Go to a provincial registry, do a historical title search. That will give you the names of the people who were foreclosed upon. Then go to the court house, and do a search of their names at the clerk's counter. You will get the foreclosure case action number. Ask for a procedure card of that action. You will see there are a number of affidavits. You might want a copy of most of the affidavits. At a minimum you will want the Affidavit of Value and the Affidavit for the bank employee telling how much the mortgage was. This will tell you how much the bank was telling the court property was worth, and will tell you how much the bank had tied up in the property. There might have been competing appraisals, you should get copies of those, they'll be attached to affidavits. You will also want the Final Order for Forclosure, that will tell you at what price the bank took it over for. This information will help you set a proper price with confidence.
Or, hire a realtor. I'm sure they'd be happy to do this for the commission they'll earn if you purchase. But if you go in without a realtor and the knowledge of the above you'll probably get a better price if the bank doesn't already have a realtor involved. If the bank has a realtor involved already, just hire a realtor, they'll split the commissions.
EDIT: I just saw you already had a realtor. If they weren't doing this for you already, they're not doing their job IMHO.
Last edited by Kjesse; 07-07-2011 at 07:09 PM.
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