Do you want to know how to find Foreclosures in Canada? According to the Canadian Imperial Bank of Commerce (CIBC), there are a number of homes in the process of foreclosure throughout the country, with the highest number concentrated in Alberta. Now, that you know they are available, let’s look at where to find foreclosures. From working with agents to searching various websites, here is how to find foreclosure listings in Canada.
Working with a Licensed Real Estate Agent
In Canada, foreclosed properties are frequently listed on the Multiple Listing Service (MLS). A real estate agent can easily access these listings to stay up to date on properties as they hit the market. As a result, an agent is going to be one of the first people to know that a new property in foreclosure has been listed. If you are working with an agent, they can let you know about the property quickly. An agent can be particularly beneficial if you are new to the world of buying foreclosures in Canada.
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Although it can be time consuming, foreclosure documents are considered public information and are on file at your local county clerk’s office. This method is one of the best ways to find Canadian pre-foreclosure
listings before anyone else knows about them.
Search the Legal Listings of the Newspaper
Lenders are required to publish a Notice of Default (NOD) in the legal section of the local newspaper. (This may be done daily or on a certain day of the week depending on the area you are searching.) However, this is a method that many investors use to identify distressed homeowners that they can potentially purchase the home from before the foreclosure process is completed. There are experienced investors who have no problem going directly to the property and trying to strike a deal, though this is not always a good idea. You have no way of knowing how the current homeowner feels about the upcoming foreclosure.
This notice will also include the time and date the home is scheduled to go onto the auction block, as well as the amount of money the homeowner needs to pay in order to make the loan current.
Check with your local courthouse.
You can ask the courthouse for information on upcoming auction dates. Then, you simply arrive at the courthouse the day of the auction and bid. However, in this instance there is no opportunity for a house inspection and you cannot finance the property. You understood that correctly. You must be able to hand over a cashier’s check for the entire amount at the time of the sale and you must agree to take the property “as is.”
Websites with Foreclosure Listings in Canada
Finding Canadian foreclosure listings is not as simple as you might think. However, currently one of the best sites is Foreclosure Search, which allows you to look at the newest listings, as well as search by province. After registering with the site, you receive access to the property’s street address, photos, contact information, and other pertinent details.
Mondinion.com is another website that provides details on properties currently in foreclosure in Canada, as well as throughout the rest of the world. After signing up, you can obtain an assortment of information on foreclosures in your area.
Foreclosure Go is a website that offers information on foreclosures in the Greater Vancouver area, including Port Moody, New Westminster, Richmond, and Port Coquitlam. Listings are frequently updated using the MLS listings. The site also provides information on the foreclosure process and what you can expect.
If you are interested in foreclosed homes in Ontario, Canada, Bank Foreclosures provides updated listings. To make your search easier, you can narrow the listings down to a certain city, such as Kent, Burlington, or Sault Ste. Marie, you are interested in.
While finding foreclosures in Canada does not have to be difficult, it can be a long process that takes work. However, once you find the home of your dreams at a price you can afford, you will realize that your search was well worth the effort.