Real Estate Terminology 101

Alberta Real Estate Association - An association of real estate industry members who belong to real estate boards in Alberta.

Addendum and Amendment - is a written change of a listing contract or purchase agreement agreed upon by either a buyer or a seller or both.

Amenities - In real estate, amenities are something considered to benefit the property and thereby increase the value of a property. Condominium amenities can include items such as elevators, underground parking, party rooms and swimming pools. Public amenities include banks, retail buildings, local buses and LRT stations, medical facilities, parks, schools, walking trails, golf courses and other community facilities.

Amortization - is the time period during which home buyers will have to pay back their mortgage to their lender — both the principal and interest accrued.

Appraisal — An estimate of a property’s value performed by a professional Appraiser.

As-Is - Common term used with the purchase of a foreclosed property. It is also used when chattels may not be in working order.

Asking Price — The price placed on the property for sale by the seller. This may or may not be the price the seller is willing to accept from a qualified buyer.

Assessed Value — The value of a property, set and used by each municipality for the purposes of calculating property tax.

Assessment - A certified real estate appraiser assigns a certain value to one’s property based on their statistical findings and general industry acumen.

Agent — A real estate professional registered in Alberta to facilitate the sale, lease or exchange of a property.

Assumable Mortgage - A mortgage held on a property by the seller that can be taken over by the buyer, who then accepts responsibility for making the mortgage payments. Speak with your Edmonton REALTOR® or lawyer prior to assumption of mortgages.

Attached Goods — Also known as chattels are an item which is attached to real property so as to form, in law, part of the land. Attached goods belong to the buyer and are also known as fixtures.

Breach of Contract - Where one party (buyer or seller) has not held up to the terms of the agreement such as getting cold feet about purchasing a residence after conditions have been removed. These instances can lead to the length of legal proceedings.

Broker — A person licensed by the provincial or territorial government to trade in real estate. Real estate brokers may form companies or offices which appoint sales representatives to provide services to the seller or buyer, or they may provide the same services themselves. In parts of Canada, brokers are referred to as Associates or Agents.

Built-Ins - Permanent structures or items which are physically built into the structure of a home such as an entertainment centre.

Buyer Brokerage Agreement — A written agreement between the buyer and the buyer's associate, outlining the agency relationship between the two parties and the manner in which the buyer's associate will be compensated. In Alberta, a buyer agency relationship arises automatically without a written agreement establishing the relationship.

Buy-Down - Commonly used by our DND members. It is a mortgage financing technique where the buyer obtains a lower interest rate for at least the first few years of the mortgage and is typically done for a period of about one to five years.

Buyer’s Associate — also known as Buyer’s REALTOR® or Broker — A person or firm representing the buyer. A buyer’s associate's primary allegiance is to the buyer. The buyer is the buyer associate's client.

Buyer’s Market - A surplus of homes for sale in a municipality which usually leads sellers to lower prices to compete with nearby homes making favourable conditions for home buyers.

Certificate of Compliance — A stamp issued by the municipality which states the improvements comply with the local building bylaws and requirements.

Client — The person being represented by an associate. The associate owes the client fiduciary duties including utmost care, integrity, confidentiality and loyalty.

Closing - Is the "move-in" date written on your purchase agreement or the date in which the title of your property is legally in your name.

Closing Costs — Expenses in addition to the purchase price for buying and selling a property such as legal fees and title transfer costs.

CMHC — Canada Mortgage and Housing Corporation. A Crown corporation providing information services and mortgage loan insurance.

Commission — An amount agreed to by the seller and the real estate broker/associate and stated in the listing agreement. It is payable to the brokerage on closing and shared, if applicable, among those Associates involved in the sale. It is the remuneration for services provided, normally paid at the time of closing in the province of Alberta.

Comparative Market Analysis (CMA) — The most widely used technique for REALTORS® in establishing the value of residential properties. It uses sales, competitive listings and expired listings to try to determine a probable selling price for the subject property. Used synonymously with Competitive Market Analysis.

Common Area - Homebuyers who purchase residences in multifamily complexes and condominiums often have to share common areas such as the complexes amenities. This may also include parking lots and complex green spaces.

Completion Day — The day from which all calculations of interest, tax adjustments, utility bill adjustments (if applicable), etc. are made to the credit of either the buyer or the seller. All legal and financial obligations are met on that day and the title to the property is transferred from the seller to the buyer. Completion day is usually (but not always) the same as the possession date.

