Foreclosure Listings Canada – Foreclosures in Canada-Reasons and Tips to make a decision

26 October, 2011

Foreclosure Listings Canada is a great resource, but first let’s talk a bit of foreclosures. Reason for Foreclosures is simple. Home owners are not able to make mortgage payments. The reasons could be various- Job loss, divorce, ill health – in short, a change in financial situation. Further to the above reasons, it is the booming real estate market in prior years and global financial down turn and crisis. People have refinanced their homes by pulling out available cash for increased mortgage payments from their equity and are unable to make those payments for various reasons.

Foreclosed homes in Canada are sold in two ways:

Courthouse Auction sale: Check with the Courthouse assistant to verify available sales and dates. If the bids do not cover the mortgage balance, usually the bank or any other mortgage lender will buy out the property. But one cannot buy such a property as the balance of the mortgage payment has to be made on the date of the sale. House inspection is not possible prior to the purchase. You have to take it as it is. The highest bidder wins and gets to buy the property. Realtor or MLS Listings: Most of the foreclosed homes in Canada are sold by realtor even before the houses are listed on any foreclosure listings. The procedure is just like buying a regular property, the house can be financed, and you can do prior house inspection but need not pay any commission to anyone. To buy a home that is going into foreclosure, you make an offer to the home owner. If the offer does not cover the mortgage the bank has to approve the offer. If the house is already in foreclosure, you have to deal with only the bank. Check with the court house clerk/assistant to know if the house you want to purchase is already in the Courthouse Auction list

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Buying a foreclosed property is now a Smart Investment. It has become the fastest evolving trend in Canada now. It is important that the buyer considers every pros and cons before buying a foreclosure home.

Before starting on research on the foreclosure homes, the buyer should work on the plan. You must work out on the finances first- how much money you have and how much are you going to borrow. It is very important to understand and learn the buying and selling procedure of the foreclosed properties. You must decide on the best mode of purchase

It can be through bidding, through auctions or through negotiations. Once all the research is completed you can start the procedure with utmost care and caution. After the research, you have to understand what your needs and requirements are; start looking for a dependable source of property listing. It should be within your budget but should not end up in a compromising state. You can choose a local agent because they are the best as they know all about the location. You can then start looking for the foreclosure home listing. Apart from the above you need to locate a house where you can get necessary amenities and basic facilities of life. Choose a place where property rates will go up in the near future. This is an important point to consider if you are looking for a better resale value.

After you have short listed the foreclosure home, it is time to get on to the next step.

The next step is inspecting and viewing your future home. A thorough examination of every minute detail can show up things like utility dysfunction or structural weakness or damage. This validation inspection can cost you some but it is worth spending as it saves you from expensive repairs later.

Last but not the least- you must complete all the legal formalities and issues to save yourself from any unexpected future problems.

You have to have a realtor who is experienced and familiar with the area and location.

It is always easier to buy a foreclosed home from the bank direct than to buy at the courthouse auction. If you go in for a courthouse auction house, you have to deal with the unpleasant task of evicting occupants, house inspection and competitions from other eager buyers.

Joe Varling is the author for this article, as he is a Master in Foreclosure Homes in North America. Kindly visit M3REO GROUP to know more.

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Foreclosing On Investment Property – Where to find Funding for your Investment Property No Due Diligence

25 October, 2011

Where to find Funding for your Investment Property No Due Dilligence

So you have just located the perfect investment property in your area, and to sweeten the deal it just happens to be a foreclosed property. The property needs very little renovations, and is located in a neighborhood that would make for a quick sell. There is only one problem, your bank refuse to lend money for investment properties. 

This is a common problem many would be investors face as they try to seize their portion of the real estate boom. I refer to this period in it as a real estate boom, and I make no corrections in saying so. This particular time in history will go down as a boom for investors who are able to buy as many foreclosed properties as possible. 

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A very wealthy real estate investor once told me that the opportunity of a life time has to be seized during the lifetime of that opportunity. As you read this article you are reading it during the lifetime of this opportunity in real estate investing. But not for everyone, many would be investor will find it very difficult to acquire foreclosed properties no matter how sweet the deal appears to be. 

The Alternative Funding Group says many people that contact him never heard of Private Funding for real estate investing. So when I introduce them to the ideal that I can buy properties without begging a bank, or without using a dime of their savings many seem to laugh at the ideal. 

There is an old word of wisdom in the business community that says “it’s not what you know but who you know that matters.” This is the first rule of real estate investing; it’s who you know that matters. Knowing the right person to call when you find the perfect deal and then having that person wire the money plus closing cost is simply priceless.

