Good or Bad Deal? | Bank Foreclosure Sales in Canadian Real Estate
Canadians far too often assume Bank Foreclosure houses are always good deals. Investing or buying bank repossessions is a lot more complicated than that. In this video I go over everything you need to know about Power of Sales and Bank Foreclosures houses. I'll teach you how to find bank sales, what to look out for, how to buy bank repos, what bank clauses are, and if they're a good deal or a bad deal. In the Canadian real estate market, bank foreclosures can be a difficult home to buy. But buying a bank foreclosure house could also be a good way to get into the Canadian housing market.
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Royal LePage Next Level
My name is Matthew Pfeifer, and this is Bald Prairie Real estate, a Canadian real estate channel. I am a REALTOR® in Regina Saskatchewan working for Royal LePage Next Level. In over 10 years working as a real estate agent, I have seen both ups and downs in the market. But there is no real estate market that you cannot buy or sell a house in. Often the media tries to present a Canadian real estate market, or they talk about the real estate market in Canada as if there is a national real estate market. The real estate market in Canada is very regionalized and local, which is why my monthly Canadian real estate market does not just look at the national statistics, or updates that cover Vancouver and Toronto only, but other individual cities like Calgary, Halifax, Montreal and more. The very local aspect of the Canadian real estate market is why it can be so hard for governments to craft policy for the "Canadian" real estate market. Being from Regina, me and my team specialize in the Regina real estate market and have a much different approach and outlook on Canadian real estate than a REALTOR® from a larger market like Toronto or Vancouver. I cover first-time home buyer topics, tips for selling your home, how to buy a house in Canada, monthly Canadian housing market updates and weekly Canadian real estate news recaps.
Пікірлер: 16
good stuff thanks
@BaldPrairieRealEstate
Ай бұрын
Thank you!
good video young sir! thanks
@BaldPrairieRealEstate
2 ай бұрын
Thank you!
I like foreclosure content. It is like top secret. No one with credibility talks about it.
@BaldPrairieRealEstate
2 ай бұрын
Thank you for watching! Is there something you'd like me to talk about in a follow up video?
Curious as to all of the banks stipulations etc etc - Are not the buyer's RE Agents supposed to to these beforehand? Seems like just a checklist to tick off. Also seem like I could be wrong🤣
@BaldPrairieRealEstate
2 ай бұрын
Yes a good buyers agent should be trying to protect their buyers from these as much as possible. The challenge becomes that often banks won't accept a contract without specific conditions like I mentioned in the contract.
I was looking at a CMHC foreclosure back in 99/a nice condo unit but bough another one. I have always wondered how low they would have gone from the listed price if I put in an offer. In my mind time was money for them
@jmc8076
2 ай бұрын
Seems like it depends see my other comment.
@BaldPrairieRealEstate
2 ай бұрын
Very much depends on the situation and if there are any mandated minimums they have to stick to.
Good info. Lots of scams. Broker friend said in our city banks holding onto many. Third parties incl Acctg firms paid (well) for admin of them until told to sell. Also held/sold based on value, o/s loan etc.) and market conditions…incr or longterm flat/ drop is high prob. Maybe diff per city.
@BaldPrairieRealEstate
2 ай бұрын
Yes there are times the bank is going to price the house based on what they need to get out of the house. That can also be court mandated.
@jmc8076
2 ай бұрын
@@BaldPrairieRealEstate TY. Typo meant to add ? to last sentence. A part 2 of this video maybe? Alot of bad info out there I think.
@BaldPrairieRealEstate
2 ай бұрын
@@jmc8076 I am going to put that into some of my ideas for a part 2 of this video.
@jmc8076
2 ай бұрын
@@BaldPrairieRealEstate 👌🙏