Condition Precedent — A statement of a condition to be fulfilled before the contract will become firm and binding; must include a specific deadline for removal. May also be called a “subject to” clause.

Condominium Ownership — Shared ownership in a strata-titled property. Owners have a title (ownership) to individual units and a proportionate share in the common property.

Contingencies - Sometimes there are unforeseen property issues, like structural damages to a listing only unearthed after an inspection or failure of home financing to come through. In these cases, contingencies are placed into home purchase agreements so buyers have the right to back out of a deal or demand certain items be amended, removed, or added to a contract.

Conventional Mortgage — A mortgage loan which is 75 per cent or less of the loan-to-value ratio; and does not require insurance by CMHC or other private insurers.

Conveyance — The term used to describe the process of transferring the seller's title to the buyer and indicates all the necessary steps to complete the transfer. A conveyance lawyer is a lawyer responsible for the conveyance process.

Counter Offer — An offer made by the seller back to the buyer altering one or several terms and/or conditions of the offer as originally written. It is the rejection and change of the original offer. It allows the original party to accept, reject or add an additional counter. This is the art of negotiation is something every top-producing Edmonton real estate agent lives for.

CREA — The Canadian Real Estate Association. A national association representing the real estate industry on federal public policy matters, providing member services and education. CREA promotes adherence to a strict REALTOR® Code. CREA Code of Ethics — Rules of behaviour or conduct which provide a standard of fair, moral practice and a guide by which a REALTOR®'s behaviour or conduct is evaluated. Most Edmonton REALTORS® belong to CREA.

Customer — A person who receives information or assistance from a real estate broker or associate, but is not represented by that individual. A customer is NOT a REALTORS® client.

Debt Service Ratio — The percentage of a borrower's income that can be used for housing costs.

Down Payment — The difference between a property's purchase price and the amount financed. Most Edmonton buyers fall in the 5-20% range. The general rule is the more a buyer is willing to put down on a home, the lower their mortgage interest rate will be.

Disclosure - It’s considered highly unethical for a home seller and their representation to not disclose any defects or problems with their property when they list it. Disclosing all issues with a home for sale is an absolute must for sellers. Failing to do so could lead to not only withdrawn offers from or legal issues with potential buyers, but also a damaged reputation on the part of the agent who works with that seller.

Dual Agency — A real estate brokerage which acts as an associate for both the seller and the buyer in the same transaction. Both buyer and seller are the brokerage's clients.

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Real Estate Terminology 101 (continued)


Easement — A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property.

Encroachment — An intrusion onto an adjoining property. Common examples are a neighbour's fence, storage shed, or overhanging roof line which partially (or even fully) intrudes onto your property.

Encroachment Agreement — An agreement which allows the encroachment to remain. The owner of the development which encroaches onto the adjoining property is granted the right to enter onto that property to maintain or repair the construction.

Encumbrance — A restriction which is either a monetary claim against the land (such as a lien, mortgage or lease) or a non-monetary one (such as an easement).

Estoppel Certificate — A written statement of a condominium unit's current financial and legal status.

Equity — The difference between the price for which a property can be sold and the mortgage(s) on the property. Equity is the owner's stake in the property.

Extension - Homebuyers who need more time to evaluate whether or not to move forward with a purchase agreement or simply need to get their finances in order often request an extension of conditions. It should be noted, sellers do not have to grant an extension of buyers.

Fee Simple Estate — Ownership where the owner owns the land now and for all time in the future and the owner's rights are subject only to restrictions by the government.

Fair Market Value - is the dollar figure put forth by the appraiser and assessor is averaged out with other residential figures from the local market. Comparable sale prices are factored in, thus giving sellers a relatively fair market value for their home.

Fixed-Rate Mortgage - is the most popular type of mortgage given to borrowers today making the amount of your mortgage payment the same each month of the amortization period.

FSBO - For Sale By Owner

Foreclosure - Bank owned property due to a seller defaulting on mortgage or tax payments.

Fiduciary Duties — The duties require for all licenced Edmonton REALTORS® of loyalty, disclosure, confidentiality, obedience, reasonable care and diligence, and full accounting that are required by the law of any associate relative to his or her principal.

First Mortgage — The first security registered on a property. Additional mortgages secured against the property are "secondary" to the first mortgage.

