Foreclosures in Toronto
Whether you're looking for a great investment opportunity or are concerned about your home going into foreclosure, Jason Lau and the iTorontoRealEstate.com team can help you out. We know all about distressed properties and are able to assist you with these unique real estate opportunities.
Buying or selling short sales and foreclosures involve a lot of paperwork and complex processes, which is why you should always have a real estate agent representing you with these transactions.
Contact us now to find fantastic short sale or foreclosure opportunities in Toronto! We can show you all the best bargains and help you find the perfect property.
Toronto Foreclosures vs. Short Sales
While many people use the terms "foreclosure" and "short sales" interchangeably, they are actually very different types of properties. An expert real estate agent can help you evaluate your needs and determine which distressed property type is going to suit your needs best. Feel free to contact us at any time if you have questions about foreclosures or short sales.
What are foreclosures?
When home owners stop making their mortgage payments or break a term of their agreement, the original lender can undergo a strict legal process to take back the home. This process is called a foreclosure. Because a home being sold as a foreclosure is still going through this legal process, their selling practices are more stringent than in the case of non-distressed properties. Missing a small step or overlooking a document can cost you the purchase, which is why all buyers interested in Toronto foreclosures should be represented by a knowledgeable real estate agent.
What are short sales?
Short sales are another challenging type of distressed property and tend to require more patience than foreclosures. Lenders sometimes agree to allow the sale of a house for less than the amount owing on a property, making the home a "short sale". The short sale process is a lot more amicable than that of foreclosures and tends to create a win-win scenario for everyone involved. Not everybody receives approval for short sales, and lenders highly favour individuals who are represented by experienced real estate agents.
5 Common Misconceptions About Short Sales
- Lenders would rather foreclose than short sale
- A short sale will protect my credit rating
- Owners must have missed payments to qualify for short sale
- Homes need to be listed before short sale consideration
- Homes being foreclosed can't qualify for short sale
These misconceptions are completely false, but entirely common. The high number of myths and misunderstandings is one of the main reasons anyone with or looking to purchase distressed property should call a real estate agent right away. Experienced agents can dispel myths, answers questions and make sure your efforts are being spend valuably.
If you're looking for a great foreclosure or short sale opportunity in Toronto, contact us today!