Foreclosure warning issued

The president of the Central Alberta Realtors Association is cautioning real estate bargain hunters who may be eyeing foreclosed property.

The president of the Central Alberta Realtors Association is cautioning real estate bargain hunters who may be eyeing foreclosed property.

Derek Austin said in a news release issued by the association that an increasing number of ads about foreclosed properties are appearing in newspapers, on television and even in online social networking sites.

Some relate to property in the United States and beyond, he added.

“The public should be aware that the regulations governing the sale of foreclosed property in Alberta are substantially different than in the U.S.”

Bill Fowler, a director with the Alberta Real Estate Association, offered some advice to people struggling.

“Property owners who are worried about making their payments should discuss the situation with their mortgage provider, as there may be options available that can help prevent them from losing their home.”

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