Foreclosure — A legal process by which the lender takes possession and ownership of a property when the borrower doesn't meet the mortgage obligations.

Gross Debt Service (ADS) Ratio — Gross debt service divided by household income. A rule of thumb is that ADS should not exceed 30%. It is also referred to as PIT (Principal, Interest and Taxes) over income. Sometimes energy costs are added to the formula, producing BITE, which moves the rule of thumb ADS to 32%.

High-Ratio Mortgage — A mortgage that exceeds 75 per cent of the loan-to-value ratio; must be insured by either the Canada Mortgage and Housing Corporation to protect the lender against default by the borrower who has less equity invested in the property.

Home Inspection - An appraiser or certified property inspector who provides buyers with a summary of the overall condition of the chosen home. This cost is usually covered by the buyer and a condition or contingency on an offer to purchase.

Home Warranty - an Insurance which covers homeowners when unforeseen issues arise with their homes. In the province of Alberta, it is now a standard practice for builders to provide a five-year new home warranty.

Homeowners Association Fee (HOA) - Is becoming a more common expense for Edmonton homeowners. It is a small annual fee to maintain a community. An HOA fee may cover things such as community fences, water features or playgrounds.

Gross Debt Service (ADS) Ratio — Gross debt service divided by household income. A rule of thumb is that ADS should not exceed 30%. It is also referred to as PIT (Principal, Interest and Taxes) over income. Sometimes energy costs are added to the formula, producing BITE, which moves the rule of thumb ADS to 32%.

High-Ratio Mortgage — A mortgage that exceeds 75 per cent of the loan-to-value ratio; must be insured by either the Canada Mortgage and Housing Corporation to protect the lender against default by the borrower who has less equity invested in the property.

Home Inspection - An appraiser or certified property inspector who provides buyers with a summary of the overall condition of the chosen home. This cost is usually covered by the buyer and a condition or contingency on an offer to purchase.

Home Warranty - an Insurance which covers homeowners when unforeseen issues arise with their homes. In the province of Alberta, it is now a standard practice for builders to provide a five-year new home warranty.

Homeowners Association Fee (HOA) - Is becoming a more common expense for Edmonton homeowners. It is a small annual fee to maintain a community. An HOA fee may cover things such as community fences, water features or playgrounds.

IDX - Internet Data Exchange - a multiple listing service syndications on Edmonton REALTOR® websites which provide real estate internet data and can showcase listings.

Joint Tenancy — A form of ownership in which two or more individuals (often spouses) have an equal share in the ownership of a property. In the event of one owner's death, his or her share is automatically transferred to the surviving owner; and does not become part of the deceased's estate.

Latent Defects - a defect in a property such as mould hiding beneath the surface of a floor or wall which can often go unfound by inspectors.

Lien — Any legal claim against a property, filed to ensure payment of a debt. It is a debt placed against a sellers residence, usually when a party says they are owed a debt by the owner of a property. At closing, the seller's lawyer (assuming there is enough property equity) will pay out the lien.

List Price - The asking price of a property. Note this may or may not be a fair market value price or the price a seller would be willing to accept.

Listing REALTOR® — The REALTOR® who signs a contract on behalf of the brokerage with an owner to sell the property.

Listing Contract — The legal agreement between the listing brokerage and the seller, setting out the services to be rendered, describing the property for sale and stating the terms of payment. A commission is generally payable to the brokerage upon completion of a sale.

Listing Presentation - a presentation customized by an agent who provides information on how they get the job done. Every Edmonton REALTOR® listing presentations is unique offering different real estate services. Note - Not all Edmonton REALTOR® provide the same services.

Lockbox - A small electronic box used to store keys to a home for easy access for licenced REALTORS® to show clients the listing to prospective buyers. If a REALTOR® is not licenced by our Edmonton Real Estate Board, they may not be able to access the lockbox.

Mortgage — A contract between a borrower and a lender. The borrower pledges a property as security to guarantee repayment of the mortgage debt. Lenders consider both the property (security) and the financial worth of the borrower (covenant) in deciding on a mortgage loan. See below for more on mortgage terminology.

Mortgage Life Insurance — Insurance that pays off the mortgage debt should the insured borrower die.

Mortgagee — The person or financial institution lending the money, secured by a mortgage.

Mortgagor — The property owner borrowing the money, secured by a mortgage.

