Foreclosures
- Thread starter LeighF
- Start date
- Joined
- Aug 30, 2007
- Messages
- 13,879
Invite lawyers, mortgage brokers, receivers and private money lenders for lunch .. or mingle with them .. and have lots of cash handy for a fast closing.
Foreclosures in Canada are usually MLS listed from a court ordered sale.
CMHC has a website too for multi-family assets in distress - usually crappos in rural areas with high risk.
btw: don't dabble. Do it. Or don't do it. Don't dabble. It is a business.
Foreclosures in Canada are usually MLS listed from a court ordered sale.
CMHC has a website too for multi-family assets in distress - usually crappos in rural areas with high risk.
btw: don't dabble. Do it. Or don't do it. Don't dabble. It is a business.
- Joined
- Aug 26, 2010
- Messages
- 380
One tip that most people have no idea about is that there are two foreclosure processes: tax and mortgage. The two are done by different entities (local gov't vs banks) and may or may not follow the same processes and outcomes. There is no website I've seen that is what you're looking for and other than watching MLS for bank foreclosures, and having a list of all the local gov'ts selling tax foreclosure properties and attending the auctions with cash in hand, there are no other methods than being really tight with bankers who know what's coming down the pipe.
Although another strategy for that particular segment is advertising to catch pre bankruptcy distressed sellers you could do an RTO with, which is a great strategy that if it failed at least you would know what property is coming up with what bank at what foreclosed mortgage amount.
The only other thing I would say is that banks are a dream to negotiate with because they don't care about emotions. I just bought 3 foreclosures from two banks and really, really enjoyed the negotiations with them because I could more accurately predict what their priorities were, negotiate towards them, and make an extra 15K for it.
Although another strategy for that particular segment is advertising to catch pre bankruptcy distressed sellers you could do an RTO with, which is a great strategy that if it failed at least you would know what property is coming up with what bank at what foreclosed mortgage amount.
The only other thing I would say is that banks are a dream to negotiate with because they don't care about emotions. I just bought 3 foreclosures from two banks and really, really enjoyed the negotiations with them because I could more accurately predict what their priorities were, negotiate towards them, and make an extra 15K for it.