Personal Finance

Foreclosed homes listing in Canada

  • Last Updated:
  • Mar 22nd, 2014 1:16 pm
Tags:
None
[OP]
Newbie
Sep 28, 2004
80 posts

Foreclosed homes listing in Canada

I am wondering if there is a website where I can look at foreclosed home listings in Canada. Somewhere similar to the mls (www.mls.ca/) listing.
11 replies
Banned
User avatar
Dec 10, 2008
1659 posts
53 upvotes
There are no foreclosed listings in Canada.

There is Power of Sale and you will not save one single penny (actually, you are more likely to lose if the property has been damaged) because banks here list properties at the current market value.
Deal Fanatic
May 29, 2006
9472 posts
2072 upvotes
my wife does foreclosers. She said its very rare for the bank to drop the price below market value, or to accept an offer below asking price.

Also alot of times they are sold "as is"
Deal Fanatic
User avatar
Nov 23, 2005
8261 posts
3985 upvotes
rocking23nf wrote:
Aug 24th, 2010 12:31 pm
my wife does foreclosers. She said its very rare for the bank to drop the price below market value, or to accept an offer below asking price.

Also alot of times they are sold "as is"
My best friend got a foreclosure that was a disaster. 5 bedroom house that needed renovations from top to bottom. After getting it, sinking in $60k in renos, he had a chance to sell it this summer for $80k more.
Deal Addict
Nov 29, 2009
1349 posts
100 upvotes
Toronto
boyoflondon wrote:
Aug 24th, 2010 12:47 pm
My best friend got a foreclosure that was a disaster. 5 bedroom house that needed renovations from top to bottom. After getting it, sinking in $60k in renos, he had a chance to sell it this summer for $80k more.
80k after spending 60k? or 140k profit?
Member
User avatar
Apr 1, 2009
406 posts
12 upvotes
Lots of bargain shoppers love to hunt for power of sale deals. Many think they are getting a huge bargain if they are able to shave off ten or fifteen thousand off the asking price; however, are they really getting a good deal? Below are ten reasons why they probably aren’t.

10 Reasons Why you Shouldn’t buy a Power of Sale Home
Member
Apr 13, 2009
260 posts
122 upvotes
Kelowna
From what I've seen, foreclosures usually go for a marginally better price because they are harder to finance, but as stated above, the savings may have been small or non-existant for the past 8-10 years while the market was hot.

The reason being that in BC if you had a offer accepted on a foreclosure it still goes through some sort of court process where other parties could submit offers as well, in effect making it a silent auction. I don't know how it works in other provinces.

Going forward I don't think it will stay that way. I am already seeing foreclosures listed for great prices in my area, and wouldn't expect a lot of competition in the courts right now.

All the ones I have seen are listed on mls and there are some realtors that seem to specialize in them so you can contact a realtor and they will usually give you a list of foreclosed properties in a certain area.
Deal Fanatic
User avatar
Nov 23, 2005
8261 posts
3985 upvotes
navigator416 wrote:
Aug 24th, 2010 12:52 pm
80k after spending 60k? or 140k profit?

Bought it for 225k in Oct 2008, spent 60k over 6 months it took us to finish everything and had an offer for $369k this May.
Member
User avatar
Apr 1, 2009
406 posts
12 upvotes
boyoflondon wrote:
Aug 24th, 2010 12:56 pm
Bought it for 225k in Oct 2008, spent 60k over 6 months it took us to finish everything and had an offer for $369k this May.
That is more of a market thing than the actual property. The market in BC went up pretty good over the last couple of years.
Deal Guru
User avatar
Nov 5, 2001
10798 posts
1337 upvotes
Edmonton
Short sales tend to be better value, with the same drawn out wrangling and paperwork. And the issue of the previous owner not caring about the place is an issue there as well.


The difference is in the market compared to the US. In Phoenix, 5-7 year old former showhomes were selling last summer for a quarter of their new value...
Newbie
Jun 18, 2017
1 posts
Oh NOOOO please don't give in to Foreclosuresearch.ca they are a scam. I paid for it and when I tried to find the web site again it couldn't load it. when I clicked on the purchased product to download, it took me to another page to buy more products. I had to send clickbank an e-mail for refund and cancelling my membership.

Top