Foreclosures

Foreclosed homes may represent an opportunity to gain equity by navigating the uncertain and sometimes lengthly court-sale processes. These properties are often in need of some rehabilitation before moving in.

‘As is, where is’

When the seller cannot make a declaration of condition that relates to patent defects the property is sold ‘as-is, where-is’. It means that you are responsible for finding defects that may affect value (and price).

Equity potential

Buyers assume a certain degree of risk when they purchase a property that is in foreclosure or when the owner cannot attest to the condition. This risk is usually rewarded by lower selling prices and buyer equity.

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For sale $699,000
962 BOARDWALK Street, kincardine, Ontario

962 Boardwalk Street

Kincardine, Ontario

3 Bedroom 1 Bathroom 1216
For sale $749,800
2018 ST JOHNS Road, innisfil, Ontario

2018 St Johns Road

Innisfil, Ontario

3 Bedroom 3 Bathroom 1100
For sale $399,900
83 ANDREW Street S, orillia, Ontario

83 Andrew Street S

Orillia, Ontario

2 Bedroom 2 Bathroom 800
For sale $274,900
18 COLLINGWOOD Street, flesherton, Ontario

18 Collingwood Street

Flesherton, Ontario

2 Bedroom 4 Bathroom 2049
For sale $299,900
51 MAIN Street N, elmwood, Ontario

51 Main Street N

Elmwood, Ontario

2 Bedroom 1 Bathroom 700
For sale $2,299,000
1019 LITTLE CEDAR Avenue, innisfil, Ontario

1019 Little Cedar Avenue

Innisfil, Ontario

5 Bedroom 3 Bathroom 2269
For sale $1,990,000
195 UPPER LORNE BEACH Road, tiverton, Ontario

195 Upper Lorne Beach Road

Tiverton, Ontario

5 Bedroom 4 Bathroom 2684
For sale $489,000
1007 WEST Road, lion's head, Ontario

1007 West Road

Lion's Head, Ontario

2 Bedroom 1 Bathroom 1080
For sale $474,900
2425 OLD FORT Road, tay, Ontario

2425 Old Fort Road

Tay, Ontario

4 Bedroom 2 Bathroom 2170
For sale $857,777
39 YEO Street, penetanguishene, Ontario

39 Yeo Street

Penetanguishene, Ontario

3 Bedroom 1 Bathroom 1262
For sale $319,900
91 MITCHELLS BEACH Road, tay, Ontario

91 Mitchells Beach Road

Tay, Ontario

2 Bedroom 1 Bathroom 653
For sale $729,000
695 10TH Line, innisfil, Ontario

695 10th Line

Innisfil, Ontario

3 Bedroom 1 Bathroom 1000

Note: These listings may be foreclosures OR ‘as-is, where-is’. There may be no foreclosure listings at this time. Read the descriptions carefully to determine the circumstance. 

Properties that are sold “as-is” represent a range of circumstances in which the seller cannot attest to the condition or history of the property. These properties may also be estate sales, abandoned structures on land, and other scenarios. We have included foreclosures and “as-is” properties on this page because they both require heightened due diligence. Some properties may have inclusions that are “as-is” but the property itself may have a disclosure statement available. Ask us for details.

Collingwood foreclosures for sale

Opportunities for equity hunters

Many people assume that foreclosures are the most desireable property for sale. Popular media has fed the image of the underdog real estate investor becoming wealthy through the acquisition of foreclosures. The courts are obligated to help the foreclosed owner receive as close to full market value as possible.

In Canada, wholesale prices are usually limited to severe downturns in regional economies. When markets are hot, wholesale prices may only reflect the uncertainty of court approval, and if the offer is market value, that might be a very small discount.

The risks

Court-ordered sales generally absolve the lender of all risks from latent and patent defects. There are absolutely no representations or warranties with foreclosures so it’s critical that a buyer conduct due diligence to the highest standard. All risks fall to the new owner including liabilities for zoning, environmental, and permit issues. Inspecting a foreclosure can be difficult if the power and water has been turned off.

If you reach the stage of an accepted offer, the bank must refer it to the courts for approval. A court date may be set within a few weeks but it can be much longer. Other interested buyers sometimes attend the hearing with the hope of making a bid for a small amount over the accepted offer although it must be for ‘cash’ with no conditions. If nobody contests your bid, you win! Now it’s time to conduct due diligence to make sure it is the property for you.

Some tips on buying foreclosures

  • Hire an experienced sales representative to ensure you have representation
  • Follow your agent’s advice on inspections and due diligence to reduce risk
  • Accept the limitations of foreclosures and adjust your expectations
  • Work with your agent on a contingency plan for the court process
  • Be prepared to receive the home ‘as is’ in need of cleaning, fixtures, and appliances

Questions? Contact us for more information on foreclosure properties.

Ask us about foreclosure and as-is properties