 

Please allow me to introduce you to The Alternative Funding Group.

 

The Alternative Funding Group http://www.fundingyourrehab.com Get a list of the 100 Hard Money Lenders for only .95

 

 

The Alternative Funding Group http://www.fundingyourrehab.com Get a list of the 100 Hard Money Lenders for only .95

 

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Houses For Sale London – House for Sale in South Africa

25 October, 2011

House for Sale in South Africa – HOUSE SALES IN SOUTH AFRICA-South Africa is a mixture of plateaus with grasslands, mountain ranges and coastal areas. The deserts, stretch of grasslands, mountains and tablelands found in South Africa makes it a wonderful place to explore areas with diversified climate. To buy a property in South Africa will definitely be a dream for most of us. We make the job of buying and selling properties in South Africa an easier one. It is not easy to buy or sell a property where were we wanted in South Africa. Flats, houses, bungalows, Villa and town houses in important towns and cities, namely, George, Plenttenberg bay, Alexander Bay, Mossel bay, Durban, East London, Cape Town or Johannesburg. Renting a property abroad is a great way to enjoy the freedom of your next holiday – no fighting for sun beds around your own pool here. Book your next holiday rental property abroad online here and save money. More and more people are traveling independently nowadays and as such the overseas property rental market has grown exponentially over the past decade.

Investing money on properties and spending time with our family after retirement is becoming casual now days.  It is a dream to buy a property for many of us. Each one of us will definitely have certain expectations as to where and how the property that we buy should be. Nevertheless, South Africa has not only got a sublime climate but also landscape with golden beaches, to green belts, safari parks and rocky mountain peaks. If you are interested in urban chic, seaside living or a rural retreat, there is a range of residential homes to suit your every whim. Each and every House for sale is unique in price and position and is generally more expensive in the outlying suburbs.  However, once money is invested on a property in South Africa the potential is excellent due to high rental levels.  South Africa has got all kinds of Stylish, fashionable and modern development of properties of land available, different types of bedrooms along with superb mansions and housing estates. South Africa has a massive amount of properties for sale in all urban and rural areas throughout the country

Buy or Sell Property and House in South Africa. Whether you are ready to sell a Property in South Africa or Planning to Buy a property in South Africa visit House Sales South Africa today.

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House For Sale By Owner Toronto – Buying a power of Sale in Toronto

24 October, 2011

Please read this article to learn the true facts about House For Sale By Owner Toronto;

I have written about power of sale properties in Toronto before and I have had an overwhelming demand by my readership to continue to touch upon this subject further.

First, let me begin by asking you a few questions. Raise your hand if you believe that when buying a power of sale that you are purchasing the property below the true market value? And second; once the purchase is in place and the deal has been negotiated between the bank and yourself that you can now call the movers and start making preparations to move
into your newly purchased home once the deal is closed? Hopefully you won’t be too shocked to learn that if you raised your hand that you are absolutely in correct! Please feel free to sit down and take a moment if need be. I say this due to the fact of all the stigma that is attached with buying a power of sale in Toronto and the general public’s refusal to come to terms with the facts.The pros and cons can be discussed in great lengths and debated as well, I will
start the debate by going on the record as saying “I don’t find any pros but I can see tons of cons”(please feel free to click here to read an article written by Bernie Jankowski Barrister and Solicitor) which will reaffirm my position.

As I said earlier in this article that this subject can be debated endlessly but allow me to explain in a nutshell. There are 3 main reasons to stay away from buying a power of sale in Ontario.

1- The property must be sold at market value and NOT for the amount that is outstanding.

2-  Where is As is

3-The mortgagor’s right to Redeem

There are many differences between a power of sale and a foreclosure and this where I believe that the general public has a huge misunderstanding of those differences. Without diving to deeply into another subject that is foreclosure as this a subject entirely on its own that I will be writing about very soon. Just note this that a power of sale must be sold
for true market value as the lender must oblige according to the provincial mortgage act. The mortgagor (owner) of the property has the right to any equity if any from the proceeds of the transaction. Here is an example; assume that Property “A” has a first charge with lender “A” for the amount of 300k and the subject property market value at the time the sale is being enforced by the lender is estimated at 500K. Its lender “A” responsibility to sell the property for close to 500k as the mortgagor as the right to the remaining funds from the sale, in
this easy example that amount would be 200k. Now assume that lender “A” sold the property for just the outstanding loan amount plus its costs to enforce the sale then the mortgagor (owner) of the property would have the right to seek damages from the lender. It’s also important to note that Canadian banks are in business to earn a profit and that they are not seeking to profit from anyone’s misfortune. Lenders do not like bad PR (public relations) this is one of many reasons why Canadian banks opt to power of sale a property rather then
foreclose as their counter parts do south of the border.

