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How do I find preforeclosures?

 

There are many ways to find preforeclosure properties. Real estate agents can a great source of information about foreclosures before they begin.

Often a property will be listed and the agent will know if it is approaching foreclosure. Perhaps the best way to get the information is to have your agent put the word out that you are looking for properties with pending foreclosures.

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Look in the legal notices (sometimes called Trustee sales) section of your local newspaper. A notice might be posted on the property itself.

Another source can be the bank or financial institution that holds the mortgage. Of course, they generally will not give you the names of those who are facing foreclosure, but perhaps they could give the property owner your card or phone number.

There are many online internet sites that provide preforeclosure lists for a fee. You can contact foreclosure attorneys or buy foreclosure paper lists. Dissolution of marriage or bankruptcy can result in a foreclosure, and in this case, word of mouth can be a great tool in finding a preforeclosure.

Preforeclosures are seldom seen in the GTA and Ontario and are much more common in provinces and states where there are many more foreclosure sales.  Power of Sale is by far the most common mortgage remedy that banks proceed with in Ontario.

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This series of articles is brought to you by A. Mark Argentino and other real estate related resources, including Canadian Real Estate Association CREA and the Ontario Real Estate Association OREA.

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Whether you are interested in a Power of Sale Property, a Foreclosure Sale or a regular property purchase, I can assist you with all of the complexities when you purchase or sell your next property.  Please don't hesitate to email me

If you have any questions or require further information, please send me an email.

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