How do you get information on bank foreclosures on anything from homes to auto,boats, motorcycles etc etc, the USA has them all the time/ what about here in Canada.... specifically Ontario?
2006-11-11 01:22:59 · 4 answers · asked by thunder dick 1 in Business & Finance ➔ Renting & Real Estate
Another option is to contact your local municipality. The township or city you live in should have a listing of the foreclosed properties in their jurisdiction. It is all public information. You will be able to find out which bank owns them with their contact information as well. From there, it is up to you.
2006-11-11 02:19:43 · answer #1 · answered by Linda 1 · 0⤊ 0⤋
All foreclosures are advertised in local newspapers. It is in those tiny microscopic legal ads. Look there for when they will auction them off, it will include the minimum bid required to get the property. You will need to pay cash if you win the bid, within ten days usually. Be careful to have a deed search done by a lawyer in advance as foreclosures may have liens on them the bank is not aware of (placed on it after they have a search done.)
As for vehicles of any kind those are more likely to be sold by a credit union than a bank. Be ready with cash or to get financing when you want to buy one. They aren't bargains as most people think, you may do better just buying from a good used dealer.
Banks will usually sell theirs through an auction house that is only open to used car dealers. The repo company just delivers the vehicle to the auctioneer with the paperwork for sale.
No matter what you buy, home or vehicle, it will be sold as is where is without any warranty. Again a dealer may get you a better long term deal.
2006-11-11 01:46:54 · answer #2 · answered by my_iq_135 5 · 0⤊ 0⤋
Watch for the public notices in the paper. Foreclosure auctions have to be published. Or get a real estate agent to keep their eye out for you. I have clients that do foreclosure "flips"
2006-11-11 01:37:15 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Be sure to do another lien search the morning of the auction.
Some lien holders don't file it until that morning, so that the buyer, who has good credit and wants to keep it will eventually pay him.
2006-11-11 02:26:57 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