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Where is, As is- This is a term that you will hear more often than not when dealing in this type of transaction and it simply means that the lender will not warrant anything regarding the state of the property from the time you see it to the time of possession. A simple example of As is would be;  assume that the property is furnished with appliances at the time the submits an offer to purchase, and on the date of closing those appliances are no longer on site at the time of possession even though they were included in the agreement of purchase and
sale. In this instance then the buyer is out of luck, so I hope the buyer has taken into account that their budget hopefully included new appliances.

The mortgagor always has rights, and one of those rights is the RIGHT TO REDEEM! In the event that owner of the property has come up with the necessary funds that are in default then they can take the property back from the lender. The mortgagor has this right throughout the process but loses its right to redeem if the lender has entered into a binding agreement of
purchase and sale agreement with a buyer. This is when it can become very tricky! Most lawyers that I have spoken with about this subject agree that this is how they interpret the act, and I stress most lawyers. Some lawyers argue that the right exists up to the moment of closing on an accepted agreement of purchase and sale. My opinion is through tons of real life situations that the mortgagor has indeed lost its right once the property has been sold, but here is the twist. Remember when I stated that banks do not like bad PR? Well this
is why any reputable lender would allow the mortgagor the right to redeem up until the very last moment possible.

So if you’re one of those buyers that have bought a power of sale and have yet to complete the transaction, don’t call the moving company until you actually have the keys in your hand, and make sure you have a backup plan in the event the mortgagor does in fact redeem!

Remember that as a buyer you are negotiating with the bank for the purchase of the property and not the property owner! And the bank has a legal obligation according to the
provincial mortgage act to sell the property for true market value! It’s also important to remember that a power of sale is NOT a foreclosure and therefore different legislation applies.

Knowing all this! Does it still make sense to pursue properties that are being sold under power of sale, or is the risk just too high?

I employ you to research and do your due diligence when buying Toronto Real Estate and always seek the expertise of a professional.

Please feel comfortable to contact me if you would like to learn more about buying a power of sale.

Please comment below so we could continue the conversation.

A Real Estate Broker from Toronto Ontario Canada. I am actively trading and I have  been investing in Commercial and Multiplex Residential for more than 15 years. I Coach and Mentor Real Estate Sales/Reps and Brokers.I also invest in many projects across Toronto and abroad. Born and raised In Toronto Canada in 1973 and consider Toronto my home. Fathers name is Gaetano La Fiura, born in Palermo Sicily Italy and Mothers name in Annunzata Di Taranto born in Matera Italy.

I hoped you enjoy this article titled House For Sale By Owner Toronto

Foreclosed Property Auctions – Competitive Participation at Foreclosed Properties Auction

24 October, 2011

There are some things to keep in mind if you want to be ahead in a foreclosed properties auction. For starters these homes are all sold as is. They are also cash sales so buyers need to be able to make payment in a short span of time. Buyers at auctions do not have the opportunity to conduct a proper inspection prior to the auction date.

With these restrictive conditions, it is a wonder that foreclosed properties auction are still very popular among foreclosure investors. If you would like to personally find out why, there are a few preparatory things to bear in mind.

Preparing for Your First Auction

You need to have a system for monitoring auctions that are scheduled in your area or areas of choice. A dependable foreclosures listing service can accomplish this for you. Once you have come up with your list of auctions you want to participate in make sure you personally check out the property to see its appearance and get a feel of the neighborhood.

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Auction dates can change without prior notice because for about a month leading to the auction, the previous home owners can still redeem their home. You can keep tabs of the status of the auction by keeping in touch with the trustee.

Auctions usually take place at the steps of the county courthouse or any public place. The auction procedure can vary according to the state where they are being staged. You have to be familiar with the auction rules of the state where the property you want is located. Usually participants will be asked to pay a fee that is equivalent to ten percent of the starting bid. The best way to learn the auction process is to attend other auctions as an observer.

Assess whether you stand to get a good bargain by finding out the market value of the property. You can compare it with the value of like properties in the same location. The opening bid usually represents the outstanding loan still owed by the previous owner so you can work from there.

From all the factors you have considered and based on your finances, you will be able to determine your own bid limit when you finally participate in your first foreclosed properties auction.

Joseph B. Smith has been educating buyers on the finer points of foreclosed properties auction at Foreclosure-Auction.net for over five years. Contact Joseph B. Smith through Foreclosure-Auction.net if you need help finding information about foreclosed properties auction.

