Comments on: Foreclose The Door Behind You… http://www.torontorealtyblog.com/2010/01/13/foreclose-the-door-behind-you/ Tue, 07 Sep 2010 04:47:23 +0000 http://wordpress.org/?v=2.2.1 By: earth mother http://www.torontorealtyblog.com/2010/01/13/foreclose-the-door-behind-you/#comment-3118 earth mother Thu, 14 Jan 2010 16:25:43 +0000 http://www.torontorealtyblog.com/2010/01/13/foreclose-the-door-behind-you/#comment-3118 Omigod -- how can one property have so many deficiencies?? and a worse thought: did people live in this house?? Omigod — how can one property have so many deficiencies?? and a worse thought: did people live in this house??

]]> By: Meany http://www.torontorealtyblog.com/2010/01/13/foreclose-the-door-behind-you/#comment-3117 Meany Thu, 14 Jan 2010 07:17:14 +0000 http://www.torontorealtyblog.com/2010/01/13/foreclose-the-door-behind-you/#comment-3117 Dude, you gotta work out more. Dude, you gotta work out more.

]]> By: DEW http://www.torontorealtyblog.com/2010/01/13/foreclose-the-door-behind-you/#comment-3115 DEW Wed, 13 Jan 2010 21:32:24 +0000 http://www.torontorealtyblog.com/2010/01/13/foreclose-the-door-behind-you/#comment-3115 There ARE websites that advertise Toronto foreclosures and despite what you may think or know, these are in large supply. Trust companies usually offer foreclosures at more competitive prices than the banks, FYI. There ARE websites that advertise Toronto foreclosures and despite what you may think or know, these are in large supply. Trust companies usually offer foreclosures at more competitive prices than the banks, FYI.

]]> By: Aguduser http://www.torontorealtyblog.com/2010/01/13/foreclose-the-door-behind-you/#comment-3109 Aguduser Wed, 13 Jan 2010 16:23:09 +0000 http://www.torontorealtyblog.com/2010/01/13/foreclose-the-door-behind-you/#comment-3109 A friend of mine rented an apartment in a house near downtown, only to learned a month later that the house became a foreclosure property! He still lives in the apartment, and is now paying rents directly to the bank. And the bank is preparing for a power of sale. What's interesting is by talking to the listing agent and the appraiser hired by the bank, he learned that the house was sold about $110K overpriced a year ago, and the whole thing might have just been a fraud, and that it looks like the bank would never be able to recoup the loss. The question is: what price will the bank list this property at in this situation? A friend of mine rented an apartment in a house near downtown, only to learned a month later that the house became a foreclosure property! He still lives in the apartment, and is now paying rents directly to the bank. And the bank is preparing for a power of sale.

What’s interesting is by talking to the listing agent and the appraiser hired by the bank, he learned that the house was sold about $110K overpriced a year ago, and the whole thing might have just been a fraud, and that it looks like the bank would never be able to recoup the loss. The question is: what price will the bank list this property at in this situation?

]]> By: LC http://www.torontorealtyblog.com/2010/01/13/foreclose-the-door-behind-you/#comment-3108 LC Wed, 13 Jan 2010 15:48:36 +0000 http://www.torontorealtyblog.com/2010/01/13/foreclose-the-door-behind-you/#comment-3108 I truly believe that HGTV played a big part in decimating the US housing sector. I watched some of those shows and they just made no sense. But yes, you can make money on a foreclosed homes IF you buy it well below market value AND you know what you're doing. Fail one of those two conditions and you are essentially begging for financial ruin. I truly believe that HGTV played a big part in decimating the US housing sector. I watched some of those shows and they just made no sense. But yes, you can make money on a foreclosed homes IF you buy it well below market value AND you know what you’re doing. Fail one of those two conditions and you are essentially begging for financial ruin.

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