The Problem with Power of Sales & Foreclosures: Where to find the bargains 2

By
Real Estate Agent with Remax Legacy Realty Inc

homeIf are looking for the best real estate deals in Toronto, be clear about one thing, bargains are usually easier to come by in a soft real estate market. When the economy is in a recession, and homeowners, builders and condominium developers are desperate to move their inventory.  Often this is the best time to locate a below-market property.  Our neighbors to the south are experiencing this kind of market right now – especially hard hit are markets like Florida, Arizona, Nevada, California , and the mid-west.

 

Possible targets can include foreclosed properties, fixer uppers, and hard-to-sell new homes in a housing development.  It takes time and determination to locate these properties, which can be incredible deals or money pits that require more work to make them livable than you anticipated.  Ensure that if you are planning to fix up a home that it is within your capability and budget. Again, your agent can offer you guidance to help you make a decision.

 

Aside from having a handle on general market conditions, your agent may know if the seller is experiencing a divorce, an impending foreclosure, a financial crunch, or is just tired of having strangers walk through their home.  Additionally, your agent may also have professional insight as to whether the property was marketed correctly to attract the right kind of buyers.  Armed with this information, he can help you make a realistic offer that will be accepted and by which both the buyer and seller will benefit.  The best deals are often had when a seller is desperate or motivated.  If you can make a compelling offer from a strong financial position, this may be the opportunity to get the best deal.  Again, look to your agent to help you negotiate the best deal.

 

It may be fun to try to time the market for “best value,” but such a scenario could backfire.  For example, I know of a situation where the individual thought the market was going to crash, and waited several years to buy a home.  Much to his chagrin, prices continued to rise, and he ultimately gave up and bought at a higher-than-expected price.

What constitutes a great deal is finding a place that suits the overall needs of your family at a reasonable price.  If you can see yourself being comfortable and personalizing your new home affordably, then you have probably made a great deal.

Buy aToronto home when your circumstances dictate, and buy based on value. As your Toronto Realtor®, I am eager to find you an AWESOME deal based on your needs.  I want you to get the best value on your home - even in our hot market.  Please check out the details of my Awesome Asim VIP Home Buying Program on my website.

Please read our next blog for insights on the next steps in buying a home.

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Comments (5)

Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Asim,

It's tough to find good buys in the market. On occasion, they are out there, but the public still holds onto the misconception that they are real deals.

Brian

Sep 24, 2011 01:46 PM
Asim Khan
Remax Legacy Realty Inc - Toronto, ON

We need to find them a good deal as best we can.

Sep 25, 2011 09:08 AM
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Asim,

There are some d=good deals out there, it just takes a little diligence to weed them out.

Brian

Sep 25, 2011 02:42 PM
Asim Khan
Remax Legacy Realty Inc - Toronto, ON

So true, Brian, but it can be done!

Oct 02, 2011 01:10 PM
David Pylyp
RE/MAX Realty Specialists Inc., - Toronto, ON

Late night television is fabulous

In the United States they may take you house or sue you

In Canada and Ontario They Power of Sale so they can chase you for the deficiency balance.

When they foreclose it is because the [bank] sees value and they capitalize the asset.  That why they refer to this as Real Estate Owned [REO]

Best that Brian Madigan explain that better or provide a link to an article.

When shopping with consumers the POS sounds an exciting opportunity

BUT

The house is neither the trim upgrades features location condition that they need today.

 

David Pylyp

Living in Toronto and Loving it!

 

 

Nov 06, 2011 12:33 AM