Fluctuations in the economy, no matter how little, can have significant effects on every sector. One of the most affected sectors in Canada is the huge group of homeowners who are currently paying their individual mortgages under variable rate agreement. In 2016 alone, it was noted that around 30% of Calgary homeowners lost their properties due to mortgage default and bank foreclosure. This is evident on the increase of entries in foreclosure home listings in Canada.
While this may badly reflect the condition of the economy, this presents an opportunity for home hunters to finally get what they want. Foreclosed properties are often put up on the market at an affordable asking price. Banks don’t want these properties on their hands for too long since they lose value over time. This gives buyers an edge during the negotiation process.
Those who are planning to shop for foreclosed homes in Canada will find the task easier through the use of online listings. These are usually compiled by real estate agencies, individual brokers, or companies that act as bridges between banks and the market. Since listing websites are quite numerous these days, it could be a challenging thing for prospective home buyers to choose which one to make use of.
It would be a good thing to have an idea about the characteristics of good foreclosure home listings in Canada these days. These include but are not limited to the following:
• Sticks to its intended purpose: If you’re looking for foreclosures, then it must list only foreclose homes or other real estate properties. This is the thin line that separates foreclosure listings from MLS (multiple listing services.
• Gives current, complete, and legitimate information: Listings must be recent, cover specific Canadian regions, cities, or locations, and sourced out from legitimate entities. It would be good to find listings that come directly from law courts and banks. Documents pertaining to listings that come from these sources are hard to obtain. Listing agencies that can do so will make the house hunting task of an individual easier.
• Puts emphasis on user privacy and data exclusiveness: Listing sites that require membership and minimal fees should not scare away prospective home buyers. This is a way to ensure that only serious buyers get access to prime lists. It also ensures that access to relevant information is made easier for users. The website www.foreclosuresearch.ca, as an example, offers a risk-free membership to home buyers for just $37. This gives members an exclusive access to the best and most current foreclosure listings within an area of their choice.
• The aspect of user-friendliness is evident on the site: Is the site easy to navigate? Does it have a version that can be accessed and viewed even on mobile devices? Does it have customer support? These questions can determine the quality of user experience that a listing site can provide.
Foreclosure home listings in Canada are easy to find. However, it matters to pick out only those that can genuinely help users find what they want and at the same time provide top quality user experience.