foreclosures?

[physique]

anyone know any repo/foreclosure/bank owned sites for property and housing that a guy can pick up for cheap?

looking for canadian, but if i have to i will grab a USA place too

[Felinecougar]

I'm praying my home is not on the list in the next year. We owned it once but he overspent and said i was ok to live well. NOW the bank owns it again.

Invest in Windsor where every other person is in the Auto industry and who's unemployment will run out by the end of the year will want to sell rather then have it foreclosed.

[faller]

anyone know any repo/foreclosure/bank owned sites for property and housing that a guy can pick up for cheap?

When a bank takes possesion here in BC, they get the house appraised, than they hire a realator to list the property. The property will be listed at market value, all things being equal. Bid's that come in go to court and a judge makes the finale decision. It always go's to the highest bid and fastest closure date, usually.

So you don't really end up getting a deal. I think years ago what happened was the bank usually just wanted what was owed on the property.

[Anatomy]

pre-foreclosures are the best way; you can usually strike a great deal with someone willing to part with some equity in exchange for you saving their credit rating. You can watch the provincial court docket for bank actions against people since these are usually the early stages of foreclosure. Depending on your investment goals and resources these can work for flips or long term holds. The key to success is having a plan and being able to move quickly.

There are lists of foreclosures available that can save you some ground work but you still have to be prepared to battle with the other investors subscribed to the same list... usually it works best to be sympathetic but focused on solutions when negotiating with the vendors... treat them with respect, any of us can hit a rough patch at any time so the goal is to find a solution where everyone gets what they want.

Advertising in the paper is a great way to go and will probably net you the best returns but I also have a home-buying website that is getting me a bunch of calls despite it's crappiness. It was a domain I bought a couple of years ago for future use and didn't give it much thought. I put up a crappy, only partially complete site but it is bringing me deals every week.

Prioritize your investment goals and the rest becomes easy.

PS, in my experience there are ways to get the banks to call you first with exclusive access to better than market-value deals on their foreclosures but there are downsides you have to be aware of.

Ask questions here or pm if you want to chat.

[physique]

thanks for the info Anatomy.

[Gettin'r'round]

I don't see Canada suffering from foreclosures at the rate of those in the US. Our housing market wasn't inflated for the last 4years on artificial demand by people who should never have gotten a mortgage. Not to mention we don't treat our houses like ATM's like those in the US. It's shocking that even mid/upper class felt the need to liquify their home equity just to move up or renovate. So even those who still have jobs probably are in a negative equity position. It's the height of financial irresponsibility.

If it wasn't for the depreciation of the CDN dollar Florida would be super sweet deal, for you west coasters, Nevada and surrounding territory have gotten POUNDED.

[Anatomy]

the fact that Canada hasn't gotten hit harder is a testament to conservative financial institutions, policies and attitudes.

Truth is that there are foreclosures in even the hottest markets with the strongest economies but that's only one way to find motivated vendors. you need a motivated vendor to get a great deal no matter what you are buying. It just so happens that there are a lot of motivated vendors everywhere these days. In Canada your best values come from people who owned before the big swing up and need to sell for whatever reason (there are many); in the US your best values will come from lenders selling at a loss supplemented by bailout money. Either way you'll maximize your return by buying in areas that have over-corrected or should recover first.

Most people believe that the american economy will dip lower and rise faster than the canadian... if that's the case, expect the C$ to drop further relative to the us$ adding to your profit if you invest in american real estate. when you're investing, a deal can only be propertly evaluated against your goals. My investing goals have more to do with making money than they do with buying the most of anything at the best price. Analysis aside I don't give a shit where the market's been, I care where it's going. Deciding to not buy an investment today solely because it was cheaper yesterday is silly... the question is how will you feel tomorrow?

[Mr Ontario]

True....you dont get much of deal, unless you get a Private sale!


When a bank takes possesion here in BC, they get the house appraised, than they hire a realator to list the property. The property will be listed at market value, all things being equal. Bid's that come in go to court and a judge makes the finale decision. It always go's to the highest bid and fastest closure date, usually.

So you don't really end up getting a deal. I think years ago what happened was the bank usually just wanted what was owed on the property.

[bigben]

Watch the legal notices section of your newspaper. Here in Manitoba, the bank must first offer the property at public auction prior to resorting to power of sale done through a realtor. They fix a minimum bid at auction equal to the bank's cost, so that's the amount owing plus interest and legal fees. Sometimes there are good deals this way, other times, overpriced and not worth it, and it will sell for less later. When the auction is aborted because of no bidders or no one making the min bid, they then get two appraisals and put it on the market. They then only have to sell it for within a certain percentage of market value. It might be a great deal if its a fixer upper and your a handy man. Certain agents tend to get all the listings for certain lenders. Look in the MLS and see who seems to have the banks property sold under power of sale.

[rottin]

yeah canada is no where near the disaster the market is in the states... just got back from vegas and all the hostesses and bartenders were totally depressing. u can pick up a condo there right now in the 25k range ... unheard of before , people see what they owe on these and what they are worth and are walkin away,....

[WonderWoman]

Great advice Anatomy and bigben!! I am aggressively searching for my 5th home/project. I have looked at 10 foreclosures in the last week. It is kinda sad-how these homes have been neglected-these economic times are a tragedy for some. Renov.s have been started in some that I have viewed but hope and funds must of run out. But some homes have just been absolutely abused and negletced. I feel sad for a moment but than I re-focus on my purpose....which is trying to make a living for myself and this is my retirement plan. I drive around my town and I see those white papers from Property Management posted in the windows and it seems like a struggle to get info. on the houses until the banks contact a real estate agent and they are listed. I wish I had more of an inside scoop-but it seems almost impossible. I pretty much-hunt-watch and wait. If anyone in Windsor/Essex County even London area has any inside scoop on any foreclosures-PLEASE let me know asap-I won't be happy until I have a half dozen homes-and whatever comes my way after that will be BONUS!!
Rottin-so true about the states-I was actually looking there to purchase a cottage. Someone always has it better or worse. But as history has shown-things always turn around-time will tell.

[ubcpower]

I just drove past this one the other day. There is a prime forclosure parcel in south surrey. its right by the Pacific Highway border crossing. its zoned agri. reserved land now but it will undoubtebly get rezoned to commercial. Trying to get my parents interested in it

http://www.dtzbarnicke.com/client/JJB/JJBNA%20Web%20Listing%20dB.nsf/02be8d03a9929578852568f10071f91f/5806a78fb86d53018525754d0081aba1/$FILE/144%20-%20174%20176th%20Street%20Surrey%20%20DTZ%20LAND%2 0FORECLOSURE%20SALE.pdf

[Bowlcut]

^^ South Surrey? LOL. Do you wanna be the only white person in the area?

[s.tranger]

I would like to get into this too in the future.

[GYMBRAT]

^^ South Surrey? LOL. Do you wanna be the only white person in the area?

gotta love it huh Bowl....whats happenin to Can lol :fwave

GB