One of the fastest ways for an individual to acquire a house today is to target foreclosed homes listed on the Canadian real estate market. According to the CMHC, there was a decrease of 3.55% in the number of home foreclosures when the December 2016 and February 2017 data were compared. However, this doesn’t take away that fact that a lot of homes are still being added to foreclosure home listings in Canada these days.
Acquiring foreclosed homes can be advantageous for a buyer if good properties are located and wise decisions are made. As an example, buying a house which already has 3 years of mortgage payments (considering a 5-year mortgage term for the previous owner) should be good. This is true, particularly if the previous owners have already invested in remodeling, renovations, and repairs in the hope of increasing the property’s value.
One of the most complicated tasks to accomplish when shopping for foreclosed homes is about finding the best listings. Of course, it matters to know where and how these foreclosure home listings in Canada can be found. Consider the following suggestions:
• Subscribe to a foreclosure listing service: There are many Canadian real estate companies who can offer this type of service. The advantage for subscribers is that they can get real-time updates and notifications if there are foreclosures that fit into their exact preferences. Of course, these “prime” subscriptions come with a certain fee, which may range from $30 to $300 per month.
• Access the services of real estate agents: Most of the foreclosure listings found online contain limited amount of information regarding the property itself and the realtor. Real estate agents, with their industry connections, can get access to these pieces of information. Furthermore, they are the ones who can point out the best listings and offers out in the Canadian real estate market. Of course, their services will cost a buyer significant amounts of money. When choosing a real estate agent, one must make sure that the individual being hired is licensed and experienced.
• Check out the MLS and newspaper listings: Listings found there are usually current. However, as indicated above, MLS listings can provide very limited amount of information. MLS can be useful when the realtor wants to directly deal with buyers and not with real estate agents. Legal notices on newspapers are good sources of these listings too. There is a law in Canada that requires banks and lenders to publish any property they are foreclosing or have already foreclosed. The good thing about these listings is that access is open for everybody. Auction dates are also posted with the lists.
• Online foreclosure sites: These are websites that specialize in listing the best foreclosure offers on the Canadian real estate market today. The biggest advantage here is that buyers can browse through many property lists and compare as they go. Only those sites that carry legitimate, trusted, and well-reviewed names should be chosen by prospective home buyers.
It isn’t impossible to find the best foreclosure home listings in Canada today. With the help of the right persons and access to the right resources, the task is totally doable!
ForeclosureSearch.ca offers its members full access to our extensive list of properties-on-sale and other real estate information such as foreclosures, bank-owned property, government-owned homes, auctions, and tax sales listings. For more information, visit http://www.foreclosuresearch.ca