Mortgage Broker — A person or company having contacts with financial institutions or individuals wishing to invest in mortgages. The mortgagor pays the broker a fee for arranging the mortgage. Appraisal and legal services may or may not be included in the fee.

Multiple Listing Service® System — An MLS® System is a cooperative selling system operated and promoted by a Board or Association in association with the MLS® Marks. An MLS® System includes an inventory of listings of participating REALTORS® and ensures a certain level of accuracy of information, professionalism and cooperation amongst REALTORS® to effect the purchase and sale of real estate.

Mutual Acceptance - This doesn’t mean the deal is done. Mutual acceptance takes place when both a buyer and seller agree to the terms and conditions associated with a home sale. Once the paperwork is signed and initialled on all changes, the property is considered "pending." Sellers are still allowed to accept offers, but only in a backup place. In the province of Alberta, pending offers are in the first place unless the buyer is unable to remove conditions by the deadline.

Organized Real Estate — Refers to the various bodies or groups (CREA, AREA, local boards) who work together to bring about structure, standards and accepted practices in real estate. Most Edmonton REALTORS® belong to all three real estate boards.

Open Mortgage — A mortgage that can be prepaid or renegotiated at any time and in any amount, without penalty.

Owner Financing - This type of financing is rarer than having a mortgage. It typically occurs when a seller is fiscally well-off enough to provide a loan to a buyer.

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Real Estate Terminology 101 (continued)

Pre-Approved Mortgage — Tentatively approved by a financial institution for a specified amount, interest rate and monthly payment.

PIT - Principal, Interest and Taxes.

Pocket Listing - Is a listing which your Edmonton REALTOR® may have which for various reasons is not listed on the MLS.

Principal — The mortgage amount initially borrowed or the portion still owing on the mortgage. Interest is calculated on the principal amount.

Property Taxes — The value of the property as determined by local municipalities affects this levy. Local government determines the rate of taxation. Property taxes are paid on an annual basis.

Purchase Contract — The document through which the prospective buyer sets out the price and conditions under which he or she will buy the property.

Refinancing — The process of obtaining a new mortgage, usually at a lower interest rate, to replace the existing mortgage.

Real Estate Board — A non-profit organization representing local real estate brokers and Associates which provides services to its members and maintains and operates the local MLS® System. It offers orientation and other continuing education courses to its members and represents local real estate matters at the municipal level. Our Edmonton REALTOR® board is called the Edmonton Association of REALTORS®.

Real Property Report — The legal outline of the property and location of all buildings and improvements on the land (formerly called the Surveyor's certificate).

REALTOR® — A trademark controlled by the Canadian Real Estate Association that identifies real estate professionals who are members of CREA. REALTOR® refers to the standard of brokerage services provided by members of CREA. REALTOR® is synonymous with professionalism. And professionalism means at least three things -service, competence and ethics. All three are essential ingredients in the REALTOR® recipe.

REALTOR.ca — Carries property advertisements and consumer-related information supplied by individual real estate boards and associations across Canada.

REALTOR® Code of Ethics - The promise to work in the best interests of real estate clients and abide by all rules and regulations set by local, provincial and federal real estate associations.

REALTORS® Association of Edmonton — REALTORS® Association of Edmonton is a professional association of over 3,100 Brokers and Associates in the greater Edmonton area. The Association enforces a Code of Ethics, Standards of Business Practice and disciplinary action, when necessary, for its members. The Association provides professional education to its members, administers the Multiple Listing Service® and advertises property listings on the Internet atREALTOR.ca, as well as in the Real Estate Weekly for the benefit of REALTORS® and their clients.

RECA - Real estate council of Alberta. A provincial real estate association representing the real estate industry on provincial matters, providing members with legal real estate documents for both buyers and sellers. Most Edmonton REALTORS® belong to CREA.

Rights of Way — Are indicated on title at the Land Title Office; often for use of utilities or city or municipality in order to make repairs to pipes, etc. No permanent structure may be built on a right of way.

Second Mortgage — A second financing arrangement, in addition to the first mortgage, also secured by the property. Second mortgages are usually issued at a higher interest rate and for a shorter term than the first mortgage.

Seller’s Market - occurs when there are fewer homes on the market the demand is far higher than the supply. This increases house prices and sometimes very quickly like during Edmonton real estate boom in 2006 - 2007.

