Good Day All, and Happy New Year. I'm a newbie REI entrepeneur on Salt Spring Island BC, Canada, soon to be moving to Victoria, or elsewhere on Vancouver Island, (as my job allows me to live anywhere in the world). I am happy to have discovered Bigger Pockets and I'm pleasantly surprised at what a great guy Brandon Turner seems to be, a great host and very pleasant to listen to.
Re: Wholesaling & Flipping Leads. Has anyone found a good source of Foreclosure Leads, or of Private Sellers? The "Pennysaver" is nowhere to be found in Victoria, (although I should call distributor).
It seems to me that partnering up with a trustworthy Realtor is the only way to go, paying then a Finders Fee for a lead, and another fee for a COMP (comparison) - and hope that (s)he doesn't scoop up the property before you do.
I'm looking for a deal (who isn't) on a residence, and even better if I could use it as a music-yoga studio.
After I escape the isolation of this island I can network with a local REI club for more info.
Many Thanks. Wishing you all a 2015 of Freedom, Ease & Accomplishment.
I don't think you will find foreclosures in B. C. like you do in the states I think your best served to get with a good broker who can find motivated sellers.
Thanks for clarity Jay. You are of course correct; finding Motivated Sellers is the bottom line, no matter what the circumstances. And thanks for confirmation that the agent, (or becoming an agent) is the key ingredient in the success mix.
Hi Ross - welcome to BP!
I can certainly shed some light on the foreclosure process for you here on the island. With ubiquity, the lenders apply for a court ordered sale of the property and then secure the services of brokerage to market the property. Most of the lenders have their preferred agents to deal with.
The property's are placed on MLS. Occasionally the banks will request that no mention of the foreclosure proceedings be mentioned in the advertising however this is not common. Further, once someone became serious about the purchase it would be disclosed by necesity of the process.
The first buyer to offer on the property, negotiates with the lender and this initial offer proceeds much as regular transaction what with the ability to have due diligence clauses such as inspection, financing etc... Once the contract becomes unconditional, a court date is set.
On the day of court, any member of the public is welcome to submit an offer on the property as well. These offers must be unconditional and have their accompanying deposit funds. Being unconditional, if buyers need to secure financing they need to do this before the court date as well as any other appropriate due diligence.
Where there are more than one party making offers on court day, each party is made aware and has the opportunity to change the offer which is then sealed and submitted with all other offers to the Master or Judge who then decides the winning bid.
Having been through this process numerous times I can tell you that while there are deals to be had they quickly evaporate with multiple bidders and it is impossible to know if you'll have any competition until the day of court so the whole process can be a bit hit and miss but exciting none the less!
You're right in that it is easier for agents to locate the foreclosures as we have access to the various systems where they are listed and we are excluded from any 'advertising bans' of their status, so if you're looking to pursue them you should definitely connect with an agent. I can certainly recommend someone for you in whatever area you're looking to focus on as I've met quite a few in the last 10 years, just let me know.
There are many other ways to find motivated sellers however and BP has a plethora of techniques, such as yellow letters, etc, etc.. As I'm sure you are, just keep browsing the site, you'll find no shortage of ideas :)
Hey Tom ! Thanks for connecting & for sharing some of your expertise. I see that although buying a Foreclosure for cash could work out well, purchasing in the pre-foreclosure stage would be necessary to assign the contract.
And yes please, I'd appreciate it if you could refer an agent to me. I'm interested in all of the areas you specialize in, except for Port Alberni. Buying in Victoria is likely not too realistic for me at this stage in my REI career and with market conditions as they are.
As you suggested, I'll research BP for alternative methods of finding Motivated Sellers, and for having them find me.
Thanks for the shout out @Ross McKenzie ! I appreciate it. It's always great to get more Canadians here!
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