on homes within your price range. This certainty empowers you to make compelling, unconditional offers, which sellers often prioritize. As a result, you may secure a better deal or snag your dream home before others.

Considerations: The main concern with selling first is the potential gap between the sale of your old home and the purchase of a new one. This could mean seeking temporary housing, which may not be ideal for everyone. Before choosing this route, assess the feasibility of temporary living situations and weigh the potential inconveniences against the benefits.

Reasons to Buy First

Advantages: Choosing to buy before selling might stem from stumbling upon a rare property or an incredible deal that's too good to pass up. By securing your next home, you avoid missing out on exceptional real estate opportunities.

Considerations: This approach is not without risk. If you face delays selling your old home, you might be burdened with two mortgages. While a home evaluation provides an estimate, the final selling price can be unpredictable. Shouldering the costs of two properties may strain your finances, and in worst-case scenarios, force a hasty sale at a discounted price. Evaluate your financial resilience and risk appetite before opting to buy first.

Navigating Conditional Offers

Overview: Another strategy is placing a conditional offer contingent upon selling your current home within a defined timeframe. This middle-ground approach can offer some flexibility and security. However, it's worth noting that conditional offers may not pack the same punch as firm offers in sellers' eyes, potentially reducing your negotiation leverage.

Drawbacks: Sellers may perceive conditional offers as less serious, meaning you may have to augment your offer to secure the property. Additionally, even if your offer is accepted, there's always a risk another buyer could outbid you before you complete your sale. Moreover, you're bound by the timeframe set in the conditional offer, potentially sidelining you from better deals.

In conclusion, whether you decide to sell or buy first, ensure you're well-informed, consider all scenarios, and consult with professionals to make a decision that aligns with your needs and financial well-being.

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Discovering Calgary's Up-and-Coming Neighborhoods

Calgary is a vibrant city with pockets of growth, innovation, and transformation. When searching for a home, it's beneficial to identify neighbourhoods on the brink of blossoming. Here's how you can spot a Calgary neighbourhood that's trending upwards:

1. **Pride of Ownership Shines Through**

Stroll through the streets and observe the homes. An area where residents take pride in maintaining their properties — manicured lawns, well-kept gardens, and tidy exteriors — speaks volumes about the community's spirit. Such neighbourhoods often indicate resident satisfaction and a sense of belonging.

2. **Real Estate Dynamics**

Are homes selling like hotcakes? And at impressive prices? A surge in real estate activity can signal that a neighbourhood is in demand. Quick sales, coupled with good pricing, can be indicative of a community's rising popularity.

3. **Thriving Local Businesses**

Business investments can be a bellwether for neighbourhood growth. The emergence of upscale boutiques, gourmet eateries, fitness centers, and other local businesses often coincides with the upward trajectory of an area. Such businesses choose to establish in regions they believe have a promising future and a growing clientele.

4. **City's Development Blueprints**

Tap into the City of Calgary's vision for the area. Are there infrastructural enhancements or major developments in the pipeline, such as new schools, parks, or community hubs? While these projects might bring short-term disruption, they usually translate into long-term community benefits and can significantly uplift the neighbourhood's appeal.

In essence, recognizing a neighbourhood's potential is an art that combines observation, research, and a bit of foresight. If you're navigating Calgary's dynamic housing market and need insights on emerging areas, don't hesitate to reach out for expert guidance.

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Calgary Bank-Owned Foreclosures: A Buyer’s Guide to Navigating Easier Foreclosure Deals

When it comes to purchasing a foreclosed property, not all foreclosures are the same. Calgary foreclosures owned and sold by banks present a unique opportunity for buyers—often with fewer legal hurdles compared to court-ordered properties. But how does the process work, and what should you expect when dealing directly with the bank? Let's dive in!

What Is a Bank-Owned Foreclosure?

When a property owner fails to make their mortgage payments, the lender—usually a bank—can take legal action to reclaim the home. If the foreclosure process moves ahead, the bank eventually takes full legal title and possession of the property. This is what’s known as a bank-owned foreclosure or Real Estate Owned (REO) property.

Unlike court-ordered foreclosures, the bank is the direct owner of the property. This difference in ownership means the bank can expedite the sale and make decisions more efficiently, leading to a smoother transaction for buyers.

How Do Banks Sell Foreclosed Properties?

Once the bank has possession of a foreclosed property, their goal is to get it off their books as quickly as possible while still recovering the maximum amount of money. Here’s how they do it:

1. Legal Ownership Means Quick Sales

As the legal owner of the property, the bank has full control over the sale. They instruct their lawyers to move forward quickly, making it easier for interested buyers to get in on the action.

2. The Role of Lawyers and MLS® Marketing

The bank’s lawyers are in charge of managing the sale. They leverage the MLS® System to list the property, making it visible to the widest possible audience. The bigger the audience, the better the chances of getting a competitive offer. Remember, banks are not in the business of managing properties—they want to sell quickly, and a well-marketed listing helps achieve that.

3. Banks Want a Crowd

Unlike a typical home sale where the owner may be emotionally attached, a bank’s primary motivation is to recover their losses. To do this, they want as many potential buyers as possible, driving up the price through competition. More buyers mean a higher likelihood of selling at market value or above.

4. No Emotional Strings Attached

It's important to note that for a bank, selling a foreclosed property is purely a numbers game. The property is a mere asset—**one that doesn’t even register as a rounding error on the bank’s massive balance sheet**. This lack of emotional connection can be an advantage for buyers, as negotiations tend to be more straightforward.

Why Buying a Bank-Owned Foreclosure Is Easier

One of the biggest advantages of buying a bank-owned foreclosure is that the process is typically easier than purchasing a court-ordered property. Here’s why:

  • Streamlined Decision-Making: Unlike court-ordered foreclosures that involve legal procedures, judges, and third parties, buying from a bank means you’re dealing directly with an institution that wants to sell. Banks make decisions much faster than courts, and they’re motivated to get properties off their books.

  • No Court Dates: Court-ordered foreclosures require you to navigate the judicial system, attend court dates, and deal with the uncertainty of a judge’s decision. Bank-owned properties eliminate this uncertainty—once an offer is accepted, the process moves forward without the added legal steps.

  • More Predictable Sales: Since banks are primarily interested in recouping their losses, they’re more inclined to price properties competitively and accept reasonable offers. This predictability makes the process less daunting compared to the unpredictable nature of court proceedings.

Is a Bank-Owned Foreclosure Right for You?

Buying a bank-owned foreclosure can be an excellent option if you’re prepared to move quickly, have financing ready, and understand that the property will likely be sold as-is. Since banks are motivated sellers, there’s room to negotiate—but not for contingencies like inspections or repairs. It’s essential to do your homework, assess the property's condition, and factor in potential renovation costs before making an offer.

Working with a Realtor experienced in Calgary foreclosures can make all the difference. They can help you understand the market value, conduct due diligence, and submit a compelling offer that stands out.

Ready to Buy a Bank-Owned Foreclosure in Calgary?

If you’re interested in purchasing a foreclosed property owned by a bank, Contact Us today. With our expertise, we’ll help you find the right opportunity and guide you every step of the way, making the process as smooth as possible.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.