Why Buying a Foreclosed Property Doesn’t Pay (At Least Not in Canada)

Flickr/taberandrew

Foreclosures are big news in the U.S. The real estate crisis is dragging on, and economic problems are keeping the default wheel turning. As a result, foreclosures are becoming a new kind of American dream, one with big winners and big losers; the stuff of exuberant headlines and popular reality TV shows. In the U.S., foreclosure properties can sell for rock-bottom prices. And when we say rock bottom, we mean full houses for the kind of price that wouldn’t even buy a new compact car.

Amazing, right? Well, don’t rush out and look for a foreclosed property just yet, because in Canada, a whole different set of rules and laws prevent these steep discounts. Find out how foreclosure works, and why for Canadians, a foreclosed property is often more trouble than it’s worth in my new post on GoldenGirlFinance.ca: http://bit.ly/PUgku8

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