A foreclosure list is a list of properties that have come into the possession of a bank or lender after judicial or extrajudicial foreclosure. In other words, these are second hand properties that may or may have been vacant for a few months to a couple of years. This article will provide the reader with information on 3 very important points when it comes to foreclosure properties.

Canada Foreclosure List: Why Bother?

As stated earlier, these are second hand and vacant properties that are sold on a “as is where is” basis. Meaning, the lender does not warrant anything about the property, rather they leave you with the sole discretion to determine its fitness. Worst, some of these properties may have been vandalized by the previous owner in a fit of desperation or rage. That is why factoring in necessary expenses to make the property suitable for the particular purpose as well as suitable based on legal requirement must always be factored in the price. However, these properties sell significantly lower than brand new properties. How significantly low? Well it varies but it is pretty common to find the selling price to be 25% to 50% lower.

Canada Foreclosure List: Do It Yourself (DIY) or Hire a Real Estate Broker

Going online or visiting lenders and banks one by one to get the list of foreclosed properties for sale is easy. The hard part is determining what property suites you and/or your household best. We are not just talking about dozens or hundreds of houses here, we are talking about thousands! Going through all the properties listed is more time consuming than impossible. The consumer only needs to determine his/her basic requirements and limitations then select the properties that meet those requirements. For those who do not have the time nor inclination to DIY then it is advisable to hire a real estate broker who will do most of the legwork for you. However bear in mind that brokers work for a fee. Tip, hire a brokers who will work on a “no find no basis”. And remember to be very clear with the broker regarding your requirements as well as financial limitations.

Canada Foreclosure List: Tips on Getting the Best Deals

Getting the best deal means negotiating to lower the listing price or getting warranties from the lender. Of course these are not usually allowed but if you play your cards right, you may just get them discounts! Here are a few ways to lower the selling price:

1. Ask to have a representative of the lender accompany you during the walkthrough, then bring your independent assessor. Have the representative list down all the defects the assessor finds and then haggle with the lender.

2. Time the purchase during regular assessments or quota deadline. This way the lender or the representative is more susceptible to bargain just get a better assessment or meet a quota.

3. Never show excessive interest in one property. Always find fault even when you absolutely want the same. If the lender says take it or leave it decide how worth it the property is then close the deal or walk away. Remember, there are lenders who are willing to negotiate.

Are you looking for more information on Canada Foreclosure List? If you are, visit http://www.foreclosures-gov.ca/ now!

Are you looking for more information on Canada Foreclosure List? If you are, visit http://www.foreclosures-gov.ca/ now!

Author Bio: Are you looking for more information on Canada Foreclosure List? If you are, visit http://www.foreclosures-gov.ca/ now!

Category: Real Estate
Keywords: foreclosure list,canada foreclosure list,canada foreclosure,foreclosure properties