The idea of wholesaling is much more common in the US than it is here. The system is predicated upon banks repossessing property from foreclosed homeowners. These banks then look to offload them so that they can get their money back out and re-lend it to a higher quality borrower. Banks aren`t in the business of owning property, they are in the business of lending money.
Foreclosures in Canada are a night and day difference. In Alberta, they use a judicial sale system which means in order for a bank to sell a property after a loan has gone bad they need to follow a series of legal steps culminating in a judge declaring the new offer to be "fair enough" to the previous owner before they will allow the sale to go through. If they owner has a large amount of equity (more than 25%) they are given a little over six months to redeem themselves or refinance which most of them do.
It is VERY tough to lose your house in Alberta or any other judicial sale province. The system favors the borrower much more than the lender.
So, to get a DEEP discounted deal (like more than 20% off real, true no BS fair market value) you can`t go about it the same way they do in the states. They are much, much rarer in Canada (well Alberta at least).
QUOTE (C2Ventures @ Dec 19 2008, 05:58 PM) A bit of a tip: I think you will find wholesaling/flipping/assignments rather tough in the current market conditions, unless you find an extremely smokin` hot deal WAY below market value with MASSIVE cashflow. Otherwise, I`m not sure how much interest you will find.
Not saying it can`t be done, but likely best to focus your efforts on building a strong long term cashflowing portfolio.
