MONTREAL Real Estate Investors Group » Repossessions

Repossessions in Today’s Market

Jennifer Walker — Mon, 21 Dec 2009 15:29:59 +0000

I get a lot of phone calls from people looking at getting into flipping houses. I know I get these phone calls because of the mindset that we are in a recession. I’m not sure what clearly defines recession, however I don’t think this is it:

The Greater Montreal Real Estate Board sent out their monthly report and the headlines read: “Sales in Montréal Area Surpass Record-Breaking 2007 Levels. It read on saying that Sales in the Montréal Metropolitan Area increased by 51 per cent in November 2009 compared to November 2008. The 3,411 transactions were enough to surpass, by 4 per cent, the record-breaking sales levels of November 2007.”

One of my clients/friends is a professional house flipper. He’s been working at this for over a year now. He’s flipped one house; not because he doesn’t work hard, but because that’s all he’s found. He works at it everyday which includes many phone calls, analyzing, charts, research, meetings, did I mention analyzing

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? After one year doing it full time, he’s starting to shy away from full time flipping and is getting into part time flipping and full time buy & hold.

My point of writing this is not to discourage buyers who want to “get in the real estate” business, but to let you know that IF flipping is the journey you would like to take, I would suggest to first find that person who has been flipping and start interviewing them to see if this is for you.

Real estate is a business and there are many ways to approach it. You may think because you have limited funds that short term is a great way to build equity. From all the books, mentors, investors I’ve consulted most all of them would suggest buy and hold just for the tax breaks alone. In fact some investors think that positive cashflow is a bad thing. However that’s another article to write.

Happy Buying!

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I added this article because I love real estate and educating people on the matter. If you would you like me to work for you, call me 514-402-8444 or EMAIL ME!

To search properties go here www.Montreal-Properties.com

Repossession March 9, 2009

Jennifer Walker — Mon, 09 Mar 2009 19:23:01 +0000

Because of the high demand, here is the list of repossession for different areas. If there is an area you would like to repossession in that is not listed, please let me know.

Just remember only because it’s a repossessed property, doesn’t mean that you are getting a great deal. Please make sure you do your due diligence and get it professionally inspected. When you buy a building that is repossessed, it does not come with legal warranty. For more information on legal warranty, please refer to this article: The legal warranty of quality

Repossessed Plexes
Lachine: Lachine plex repos.pdf

NDG: NDG plex repos.pdf
Le Sud-Ouest: Le Sud Ouest plex repos.pdf

If you would like something more tailored please email me at jenn@montreal-realestate.ca and let me know.

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I can search many areas, homes and revenue properties and even put you on an automatic emailing list for when a new real estate repossession is hot off the market.

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I wrote this article because I love real estate. If you would you like me to work for you, call me 514-402-8444 or EMAIL ME!

To search properties go here www.Montreal-Properties.com

The legal warranty of quality-Repossession

Jennifer Walker — Mon, 26 Jan 2009 19:54:06 +0000

What is a “legal warranty”? This phrasing is attached to every repossession and I get asked this all the time. Here is what ACAIQ says:

A person selling movable or immovable property must warrant that the property is free from any defect in title and any latent defects, except those declared before the sale. That is what is generally known as the “legal warranty”, which has two components, i.e. the warranty of ownership and the warranty of quality. These warranties exist by operation of law, i.e. they do not have to be specified in the contract.

The warranty of ownership
The warranty of ownership assures the buyer that:

The property is free of all rights except those declared by the seller;
The seller has discharged the property of all hypothecs, except for those assumed by the buyer;

The property is not subject to any encroachment on the part of the seller or a third person; and

The property does not violate any restrictions of public law, except those declared by the seller or that the buyer should have discovered.

Repossessed Plexes – January 26th
Lachine: Lachine plex repos.pdf
NDG: NDG plex repos.pdf
Le Sud-Ouest: St-Henri plex repos.pdf
(If you would like something more tailored please email me at jenn@montreal-realestate.ca and let me know. I can search many areas, homes and revenue properties and even put you on an automatic emailing list for when a new real estate repossession is hot off the market)

The warranty of quality
Under the warranty of quality, the seller warrants the buyer that the property is free from defects, existing at the time of the sale, that would render it unfit for the use for which it is intended or which would so diminish its usefulness that the buyer would not have bought it or paid so high a price if he had been aware of them. The seller is not bound, however, to warrant against defects known to the buyer or a defect that a prudent and diligent buyer could have perceived.

This is why it is so important for a buyer to have a prospective purchase inspected by an expert. The fact that the seller is unaware of the defect or that the defect does not become manifest until after the sale in no way reduces the warranty. However, if the seller was aware of the defect, his liability would be increased to include, in addition to the reduction in value of the immovable, all other damages sustained by the buyer.

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Waiving the legal warranty of quality
The legal warranty may be increased, reduced or even waived upon agreement between the parties to a transaction. Except in rare cases, waiving the warranty of ownership (warranty of title) is never recommended.

A more frequent occurrence is the waiving of the warranty of quality, including when an immovable is sold by an estate or following repossession. Under certain circumstances, it may even be a good idea to recommend to a seller to sell without a warranty of quality. This could be the case when selling the property of an elderly person who does not want to worry about a potential recourse for a latent defect on the part of the buyer, which could be exercised against the person’s estate.

