If you are going to be chasing mortgage sales, then it behooves you to follow the Ontario Gazette (Royal Gazette) and the classifieds section of the local newspaper for properties headed to mortgage sale.
When an interesting property comes up, attend the auction - if for no other reason than learn the upset price and learn if it sells. If the property does not sell at auction, then it will typically end-up on MLS a few weeks later. If you know the upset price from the auction, it will be a helpful comparison to the listing price and will give you guidance on how low your offer can be and still get a response.
Residential Real Estate Broker · Kitchener, Ontario · Member since 2014 · 687 posts · 370 votes
7y
In Ontario, Canada we really don't have many foreclosures. The big lenders all do Power of Sale instead of foreclosure so that they never own the property. Power of Sale homes are listed on the MLS system and can be found on realtor.ca yet you would not necessarily know that they are a power of sale. The best way is to get a Realtor in the area that you want to buy and have them do a key word search such as Bank or Trust - these show up in the Seller names. Many of the lenders will not even allow us to say power of sale anywhere on the listing yet when owned by a bank or trust company then it is usually a power of sale and they usually sell for less due to poor condition of the home. I hope that helps!
With power of sale they are required to get fair market value. It's not like the foreclosure system in the US where you can get them at a substantial discount. You want pre power of sale, the owner will atleast receive some money instead of loosing it all. And you will receive a property with built in equity.
If you are going to be chasing mortgage sales, then it behooves you to follow the Ontario Gazette (Royal Gazette) and the classifieds section of the local newspaper for properties headed to mortgage sale.
When an interesting property comes up, attend the auction - if for no other reason than learn the upset price and learn if it sells. If the property does not sell at auction, then it will typically end-up on MLS a few weeks later. If you know the upset price from the auction, it will be a helpful comparison to the listing price and will give you guidance on how low your offer can be and still get a response.
With power of sale they are required to get fair market value. It's not like the foreclosure system in the US where you can get them at a substantial discount. You want pre power of sale, the owner will atleast receive some money instead of loosing it all. And you will receive a property with built in equity.
You get to know your target neighbourhood: identify the properties of interest; then write some {yellow} letters - or have door knockers made - and get them to the owners.
Ottawa, Ontario · Member since 2014 · 3 posts · 0 votes
7y
@Kevin Hushagen How do you find "Pre Power of Sale" then so that like you said, you can contact the owner and that they will at least receive some money.
I am very new, I have yet to do one myself. Only way I'm aware of is advertising and having the owners contact you. I wish I could help you more. But that's about the limit of my knowledge in that area, best of luck. Keep at it
@Andrew Jones@Quin Green Hi! I know this thread is very old but I was wondering if either of you found a tool like Mon Prospecteur for the Ontario market?
Yes I am also looking for a way to find a property in Ontario before it hits the market. I looked at the Ontario Gazette as suggested by Roy N but no luck. Has anyone else found a source for these?
Residential Real Estate Broker · Kitchener, Ontario · Member since 2014 · 687 posts · 370 votes
6y
@Ryan Blackwell The easiest way to get the off market properties is to advertise for them. That means using flyers in the neighbourhoods that you are interested in and advising that you want to buy their house. Once they contact you, then you can make an offer that works.
Investor · Stouffville, Ontario · Member since 2011 · 213 posts · 65 votes
6y
The best bet is to work with a local Agent that access Off-Market Deals, or exclusive listing networks. One of the Private Networks in the Greater Toronto Area currently has over 770 Exclusive listings on it (only Realtors® have access to it). They are listed on there to generate a buzz about the property.
It also depends on the area you are investing in. 99.9% of Sellers want their home on the market as it is a very strong Sellers market at the moment.