QUOTE (UTCVenturesLtd @ Jan 3 2010, 01:00 AM) I seem to be getting in on the foreclosure track although i think that the banks really want close to the market value so there would be not much of spread for an investor to jump in on them to buy and flip.
The preforeclosures on the other hand seems to be the better way to go, saving someone`s credit rating and still having enough spread between the mortgage and the market value to flip for a profit.
Has anyone had some experience in flipping foreclosure property in Canada? Can you find some deals out there?
Hi,
We have completed numerous flips in the Calgary region that were pre-foreclosure situations and they are definitely better opportunities there than in bank or MLS listed foreclosures. By the time it has gone through the entire foreclosure process it is to late to help someone other than the bank (who by their current profit statements may already be ok, recession or not!).
By dealing with the homeowners, prior to foreclosure, there is more likely to be room available for profit which the homeowners may trade for saving their credit, relieving stress and for providing them with a solution.
The issue is of course, where to find these pre-foreclosure properties. There used to be lists you could subscribe to and Wade Fenner`s was the one most of the successful people used, it however is no longer around. There are still ways to access some of the information, but it can be harder, although if it is harder, less people will try it and thus create more possibility for success for the chosen few.
So the answer is yes, there are pre-foreclosures out there, you can make money off of them and they can be a viable strategy. Good luck.