Where are they? How do I get one? Does someone know what I don’t? Mysticism and science have always rubbed shoulders and have been at war since the beginning of time. We hear stories from our family members, friends and coworkers about how great a deal they got. The truth is most likely different, and generally those who are smart and discovered a gold mine, keep it to themselves. What about foreclosures? Can I really buy a home for half price? Buyer actually asked me that! Seriously now, what does it take to get a good deal? WORK, RESEARCH, A PINCH OF PATIENCE AND A BIT OF LUCK!

Edmonton Foreclosures
 

1. Find a good realtor. Just because it is a well known name, it does not always translate into a great relationship. You have to be able to trust him/her and enjoy working with them.
2. Find a neighbourhood which you like and has a good absorption rate, especially in a weak economy, very important. Get familiar with the area. Check the web, city websites, talk to people who live in the area.
3. Take time and see as many properties as possibly, note: till your realtor can’t take it anymore.
4. Look at comparable past and recent sales, trust your agent, they can definitely advise you what properties sell easy and which don’t.
5. Watch out for any future development in the area. Example, a house backing into vacant piece of land. If it is zoned for apartment style condos or commercial use, the value of the property most of the time will go down.
6. Check for private sales, they are not always overpriced.
7. If it is extremely cheap, it is most likely too good to be true. Be suspicious.
8. Check foreclosures, they are pain in the butt when it comes to offers but there are good deals out there.
9. Fact: No, you won’t buy a house for a half price!
10. If you want quality, you will have to pay for it.
11. Get daily listing notification by email from your realtor. It is by far the best way to find a good deal. Great deals don’t last and usually are gone within few days.
12. Learn about the local economy.
13. Become familiar with real estate terms.
14. Join real estate discussion groups online.
15. No one has a crystal ball but don’t follow the herd mentality and be bold when everyone is panicking and selling. When there are signs of recovery, it is usually too late.
16. If you are in Alberta, remember, this is still oil and gas country and cold fusion and electric cars are still far from everyday reality, plus we will always have our famous Alberta beef to export.
17. At the end of the day, if it will be your home (unless it is investment property), you have to like it.