Can You Buy A Repossessed Property Before It Is Entered Into MLS
I want to address a question about my Ottawa House Repossessions report. People wonder if its possible to get hold of one of these properties before its listed with a realtor on MLS. The answer is no.
Maybe 30 years ago if you new a bank manager and he knew of someone in trouble and not paying their mortgage they would allow you to take over the mortgage and buy the property for the outstanding balance. It may have been commonplace a while back but not anymore. Now a bank has to go through a definite process before they can sell one of their repossessed properties.
They do have to get a few independent appraisals to make sure they are selling it for the most money that it is possible to get and they do list all of their properties through realtors so they are marketed properly.