Seller’s REALTOR®— The seller's REALTOR® represents the seller as a listing associate under the listing contract. His or her primary allegiance is to the seller. The seller's associate does not represent the buyer.

Single Agency — The practice of representing either the buyer or the seller, but not both in the same transaction.

Statements of Adjustments — Closing statements in a real estate transaction which set out the sources of funds which make up the purchase price, adjustments to and from the purchase price, the final amount required from the purchase and the amount due to the seller. Alberta real estate lawyers will prepare a statement for the seller and the buyer.

Surveyor - A person who is qualified for analyzing entire lots where properties reside and provide their findings in the form of maps and reports to homeowners. Surveyors can provide Edmonton homes owners with a current real property report.

Tenancy in Common — The owners each own a part of common land. If one owner dies, the interest goes to his or her heirs rather than the other owners.

Title — The legal evidence of ownership in a property.

Title Insurance - An insurance which covers homeowners in an unforeseen event such as another party lays claim to a residence, issues pertaining to forgery or fraud.

Title Search — A detailed examination of the ownership documents to identify the owner and any liens or other encumbrances on the property.

Total Debt Service Ratio — the maximum percentage of a borrower's income that a lender will consider for all debt repayment including other loans and credit cards and mortgages.

Torrens System — Alberta's land registry system.

Transaction Brokerage Disclosure — The information which a dual associate must disclose and explain to both buyer or a seller when he or she is acting as a dual associate.

Turn-Key - A phrase used by REALTORS® for pristine properties.

Unattached Goods — Moveable personal property such as appliances. Normally in the province of Alberta, unattached chattels are left in the home.

Underwriter - An underwriter reviews all paperwork relating to your mortgage pre-approval to make sure everything is in order and that borrowers are truly qualified to receive such a loan. Should the underwriter discover something off with a loan (e.g. lower buyer credit score than the one listed), they alert the originator, who will then have to rework the mortgage terms.

Walkthrough - a pre-scheduled date to allow buyers to view a property prior to closing to ensure all terms have been satisfied.

Zoning — Land Use Bylaw specifies in great detail every aspect of how property within a particular area of the municipality may be used.

Zero-Lot Line - Many existing homes today are built exactly on top of property lines. These often exist in urban areas, where buildings are constructed quite close to one another and use all of their allotted land space to build.

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Buying Foreclosures in Edmonton, Alberta

What Is A Foreclosure?

A foreclosure or foreclosed home is when someone who borrowed money secured by a mortgage on a property stops paying and the lender wants to realize their security. Essentially the lender applies to the court for an order transferring the security (the property) into the name of the lender. The lender may then sell the property to pay back the loan.

What Is A Judicial Sale?

People frequently refer to a judicial sale as a foreclosure. There is a key difference. With a judicial sale, the court sells the property. The proceeds of the sale pay off the loan or as much of it as possible. The court also attempts to sell the property as close to fair market value as possible. The title to the property never transfers to the bank or financial lender. In a judicial sale, the borrower, usually the homeowner, retains a right of redemption. This means that they have the opportunity to bring the mortgage current and keep the house.

How to Buy a Foreclosure

Foreclosed properties, like the vast majority of Edmonton homes for sale in our province, are listed on the Edmonton MLS board. When the listing comes on the market, we will see it – and so will you, if you have signed up with us to receive new listings. Every foreclosure, estate sale or bank-owned property, will be a little bit different when putting in an offer. Depending on the rules and regulations set forth by the lender, the court or the executor. Some foreclosures in Edmonton mush be cash unconditional offers, while others are treated the same as any other property.

Pros and Cons of Buying Foreclosures

Foreclosure and Judicial sales of Canada homes are more common in the United States. However, if you have been living in Alberta for a while, you will be well aware of our surplus of Edmonton foreclosures from the crash of our economy in 2007. It is now 2020 and Alberta house prices have not changed since. Before you start looking into buying a foreclosed home, it’s important to understand the inherent benefits and risks involved.

Pros:

  • The lender, eager to recuperate their loss, will want to sell the property quickly and is usually priced below its true market value. If you buy a foreclosed house, it is sometimes possible to get an even lower price. Any liens, backdated taxes, or outstanding mortgage payments remaining on the property will be expunged, as these factors would make it harder for the lender to resell the home. At the time of closing, your real estate lawyer will make sure your title is free and clear of all encumbrances.

