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PostPosted: Mon Jan 09, 2017 5:44 pm 
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Hello everyone,

can anybody point me in right direction as to where i'd be able to find foreclosures in Milton and is there anywhere that I can take over other peoples homes that can't close? (foreclosure, power of sale, or any bank sale properties). I'm willing to pay a small premium compared to what they originally bought at.

Best regards
Jamila 8)


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PostPosted: Mon Jan 09, 2017 6:34 pm 
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Joined: Mon Nov 14, 2016 8:19 am
Posts: 14
Location: Milton, Ontario
Hello Jamila,

If you are dealing with a realtor (that is you have signed a Buyer Representation Agreement) they can usually help you to find properties of interest. If you don't have anyone you are dealing with feel free to contact me and we can discuss this further.

Regards,

Amer

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Cell: 647-787-0000


Last edited by amersheikh on Tue Jan 10, 2017 9:43 am, edited 2 times in total.

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PostPosted: Tue Jan 10, 2017 2:19 am 
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Or you could just look online
http://foreclosuresearch.ca/

I could make a comment about the second poster but I won't

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PostPosted: Tue Jan 10, 2017 11:26 am 
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if you're looking to get a deal forget it.

say someone bought a house for $200k owes the bank $100k. comparables are going for $400k. do you think the bank would sell it for 100k just to get their money back?


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PostPosted: Tue Jan 10, 2017 3:37 pm 
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My understanding is the builder will take back into inventory and keep the deposit.
Builders do not allow change of buyer prior to close, as a rule.
Banks will enlist a realtor and sell at market value, returning max amount to seller, thus good PR for the bank.
It's a sellers market, no need to cut a deal to anyone. Though a good realtor may find that rare crazy situation, like a grow op, but you can't finance those.

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PostPosted: Tue Jan 10, 2017 7:49 pm 
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Norts999 wrote:
My understanding is the builder will take back into inventory and keep the deposit.
Builders do not allow change of buyer prior to close, as a rule.
Banks will enlist a realtor and sell at market value, returning max amount to seller, thus good PR for the bank.
It's a sellers market, no need to cut a deal to anyone. Though a good realtor may find that rare crazy situation, like a grow op, but you can't finance those.


I've heard of few cases actually in Milton where buyers couldn't close. So they found third party investors who helped them close deal (pending second agreement, promising title would change hand after closing + $xx for compensation). Just google shadow lending and you will see one instance. More and more people are doing this today, buying homes they can't afford based on speculation/thinking market will continue to rise, and flipping for profit once complete.

Household debt levels are highest ever in Canada since past 25 years. These combined loans take buyers (borrowers) up to the kind of loan-to-value ratios that were common in the US prior to the 2008 subprime mortgage crisis (actually it's higher if you do your research).

The big question everyone is asking is when the market would crash. Look up how many new lenders have came into play since the past 12 month, the numbers and loans completed and approved are mind boggling. They have already created what they call a 'bundled' product (twins a conventional mortgage) with a second loan by private lenders, which enables home buyers to borrow up to 85 per cent of a property’s value.


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PostPosted: Tue Jan 10, 2017 10:16 pm 
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Mr.Peppermint wrote:
Or you could just look online
http://foreclosuresearch.ca/

I could make a comment about the second poster but I won't


Please do


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PostPosted: Wed Jan 11, 2017 5:54 pm 
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Location: Hawthorne Village Vista
Lol good luck with the search...If you wanna a good deal check Woodstock or Kingston...


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PostPosted: Thu Jan 12, 2017 12:29 am 
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Norts999 wrote:
Builders do not allow change of buyer prior to close, as a rule.

?
Many builders allow this (Mattamy even has an assignment clause in their contracts)

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PostPosted: Thu Jan 12, 2017 9:15 am 
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Location: 4th line / St Laurent
Foreclosures are completely different than assignments.
If an assignment is permitted in some builder contracts, it is done for the original poster to make as much money as possible (in a market like this) before closing. They would save on the land transfer tax and some other closing costs as well.
Whatever you do, please do not get fooled by any of the ads out there that say "Contact me for a list of foreclosures and bank sales!" This is a sales tactic that may work in the US but does not work here, and don't forget as said above (a) Canadian banks don't sell under value, and (b) even if there was a deal to be had by 10-20k, the sheer number of buyers in the market right now drive the price right back up.

Please please don't get fooled by the foreclosure ads - they are just a way for realtors to get you to sign up with them as their buyers.
Any realtor can run searches for homes offered up for sale by banks / lenders / POS / POA and many different types, but that does not, by default, indicate that there's a deal to be had.

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search for Milton's Favourite Realtor!

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PostPosted: Thu Jan 12, 2017 2:21 pm 
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Joined: Wed May 28, 2008 11:45 am
Posts: 244
+1 for Fred

Jamila,

As Fred wrote, any ( I would go with Fred ) realtor can run searches. The market is too hot in my opinion to reap any great financial gain from a foreclosure currently. Norts999 is correct, unlike in some states south of us, Canadian rules require that the home must be sold at market price, fire sales are not accepted. You would really need to look hard to find that diamond in the rough.

The reason I say go with Fred is because he did help us buy a Power of Sale. A POS is not for the faint-hearted, even after our offer was finally accepted by the bankruptcy trustee, they then need to have the Ontario courts approve the sale and obtain the vesting order. While it is before the courts, the creditors and the default borrower can than argue if they choose, that the purchase offer is below market value and have our purchase offer turned down or have the bankruptcy trustee make up the difference unless the trustee's lawyer can argue successfully that the offer is market price – WTF !

opie


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PostPosted: Thu Jan 12, 2017 5:23 pm 
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Mattamy released a bunch of new houses and the 43's want a 130K down payment and models are around $1 million.

While there aren't any foreclosures now, maybe closer to those close dates. FFS


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PostPosted: Thu Jan 12, 2017 5:27 pm 
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Location: 4th line / St Laurent
Devious - LOL -- maybe 5 yrs after the closings if rates go up before renewal time! (Money is still almost free)

Opie, thanks for the kind words! Yours was definitely one of the most entertaining ones we had last year :)

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FREDHELPS.COM or on Facebook
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search for Milton's Favourite Realtor!

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PostPosted: Fri Jan 13, 2017 7:09 pm 
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Devious wrote:
want a 130K down payment

That is psychotic
Seriously

You guys do know you are writing an OFFER to buy a new home
I would certainly change that part

On a freehold home the builder has no obligation to protect your money at all
(to the contrary most will borrow against it, not even getting into the fact you gave $120K interest free for 1+ years)

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PostPosted: Fri Jan 13, 2017 8:48 pm 
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Mr.Peppermint wrote:
Devious wrote:
want a 130K down payment

That is psychotic
Seriously

You guys do know you are writing an OFFER to buy a new home
I would certainly change that part

On a freehold home the builder has no obligation to protect your money at all
(to the contrary most will borrow against it, not even getting into the fact you gave $120K interest free for 1+ years)

Good luck getting Mattamy to change that! Much like the Soup Nazi, NO HOUSE FOR YOU!!


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