Wholesaling a foreclosed property in Canada?

2 Replies

Originally posted by @Sheldon Duvall :

Is it legal to wholesale a foreclosed property in Canada?  I know that you can wholesale a pre foreclosure  but can you wholesale a foreclosed property? 

Tricky question. Is it actually foreclosed? In that case, the previous owner no longer has any rights to sell you, and so you can't assign anything.
Is it a Power of Sale? If it's a power of sale, and the lender has taken possession of the property, the previous owner should retain the right of redemption all the way until the sale to the end buyer is completed. Which should mean you can wholesale that property, and the buyer would need to close on the property prior to the lender selling and closing on the sale with another end buyer.

As I said, tricky, and the details will depend on the specific situation. I would get all the paperwork you can from the lender and confirm what you can do with a lawyer.