Toronto Foreclosures, Pre-Foreclosures, and Power of Sales
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Finding good Toronto Power of Sales deals is a great way to make some nice dough. By finding these motivated sellers, an astute real estate investor can make thousands for every deal
If you haven’t been investing Toronto foreclosures, pre-foreclosures, and power of sales, it might be time to start. Investing in Toronto pre-foreclosures is a great way to make a lot of money on real estate.
Owners who are in pre-foreclosure are much more motivated to sell than a regular seller because they know that the bank will take back the house within 60 days. You can find pre-foreclosures almost anywhere in and around Toronto: Toronto, Brampton, Mississauga, Milton/Oakville, Orangeville, York,and Durham .
A home is in pre-foreclosure for nearly up to a half year depending on the bank and the actions of the owner made to rectify the situation. The pre-foreclosure period can be seen as two time periods: Default and Notice of Default.
The period known as “Default” starts when the owner stops making payments. This can be a crucial time to find this home since the owner is quite distraught about the situation. A this point, there has been no action from the bank and nothing will most likely happen until more payments have been missed.
After more payments have been missed, most lenders will send the “Notice of Default”. At this point, the loan on the house has been “called in” and the owner will have 60 days to fix the situation or face losing the house.
This is where investors, like you, could come in and get a contract. This is usually a a good solution for the owner because even though he may selling his house at a great discount, he saves his credit history and maybe he even walks away with some money.
If you are interested in Real Estate Investing in Toronto, have a look at the recommended resources on the right hand side. You may also want to sign up for the Toronto Free Property List and get started on those. Then you may want to get into the Toronto pre-foreclosure business
If you are looking to buy a home for yourself, finding a good power of sale deal can be a lucky move, but it usually doesn’t always happen. Since there are not that many homes in power of sale at any one time, it is much better to look at all the homes available in order to find what you are looking for. To get the most up to date list of homes in your area, just fill out your information on the Free Toronto List Form.
Good Luck and good house hunting