Hi, I'm a newbie and don't know much>

[72Javeloon]

 Hi I'm interested in acquiring properies through the foreclosure route. I've been sniffing around this for a while now and seem to have trouble figuring out how to acquire potential tax sale/foreclosure information. I'm just curious if someone knows of a short/succint explananation of how foreclosures work in Alberta.



I have two specific questions I'd love to hear responses to.

A. If I find a potential site of interest, how would I forward a bid on it?

B. If my bid wins, is there still potential that the owner could get his property back form me?

I'm excited to have found this board and happy to be aboard. Any/All advice and suggestions would be appreciated immensely.

Take Care,

Phil

[Rob]

Hi 72Javeloon,


For an Alberta tax sale property, the process is simple.  First you find out about a specific property you are interested in.  Either though listings here or the local newspaper or provincial government newsletter or local muncipality website. 

Once you find a property, research the property by visiting, doing a title search, determine similiar property values in the surrounding area.  With that information determine what your bid will be.

Then for an Alberta tax sale property, you would go to the property auction on the day at the specific time it is issued and try to win the bid. 

If your bid wins, the owner cannot get his/her property back from you by suing or any other sort of legal means.  They could however offer to buy the property back. 

Keep in mind, that the person has until the auction date and time to pay the back taxes.  So a property you have done a lot of research on might not be available when you go to the auction. 

[GovGuy39]

Owner cannot get the property back from you in anyway, except for buying it from you and paying a premium.


when bidding for a property,always make sure you look at the property physically first, as i have seen so many problems which are not seen in a picture.

you will be surprised what you can find, of value or problems

[TW]

If they owe money to a bank for the property is this incorporated in the reserve price?  just trying to figure out why Alberta reserves are so high.