What is a Foreclosure?
A foreclosure is essentially a situation in which a homeowner has failed to make payments of principal and / or interest on their mortgage. The lender can demand full payment of the outstanding mortgage and then petition the Supreme Court to begin foreclose proceedings on the property as per the terms of the mortgage contract. Although many foreclosures involve mortgage defaults, foreclosure can also take place in the event the homeowner fails to pay municipal property taxes or condominium (strata) fees.
The foreclosure process can result in a highly motivated seller and potentially a significant discount for the purchaser.
How do I find Foreclosures?
Foreclosures in Canada are not typically listed or published, so there is a lot of work and research involved in finding foreclosures. There are some real estate agents that may have a minimal number of foreclosure listings, but they are very few and far between. It is for this reason we offer a complete list of foreclosures to investors.
Why are Foreclosures not listed on the mls?
Sometimes foreclosure properties are listed, but the majority are not. It takes a lot of time, effort and expense to assemble a complete list of foreclosures, which is one reason why real estate agents (or anyone else for that matter) go to the trouble of compiling one. |
Where can I get a list of Foreclosures?
Right here of course!
As you are well aware, information is power. But any information is only as powerful as its accuracy, relevancy and timeliness. This is why we have assembled a unique team of researchers to compile a complete record of foreclosure properties throughout British Columbia. These listings are emailed to our members every week.
What if I don't have Microsoft Excel?
If you do not have Microsoft Excel there is software available which enables you to read Microsoft Excel documents at no cost. You can download this free software at:http://www.openoffice.org/ |
Are the properties on your list Foreclosures or Pre-Foreclosures?
In essence, you are either in foreclosure or you aren't. From this point of view the properties on our list are foreclosures, which are often referred to as pre-foreclosures in the US. This means that the properties are in foreclosure, but have not been foreclosed on by the lender yet. Once the court orders the sale of the property and the sale has been completed, the property is no longer in foreclosure.
