Montreal Foreclosures
Fill out the form on the right to receive up to date Montreal Foreclosure list. Just enter your postal code where it says zip. ThxIf you are looking for Montreal foreclosures then you've come to the right place. Most of these other site are American Companies that collect your information to later resell it to real estate agents. We are 100% Canadian and are based locally in Montreal. That's why we have the best list of foreclosed home available.
First, let's make an important distinction when it comes to Montreal Foreclosures. There are two stage in the foreclosure process: 1. Pre-foreclosure & 2. Foreclosure. This is important because during the pre-foreclosure, the bank doesn't own the property yet and the owner may still sell the house. Once foreclosure occurs, the bank takes possession of the house and now passes it on to an agent to sell.
The Quebec laws used to prevent the bank from making any profits from the sale of foreclosed home which meant that it had to sell the house for the amount that was owed. This allow investor to buy the house for very little money and turn it around for a large profit. The laws have changed and the banks are now allowed to make profit on the sale of the home. This changes everything.
Now banks give the house to an agent that will try to sell the house for market value. Each bank has specific procedures on how they determine the price at which they will sell the home. For example, Bank XYZ will have set time lines for the determination of the price: Up to 6 months on the market they expect market value, past 6 months they will accept as low as 80%. This is just an example and I don't know the exact timelines that banks use, but you can see how they work it.
How do you make money with Montreal Foreclosures? By purchasing the home in pre-foreclosure. Pre-foreclosure is the time period during which stops making payments to the bank and the time at which the bank takes possession. The bank usually sends a notice of default after the third missed payment at which time the owner has 60 days to make the mortgage current. So the pre-foreclosure last for about 150 days during which the most profit can be made.
If you would be interested in receiving the list of Montreal Foreclosures and Pre-Foreclosures, just completely fill out the contact form.
