I have been told that banks keep a list of homes that one may bid on based on foreclosures or bankruptcies. Is this true? How does one go about doing this? Is this list simply available for the asking? What are the pros and cons of such a practice?
bumping this post as Im truly interested to know also
Well I work at a bank, and i know of no such list, which doesn’t mean it doesn’t exsist of course. I’ve never heard of banks carrying a list like that, but i know that here in the states, we have the department of Housing and Urban development.
From what I understand, they buy the houses from the banks and post them for sale on websites like this http://www.hud.org/
Can’t say that I’ve ever heard of a Canadian equivalent though
Just call your bank & ask them. I’m sure they would be more than happy to let you know if they have such lists.