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What is a "Pre-foreclosure" property and how can you find and buy a pre-forclosure Property in Toronto, Mississauga, Oakville and Brampton Ontario?

Finding and Buying Pre-Foreclosure Properties in Ontario, Canada

Pre-foreclosure Information

Pre-forclosure's are properties that have not been foreclosed upon yet, but are heading that way if the homeowner does not come up with a solution to catch up on the mortgage payments that are in arrears.  They also include properties that have been foreclosed upon and are going up for sale at an auction.  There are just about as many sources for foreclosure information as there are for leads for other sellers that may want to sell their home.  With Pre-foreclosures however, there are some even better (specialty) sources of this information.  You will find that there are far more pre-forclosure properties available in the US compared to Ontario.  Our mortgage remedies in Ontario are quite different from the US.

 

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"Real Time Data on Foreclosures "

Foreclosure Data Service Providers, such as RealtyTrac, provide (sometimes up to the minute) real time data on foreclosures in any particular area. These service providers are often tied into your local county recorder's office. When a property goes into default, a legal notice is filed for public viewing.

These foreclosure data service people are tied into your local recorder's office so they get this information the minute it gets published and forward the data to you.

It gets better... They take the data regarding the property and merge the homeowner's name, liens on the property, the fair market value (estimated), and sometimes even the homeowner's phone number.

How good (current) is this information?

Well, the information is only as good as your local county recorder's office.  If they are computerized (most are nowadays) and up-to-date with inputting the data into their system, you can get information that is very current.

Are foreclosure data service providers the only source?

No... In some counties (especially the ones that are a little behind the times) your local title / escrow company can be a great source for the data.  If you can establish a relationship with one of these companies, ask them if they have their own data collection system in place.  They often have a staff member at the county courthouse who helps other people like yourself or real estate professionals obtain the data.  They may even give you access to their system.  It sure beats going to the courthouse (which you could do) and getting the data yourself.

In a nutshell, pre-foreclosures allow investors the opportunity to obtain real estate property at or under market value.  If you would like to have foreclosure and power of sale properties sent to you, please use this link to have Foreclosure MLS properties delivered to your email

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