Cons:

  • While foreclosed properties can be cheaper, they are not rock-bottom prices, as you might have heard. More often than not, you would acquire the home at only a slightly cheaper price than it was initially unless you have done your homework. Knowing the absorption rate and having your REALTOR® complete a buyer's comparative market analysis for you will help determine whether or not you have made a great investment.
  • The legal and financial procedures for buying a foreclosed home are more strict and complicated than the average home sale. Although your real estate lawyer will make sure your title is clear at the time of closing, it is a good idea to double-check your property title a few months after you move into your home. Not all of the old sellers' creditors know the house foreclosed.
  • Foreclosed homes are sold in a “what you see, is what you get” state, meaning you’ll have to cover all repairs or renovations by yourself. You’ll also have to get rid of any possessions that may have been left behind. This means if a stove was in the property when you last viewed it and now, it is gone, there is really nothing that can be done.
  • The terms of the mortgage contract may absolve the lender from any of these responsibilities, as well as any future liability for the property. If there are a foundation, hydroelectricity, or zoning problems, they are your responsibility. No warranties will be offered. It is a good idea to have a property inspection on a foreclosure prior to making an offer.

Hire Experienced REALTORS®

Since buying a foreclosed home is more complex, having a professional REALTOR® will be more necessary than ever. Not only can they help you find the right property, but they’ll also facilitate and guide you through the whole process. There are a lot of different steps you’ll need to go through, including inspection and a court date.

Tips on moving into a foreclosure

  • Consider the significant costs involved with buying a foreclosure home. Remember, a foreclosed property might need some work before it’s safe to live in. If you can’t afford these costs (as well as your payments), hold off until you can find a more suitable property. Consider the expenses that don’t even relate to the initial price, such as:
  • Utilities that need to be switched on as soon as possible - make sure you have ownership documentation. The previous owners may have outstanding utilities and you don't want to pay for them.
  • Change the locks. The sellers will not be happy they have lost their home to foreclosure, or the bank may have had tenants living there for a while.
  • Plan on doing a bit of landscaping. The grass may not have been cut for months and there could be doggie bombs in the yard.

Common Questions About Buying an Edmonton Foreclosure

#1. Can I get a mortgage on a foreclosed home?

  • Yes, you can. In most cases, purchasing a foreclosed home is an investment rather than a first home, so chances are you already have a pre-existing mortgage. If you don’t, contact us and we will help you through the process of getting a mortgage with one of our lenders so you can start searching for your first investment property.

#2. What is the risk of buying a foreclosed home?

  • Just like any type of real estate investment, buying a foreclosed home does come with a certain amount of risk. Being educated about the most common mistakes that buyers make when purchasing a distressed home will help you navigate the sometimes tricky world of foreclosure sales.
  • Don’t offer too low of a starting price. If you offer too low a price you will be rejected before ever getting to the auction stage of the foreclosure process. To avoid this common mistake, work hard with your REALTOR® to offer a realistic initial amount.
  • Never assume that your offer will be the only offer. You may need to adjust your original price if you want to pursue that bank-owned property.
  • Be prepared to lose in court. You may be outbid and end up losing your foreclosure sale at the very last minute.
  • Be prepared for some of the major risks. These include not receiving the home in the same condition as when you first viewed it. Another risk is that tenants still occupy the property when you take possession and may have to be forcibly removed.

#3 Do foreclosures get price reductions?

  • The longer a foreclosure sits on the market, the less money the bank is willing to take for that specific property, so sometimes patience is the key to saving large sums of money! Depending on the circumstances, the general rule is that the asking price will be adjusted once every 30 days to help generate interest in the property. Some foreclosed homes have sat vacant for months and even years.
  • The longer a foreclosure sits on the market, the less money the bank is willing to take for that specific property, so sometimes patience is the key to saving large sums of money! Depending on the circumstances, the general rule is that the asking price will be adjusted once every 30 days to help generate interest in the property. Some foreclosed homes have sat vacant for months and even years.

#4 How long does it take for a response, once I have written an offer?

  • In Alberta, the Real Estate Act favours settling foreclosures via a judicial sale, where a lender can only accept an offer to buy a property in foreclosure by going to court. The process can take days to several weeks, meaning other interested buyers can also write an offer after you have already submitted yours.

#5 Is a foreclosed home a good investment?

