'Power for Sale' Listing?

[lesnar]

Are there Canadian sites for a listing of all 'Power for Sale' properties/homes or something similiar? Preferably for Ontario (GTA).

Here's an example from US: www.USHomeAuction.com

[michelb]

I don't believe there are any websites that do this but I'm not sure I'd trust them even if there was.

What you can do is just find an agent who'll do 'automatic' updates for you and you'll get an email every time one comes on the market.

Keep in mind that from what I've seen most power of sales often aren't that good of a deal given that the bank (or whoever is selling it) needs to try to get fair market value - if they don't the existing owner can sue them. Also you are buying the house 'as-is' (i.e. the bank will not guarantee that anything works or is in good condition) and the ones that are well priced usually sell within a few hours of being on the market so you need to be able to move very quickly.

I happen to look at the ones in the Ottawa area and in the past 5 years or so, there have probably been 3-4 that I'd consider a good investment. One was very good (we actually put on offer on it) but they received 7 offers within a few hours of being on the market (we didn't get it even though our offer was actually higher than the offer that got it - I think they received that one first and just decided to take it (this is an example of when the owner could have sued the bank - clearly in this case, they did not price it right or consider the best offer)). In this case, I believe all but 1 offer was from other agents wanting to buy it as an investment and I know that it's an agent that did get it.