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Do I need a Realtor® to buy foreclosure properties?

 
The short answer is - "it depends". Realtor® is the trade name for real estate licensees who belong to the National Association of REALTORS® and the local associations that manage MLS the Multiple Listing Services. These resources may be of interest to you. However, you are not required to use a real estate broker or salesperson to buy preforeclosures, auction properties and most other properties in Ontario. You can buy preforeclosures directly from the property owners before the auction.
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You can purchase auction properties from foreclosure attorneys, trustees, or auctioneers at the public sale at the municipal courthouse. You can also buy foreclosure properties from lenders after they have taken the properties back at the auction. In all three cases, you can buy the properties without using the services of a real estate professional, if that is your choice. But in order to buy government-owned foreclosure properties from HUD, Fannie Mae, and other federal agencies in the United States or financial institutions in Ontario, a real estate licensee who is registered to do business with the seller must submit your offer according to the seller's rules. These government agencies usually employ property management companies that also have the listings published in a local MLS. There are Realtors® that specialize in government properties who will work with you to submit the special contracts to these sellers.

Even though you do not need a Realtor in most foreclosures, a Realtor can guide you through financing, renovation loans and how to make offers on the various types of foreclosure property (many of them have their own special addenda and forms to use).

Foreclosure properties are seldom found in Ontario, they are most common in the United States.  The most common remedy by banks and financial institutions in Ontario is Power of Sale, POS.

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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.

Thank you,
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Read about Power of Sale, Bank Sales and Foreclosure Properties FAQ's

Read a very detailed section about Power of Sale and Foreclosure

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Mississauga MLS Real Estate Properties & MLS.CA Homes for Sale  | All Pages including Mississauga Real Estate Blog all maintained by info@mississauga4sale.com Copyright © A. Mark Argentino, P.Eng., Broker, RE/MAX Realty Specialists Inc., Brokerage, Mississauga, Ontario, Canada L5M 7A1 (905) 828-3434  Google  First created - Tuesday, July 16th, 1996 at 3:48:41 PM - Last Update of this website: Tuesday, May 16, 2017 8:53 AM
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