After 5 years of working with foreclosures in Montreal what have I learned?
1) BANKS LIKE MONEY. If the house can be sold for profits, they will. Wouldn't you do the same? Fortunately for us Montreal foreclosure hunters, about half the properties the banks repossess are not in retail condition. There are still some bargains out there.
2) Foreclosure hunters are smarter than the average buyer. In Montreal, foreclosure deals are not clear cut. You need an eye for value and to be well versed in real estate values. Buying a property in foreclosure at a higher price point than the market can bear is the fastest way out of business.
3) Low interest rates are great, but they are killing the market. The more buyer's can spend, the more expensive houses get. These days with the lack of product and the ever decreasing rates, prices have been soaring to unthinkable levels. Who would have ever thought to ask for 20 x revenues?
4) I am deeply grateful for the chance to be of service to the Montreal foreclosure community. Over the years I have met great people that have become great friends and clients. Together we have bought real estate and sold real estate and have made money in between. Let's keep it up because 2012 is looking like a hot real estate year... this economy thing in the states and europe is bound to get resolved.
Thank you all and remember to give me a call for your real estate or financing needs.
------------------
Eric Giguere
514-831-5933
Real Estate Broker
------------------
