It is a reality that foreclosures in Canada happens in any market, in a boom an estimated .25% of homes face foreclosure and in a bust .75% of homes face foreclosure in Canada.
Foreclosures in Canada
According to Canadian bankers association, as of March 2010, the rate of delinquent mortgages (home owners who were unable to pay their mortgages for over 90 days) is .44%. This number indicates the rates for the 8 chartered banks, there are over 1100 lending institutions.
What happens when you buy a house under the power of sale or foreclosure in Canada? The lender by law is obligated to sell the properties at current market value. They sell as is conditions without offering any warranties and they are not obligated to offer you any more information.
The goldmine is in pre foreclosures in Canada
at this stage the property owner has a couple of choices.
- Deal with the devil (the bank) which they do not care about the home owner, they will do anything legally in their power to get the money owing them, if the homeowner can’t, the banks will not think twice about throwing a family on the street.
- Appear to be like a hyena a.k.a Lawyers, they cannot help the distressed home owner, this will also skyrocket your cost, you will be billed for any letter drawn up for you.
- Deal with professional real estate investors, these are people who understand the foreclosure laws, and are willing to help the families with downsizing and credit rebuilding and leaving their homes with dignity.
In conclusion, all the profits are in pre foreclosure not in foreclosure.
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The above information is provided as a guideline and is not intended to give a professional legal advice. Please consult a real estate lawyer for their opinion on your particular case
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