Calgary Home Purchase / Sale DELAYS

[TimLacroix]

Heads up everyone - UPDATED July 22, 2013

If you are planning on purchasing or selling a home in the near future or even for the next while, lenders and insurers are taking every precaution when approving a property due to the recent flooding.

A home inspection or appraisal is required in certain areas listed below (NO EXCEPTIONS)! Home inspections are usually done so this may not be an issue.

As long as a professional third party (inspector or accredited appraiser) can attest that the property was not in the flood area, that will meet the requirement.

NOTE: Cost for this is approx. $125-$150 + GST

If it was in a flooded area then a full inspection is required to assess if there was damage or mold to that specific property.

Below is a list of areas affected by this new policy.

CALGARY ZONES:
T0A, T0G, T0L, T0M
T1A, T1C, T1S, T1V, T1W, T1Y
T2E, T2J, T2Y, T2Z, T2N, T2P, T2R, T2T, T2S, T2G, T2V, T2H
T3C, T3H, T3K, T3Z, T3B , T3C

OKOTOKS
BLACK DIAMOND
LETHBRIDGE
RED DEER
CANMORE
BANFF
HIGH RIVER
EXSHAW
BRAGG CREEK
MEDICINE HAT
HIGH RIVER
COCHRANE
ROCKY VIEW COUNTY
SUNDRE
TURNER VALLEY
CROWSNEST PASS


Therefore, it is highly recommended to have enough time to meet financing conditions. Approx. 7 business days should be enough however, due to current volume and current delays, be prepared for 1-3 additional days.

[dj_rice]

Ouch....good move on insurers part. Better safe than sorry

[sxtasy]

While its good to be safe, I have lived in both T3C (Spruce Cliff) and T0L (west Bragg Creek) area codes and both houses are not even close to the elevations of the flooded areas. Overly cautious?

[Phl0xed]

Originally posted by sxtasy
While its good to be safe, I have lived in both T3C (Spruce Cliff) and T0L (west Bragg Creek) area codes and both houses are not even close to the elevations of the flooded areas. Overly cautious?

I was just thinking the same thing. Currently in T2Z (McKenzie Towne) and I think the closest the water got to us was in Okotoks! :rofl:

[TimLacroix]

Originally posted by Phl0xed


I was just thinking the same thing. Currently in T2Z (McKenzie Towne) and I think the closest the water got to us was in Okotoks! :rofl:

I know... I am in McKenzie Towne as well... however, Douglasdale and McKenzie Lake area are also T2Z.

[Phl0xed]

Ah, that I did not realize! That makes more sense now, then. If I recall, there was part of Douglasdale that was evacuated, no?

[TimLacroix]

Originally posted by Phl0xed
Ah, that I did not realize! That makes more sense now, then. If I recall, there was part of Douglasdale that was evacuated, no?

Correct. The Enmax sub station, driving range near Douglasdale were completely under water. Certain areas along the river were evacuated.

McKenzie Meadows Golf course was underwater... which is all in the T2Z area.

[AE92_TreunoSC]

It is what it is. I'm in freaking coventry and I have to do it. At least I'm aware of it. Thanks

[TimLacroix]

Originally posted by AE92_TreunoSC
It is what it is. I'm in freaking coventry and I have to do it. At least I'm aware of it. Thanks

That is it... I have a couple of closing in Conventry Hills as well and they are delaying everything due to home inspection etc...

I guess the Hills part isn't enough. Hahaha..

Not only that, they could just look at a map that outlines the exactly the Red Zone.

This is why I posted this information... we have to do the dance... it is a small delay.

Best of luck and congratulations on your new home.

[TimLacroix]

Postal codes and areas updated/ added - see original post.

[JustinMCS]

Originally posted by sxtasy
While its good to be safe, I have lived in both T3C (Spruce Cliff) and T0L (west Bragg Creek) area codes and both houses are not even close to the elevations of the flooded areas. Overly cautious?

Postal Code areas are larger than you probably think.

T3C also covers Sunalta (right by the water).

(Also includes Scarboro, Shaganappi, Spruce Cliff, Rosscarrock, Westgate, Wildwood, etc.)

T0L in Bragg Creek covers River Dr S and Centre Ave, right by the water....

[heavyfuel]

OHHHH NOOOOOO GOTTA WAIT 3 MORE DAYS TO BUY A HOME OMG NOOOOOOOO lol

[Xtrema]

Originally posted by heavyfuel
OHHHH NOOOOOO GOTTA WAIT 3 MORE DAYS TO BUY A HOME OMG NOOOOOOOO lol

The difference can be 1 month of rent if you timed it wrong.

[heavyfuel]

Originally posted by Xtrema


The difference can be 1 month of rent if you timed it wrong.

Ohhhh ya cuz 11-12 hundred bucks is all of a sudden a big deal when you're already digging a 400 thousand dollar hole? I know this attitude contributes to my failure but like holy fuck already from what I can tell you don't get ahead in this city by nickel and diming a thousand here, 500 there.

[yellowsnow]

I think what Tim is trying to say is, when you are writing conditions of financing on your purchase offer, make sure you have enough time to meet that condition. Or else you could potentially lose the house you want.

[Xtrema]

Originally posted by yellowsnow
I think what Tim is trying to say is, when you are writing conditions of financing on your purchase offer, make sure you have enough time to meet that condition. Or else you could potentially lose the house you want.

Exactly. I'm starting to hear of bidding wars in the SW again due to lack of inventory. So the more you know, the better.

[TimLacroix]

Originally posted by yellowsnow
I think what Tim is trying to say is, when you are writing conditions of financing on your purchase offer, make sure you have enough time to meet that condition. Or else you could potentially lose the house you want.

Correct. All I am suggesting is that you ensure there is enough time to meet financing, home inspection, etc "conditions".

The additional requirement is not a concern if the home you are purchasing is not in an effected area... this condition can always be completed even if conditions have been removed.

I would not suggest removing conditions in areas in or close to flood affected areas... lenders and insurers may not approve the deal till more due diligence is completed.

Remember, conditions are for your benefit so make sure you protect yourself as it will cost you more money after possession if you rush your purchase.