List Price for Foreclusres
- Thread starter VicChung
- Start date
Hi Vic
Not 100% on other area`s in Canada but I think their similar
In Ontario they need to go close to market value... so if property is worth $500K and mortgage is only $200K defaulting on it`ll still list for $500K .. or $490K... something close...
They have a legal obligation to the person being foreclosed on...they can`t just dump the property to get rid of it.
Not 100% on other area`s in Canada but I think their similar
In Ontario they need to go close to market value... so if property is worth $500K and mortgage is only $200K defaulting on it`ll still list for $500K .. or $490K... something close...
They have a legal obligation to the person being foreclosed on...they can`t just dump the property to get rid of it.
QUOTE (VicChung @ Jan 2 2010, 04:44 PM) Hi,
Just wondering if anyone knew how banks come up with the list price for foreclosures? Is it mortgage balance on the property + liens?
Thanks, Vic
Usually based on the appraisal which must be included with a foreclosure action when the bank sues the mortgagee.
Just wondering if anyone knew how banks come up with the list price for foreclosures? Is it mortgage balance on the property + liens?
Thanks, Vic
Usually based on the appraisal which must be included with a foreclosure action when the bank sues the mortgagee.