Posted by GL - ON on July 31, 2003 at 11:19:46:
There are NO foreclosures in Ontario. Instead we have Power of Sale. On a Power of Sale property, the bank (seller) gets at least 2 appraisals, lists the property with a big real estate brokerage and sits back waiting for offers.
The only offer they will consider is for all cash, at least 90% of the asking price, with no conditions. Any other type of offer they will throw back in your face. And if they sell for less than FMV they can be sued.
No tax sales either. In the last 20 years in my town there have been 4 tax sale properties, all abandoned industrial sites with soil contamination problems.