The warranty of quality may be waived for the entire property or only on certain components such as the pool or the appliances included in the sale. If the warranty of quality is waived on the entire property, the following clause must be included in the promise to purchase:

“This sale is made without legal warranty of quality, at the buyer’s risk and peril.”

If the exclusion concerns only one or more components, the word “concerning” should be added at the end of the clause, followed by a description of the excluded component(s). If the warranty of quality waiver is required by the seller from the very beginning, words to that effect must be included both in the brokerage contract and on the detailed description sheet.

The real estate agent has a duty to inform the seller and the buyer of the consequences of waiving the warranty of quality. For example, a seller who wishes to sell an immovable without a warranty of quality must know that this information must appear on the description sheet and that, depending on the market at the time, this could reduce the level of interest on the part of prospective buyers. He must also know that the warranty waiver may have an impact on the selling price and that it will not protect him from a lawsuit for defects of which he was aware and should have declared. To this effect, the form “Declarations by the Seller” disclosing any factor that could affect the value of the immovable should be duly completed.

Individuals buying a property without a warranty of quality must be informed that, should they discover a defect of which they were unaware, they will have no recourse against the seller, unless they can demonstrate that the seller acted in bad faith by purposely hiding a defect of which he was aware. Such buyers must also be told that they should have the property inspected in greater depth than the inspection usually done on a property sold with a warranty of quality. Of course, the building inspector hired for this inspection must be notified that the immovable is being sold without warranty, so that he may take this into account when doing the inspection. Finally, the buyer should require that the seller fill out the “Declarations by the Seller”, if he hasn’t already done so, and provide the buyer with a copy.

Source: ACAIQ

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If you would you like me to work for you, call me 514-402-8444 or EMAIL ME!

To search properties go here Montreal Properties

Repossession for January 15th

Jennifer Walker — Thu, 15 Jan 2009 16:36:51 +0000

Multi doors, Plexes, multi-plexes, multiplexes, however you want to call them, all mean the same thing, a dwelling comprised of two units or more. According to the Real Estate Brokerage Act, anything that is 5 doors or less is considered residential. Here are the latest repos that are of multi door.
PS. And just for the record, there was only one 8 door in the whole repo section for Montreal. That was the highest amount of doors that I saw. All the others were 2 to 4plex.

Repossessed Plexes
Lachine: Lachine plex repos.pdf

NDG: NDG plex repos.pdf
Le Sud-Ouest: Le Sud-Ouest plex repos.pdf

If you would like something more tailored please email me at jenn@montreal-realestate.ca and let me know. I can search many areas, homes and revenue properties and even put you on an automatic emailing list for when a new real estate repossession is hot off the market.

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I wrote this article because

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I love real estate. If you would you like me to work for you, call me 514-402-8444 or EMAIL ME!

To search properties go here www.Montreal-Properties.com

Repossession for Dec 16

Jennifer Walker — Tue, 16 Dec 2008 15:09:41 +0000

All of a sudden, right before Christmas, four excited real estate

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buyers, have called me to start visiting homes for purchase. These are serious real estate buyers who need to buy before the July 1rst deadline. Lately, all I hear people talk about is how bad the real estate market is going. This is not true! It’s still very healthy here in Montreal. In fact, places like Dorval are still going up in value.

I have updated all the new repossessed listings up to December 16, 2008, They are all revenue properties in selected areas around Montreal.

Repossessed Properties
Lachine: Lachine Repos.pdf

NDG: NDG Repos.pdf
St-Henri: St Henri Repos.pdf

On another note: I thought it would be fun to add in Dorval. I have choosen the South-West area because of it’s sought after location. The most popular of homes are the 3 bedroom bungalows with finished basement. Construction was in the late 1940′s and 1950′s. Nice large windows, hardwood flooring and yards with an average size of 6000sf’.

Here is a file that you can click on to see all the 3 bedroom homes in SW Dorval (includes 3+1 as well): Dorval Homes 3 bedrooms.pdf

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I wrote this article because I love real estate. If you would you like me to work for you, call me 514-402-8444 or EMAIL ME!

To search properties go here www.Montreal-Properties.com

Repossession December 5th

Jennifer Walker — Fri, 05 Dec 2008 17:36:51 +0000

It seems that more and more people are getting all excited about real estate repossessions. The word has gotten out that the best time to buy real estate is when the real estate market is at a downturn or rock bottom. These are great times for buyers looking for real estate investments.

I have updated all the new repossessed listings up to December 5, 2008 for a couple of areas on the island of Montreal. They are all revenue properties.

Repossessed Properties
Lachine area: Lachine repos Dec 5.pdf

NDG area: NDG repos Dec 5.pdf

St-Henri area: St Henri repos Dec 5.pdf

If you would like something more tailored please email me at jenn@montreal-realestate. ca and let me know.

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I can search many areas and even put you on an automatic emailing list for when a new repossession is hot off the market.

Send Page To a Friend

I wrote this article because I love real estate. If you would you like me to work for you, call me 514-402-8444 or EMAIL ME!

To search properties go here www.Montreal-Properties.com