  • A foreclosed home can be a great real estate investment if you understand all of the costs associated with the project. A general guideline is that you should never pay more than 80% of the property’s estimated market value including any needed repairs.

Edmonton Foreclosure Summary

If done right, a foreclosed home can be a wise real estate investment that can provide you with an excellent rate of return.  Remember that every foreclosure sale is an “as is” sale, meaning: what you see on completion date is what you get. All of this information will be presented to you in a Schedule A form, make sure to go over it and understand it with your REALTOR®!

Our team of real estate and lawyers help when people buy foreclosures in Edmonton and the surrounding area. We help explain the risks of buying a foreclosure. We also explain how to mitigate that risk. Always seek this information and advice before signing any contract to purchase such property in Alberta. Connect today! Email your questions here directly. Also, feel free to call us at 780-910-5179.

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Cameron Heights Edmonton Luxury Homes

Main Photo: 4129 Cameron Heights Point in Edmonton: Zone 20 House for sale : MLS®# E4197513

Cameron Heights is tucked away from the rest of the city located in west Edmonton. It is bordered by the Anthony Hendaym three natural ravine systems (Wedgewood, Cameron, and Smith Road Ravine) and the North Saskatchewan River Valley.

Residential and commercial real estate development is located strategically around the natural features Cameron Heights including a green space that has been designed to provide a focal point and is intended to house an elementary school and community facility.

Cameron Heights was named after John Cameron, a pioneer and businessman who lived at the north end of the road that now bears his name (Cameron Avenue). He arrived in Edmonton from Winnipeg in 1881, started a business as a merchant, and was the first president of the city’s Board of Trade. He also served as the Chairman of the Edmonton School Board and as one of the first members of Town Council in 1892 and 1895.

3735 CAMERON HEIGHTS Place in Edmonton: Zone 20 House for sale : MLS®# E4214709

Homes in Cameron Heights are primarily built a few years after the turn of the century. Similar to the Griesbach community, Cameron Heights homes for sale have a slower turn over time than most Edmonton communities. The average price for a detached Cameron Heights home is approximately $800,000. House prices in this west Edmonton community range from the mid $400,000 to a few million.

Amenities near Cameron Heights

  • Edmonton Country Club & Private Golf Course
  • Terwillegar Off-Leash Dog Park
  • River Valley Cameron Walking Trails
  • Cameron Heights has a low walk score
  • Treehouse theme children's playground

Search Cameron Heights Edmonton homes for sale

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How many homes sold in Terwillegar Edmonton?

Terwillegar real estate sales statistics for July-September 2020


Terwillegar home sales include the communities of Haddow, Hodgson, Leger, MacTaggart, Magrath Heights, South Terwillegar and Terwillegar Towne in the southwest of Edmonton. 


Terwillegar Edmonton Sold Houses


According to the REALTORS® Association of Edmonton for this 3rd quarter, the average price for single-family homes absorbed in the Edmonton region decreased by 3% year-over-year in August to $551,619. In southwest Edmonton, there were 99 houses sold in September,129 in July and 109 houses sold in August.


For the city of Edmonton, there were a total of 2,236 new listings, 1309 sales with an average single-family sold house price of 447,725 in September. In August 2,167 new listings, 1280 sales with an average house price of $446,982. July there were 2,391 new listings and sales at 1524 and an average sold house prices at $445,351.


Recent Terwillegar Home Sales:


There were a total of 156 homes sold in Terwillegar in the third quarter of 2020 with an average of 47 days on the market. This year, there have been a total of 199 Terwillegar houses sold with a median sale price of $513,433.


In July 2020, there were 70 Terwillegar area homes sold including 13 apartments, 6 rowhouses, 6 bungalows, 10 duplexes and 6 luxury properties. Sold Terwillegar house prices in July range from $300,000 to $1.3 Million.


In August 2020, there were 49 Terwillegar area homes sold including 9 apartments, 4 townhouses, 3 duplexes, 3 luxury properties and 1 hillside bungalow in MacTaggart. Sold Terwillegar house prices in August range from $338,000 to $965,000.


In September 2020, there were 37 Terwillegar area homes sold including 9 apartments, 5 townhouses, 5 duplexes, 5 luxury properties and 1 hillside bungalow in MacTaggart. Sold Terwillegar house prices in September range from $355,000 to $1,140,000.

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Current Terwiilegar Edmonton Homes for Sale

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