26 janvier 2023,
Are you looking for properties for sale at low prices and below market value?
Repossessions, or foreclosure sales, offer buyers the opportunity to make a significant profit by purchasing a property at a discount. Is this always the case? Not necessarily, but often.
More and more buyers are interested in repossessions in Quebec. That’s why we decided to make a complete page dedicated to this subject.
Get relevant information here and click on the links to locate repossessed homes in your area.
What is a credit-financed takeover?
First of all, what exactly is a credit-financed takeover?
Before you buy one, you should first understand what type of transaction it is.
This involves a property that has been seized by the bank due to the owner’s non-payment of the mortgage or municipal taxes. They are also commonly referred to as foreclosed properties.
The bank will then evict the owner and take over the house. The bank will sell the house through a real estate broker at a very attractive price in order to make a quick sale.
Since the bank does not know the condition of the property nor its history, it will sell the property without legal guarantees of quality.
In the event of a problem, the buyer has no recourse against the bank which acts as the seller in this type of transaction.
Why are foreclosed properties so popular?
What makes foreclosed properties so popular with buyers in recent years?
With home prices increasing significantly, repossessed or foreclosed properties offer discounted homes for the budget-conscious.
Why do they sell at lower prices? Because banks sell without a legal guarantee of quality, it must offer a lower selling price. In addition, banks also want a quick sale to recover its funds. By offering a lower price, more buyers are attracted and the bank can sell faster.
What does “for sale without warranty and at buyer’s risk” mean?
We often see the terms “for sale without legal warranty of quality” and “at buyer’s risk” with repossessed properties. What does this mean?
Without legal warranty
A sale without a warranty prevents the buyer from going after the owner for hidden defects. This does not exempt the owner from disclosing known defects of the property.
At the buyer’s risk
This clause further restricts the buyer’s recourse by expressly stating that he has no recourse in case of hidden defects. The buyer must assume all risks. The seller cannot deceive the buyer with false information.
Where can I find foreclosed properties for sale?
Where should one look for repossessed homes for sale? Actually, Centris is a good place to start.
All foreclosed properties for sale in Quebec are sold by professional real estate brokers. You should consult a real estate agency website and the Centris platform. However, not all foreclosed homes are posted there.
In fact, many foreclosed properties are sold before they even appear on Centris. Collaborate with a real estate broker so he can be on the lookout for a suitable property for you and inform you as soon as the bank puts up a foreclosed home for sale.
This is the #1 strategy for finding a foreclosed property on the market.
Properties selling for less than market value
Every buyer’s dream these days is to find a property for sale below market value. This is much easier said than done.
That being said, there are several types of transactions that drastically increase your chances of paying less than the actual value.
What do we have in mind? Here are a few good examples:
- Credit-finance takeovers (repossessions)
- Estate sales
- Divorce sales
- Sellers in a rush
A seller who wants to sell a property quickly is often willing to compromise on the price. If they want to sell without any additional guarantees, they often have to accept a discount as well. This is where you can save money!
The risks of buying a foreclosed house
Buying a foreclosed property is not always rosy, and there are several risks that come with this type of property.
Indeed, buying a property without legal guarantees and where owners have been evicted comes with certain risks, including:
- No recourse in the event of a hidden defect
- No recourse in the event of an apparent defect
- Damage may have been caused when the previous owners left
- Major repairs may be needed
- The seller does not know the property well so you will not have access to all the relevant information
- It is possible that the property is worth less than the price paid
In short, when you are planning to buy a foreclosed property, do not think that it is a 100% victory in all aspects. Further analysis is needed to determine the property’s potential value. A broker can help you with this because they have access to comparable data and have a network of experts.
Foreclosures for sale by Region in Quebec
Are you actively looking for foreclosures for sale and want to simplify your search process?
We have partner brokers who work with buyers and investors looking for repossessed properties.
Simply click on the link in the table below to obtain the list of repossessions in the region of your choice.
One of our partner brokers will take the time to contact you to talk to you and show you the results.
|Foreclosures for sale in Montreal
|Foreclosures for sale in the National Capital
|Foreclosures for sale in Laval
|Foreclosures for sale in Ottawa
|Foreclosures for sale in Chaudiere-Appalaches
|Foreclosures for sale in Saguenay-Lac-Saint-Jean
|Foreclosures for sale in Bas-Saint-Laurent
|Foreclosures for sale in Lanaudiere
|Foreclosures for sale in the Laurentians
|Foreclosures for sale in Monteregie
|Foreclosures for sale in Mauricie
|Foreclosures for sale in Quebec Centre
|Foreclosures for sale in Abitibi-Témiscamingu
|Foreclosures for sale in the North Shore
Click here for a list of repossessed properties in your area.
Get repossessed homes in your area with one free form
Whether shopping for a foreclosed home, an estate sale, or simply the best home deals, the services of a good real estate broker can be very useful to you.
You can use the free form on this page to compare 3 real estate brokers specializing in repossessions. Your selected broker will be quite happy to help you find the home of your dreams!
Save time in the home buying process with an experienced broker by your side. Your broker will also make it possible for you to find multiple properties for sale so you can make the best choice.
Broker services are 100% free for buyers in all regions of Quebec. Get professional broker services free of charge by taking 2 minutes to fill out the form below!