John Alexander Foreclosure Fortunes – Beware The Risen People, Part 1 of 3: Global Banking – A Criminal Syndicate Of Tyrants And Thieves!

23 October, 2011

[On the evening before his execution by a British firing squad for his part in the Easter Rebellion in Dublin in 1916, Padraic Pearse etched a few lines from his own poem, “The Rebel”, on the wall of his cell…

Pearse’s words were directed at the rulers of the British Empire, but today they can be addressed to a cadre of criminal bankers and their political puppets who would impose financial slavery on us all.]

In a time of unprecedented global awakening, the peoples of the nations are rapidly becoming aware of how they’ve been kept in financial bondage for centuries. The veils of deception and fraud carefully woven by a malevolent Money Power[1] are being torn apart like spider web in a gale. The outrageous criminality imposed upon mankind for generations is finally exposed for all to see.

People are fast discovering how a cunning cabal of banksters[2] conned them into giving up their labour, their property, and their freedom. They now see how years of their precious energy and toil have been stolen from them by financial terrorists who have long kept humanity in a wretched state of debt, misery, and fear.

But now the tide of wakefulness is rising fast. A tsunami of anger and indignation is beginning to roll towards the banksters and their political camp followers. A worldwide revolution against villainy and corruption grows by the day. The masses are demanding truth and justice, and the cry of their fury is fearsome and foreboding.

Fraudsters beware! Beware of the hordes who are rising from their slumber. Beware of the people who have caught you pillaging. Beware of the wrath of the betrayed. Beware of the thing that is coming… tyrants… hypocrites… liars!

Fearful of the risen people, the criminal syndicates who run the world from behind the facade of governments and suborned global institutions are terrified of losing their ill-gotten wealth and privileges, and perhaps their lives.

Zbigniew Brzezinski, a Bilderberger and co-founder of the Trilateral Commission, recently addressed the Council on Foreign Relations in Montreal and warned his fellow elitist villains about this new “global political awakening”.

Brzezinski said: “For the first time in all of human history mankind is politically awakened – that’s a total new reality – it has not been so for most of human history.”

Brzezinski bewailed the fact that the whole world had awakened politically and was now “consciously aware of global inequities, inequalities, lack of respect, exploitation.” He lamented that an enlightened people would no longer tolerate financial slavery and serfdom nor would they allow the stealthy move towards a single world currency which would mean complete domination of the world by the international banksters.

More than a century ago Lord Acton said, “The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”

That fight has now been joined.

In recent years, a growing number of people throughout the world are stumbling upon a massive deception that the banksters and their vassals have been fiercely trying to keep secret for years. It’s a secret so incredible that the mind will not accept the truth of it on a first hearing.

That may seem an incredible hypothesis.

But it’s true. In most loan transactions, banks do not lend out their money; first, they receive the full amount from the unwitting borrower himself, then they deceitfully loan it back to the borrower as if it had originally come from their own assets, and they charge punitive rates of interest to boot.

The idea is so preposterous that one’s first inclination is to dismiss it as hokum. But let’s have a quick look at the origins of modern banking before we explain how the borrower is, in all actuality, the lender. And at the end of this article we’ll show how you can lawfully get out of debt and have your loans written off; it involves challenging the banksters from a position of truth, knowledge, and personal empowerment.

There has been much dishonesty and trickery in the field of banking since the set-up of the Bank of England in 1694. Although misleadingly called the “Bank of England” it did not belong to the English Government or to the English people. It was a private bank that dealt in deceptive practices for private profit.

The Bank of England practised ‘fractional reserve lending’, a counterfeiting process which permitted the bank to lend out more money than it actually possessed. At the inception of the Bank of England, the fractional reserve ratio was set at 2 to 1. That meant it could lend out and collect interest on twice as much money as it really owned.

Fractional reserve ratios soon ran out to 3, 5, and 9 times the amount of bank reserves, and in some cases to many multiples of these amounts. Although modern capital reserves are generally set at a minimum of 8% (a lending ratio of 12½ to 1) some banks, such as those in Canada, Australia, and elsewhere have no requirements at all (see Wikipedia – Reserve requirement).

Fractional reserve lending is a gigantic confidence trick that allows banks across the globe to create money out of thin air and charge interest on it. Charging interest on money created out of nothing is a crime known as usury. Incredibly, governments permit it without question and a compliant judiciary accommodates banking fraud in the courts every day of the week. In bygone days, usurers were put to death; but today they live in opulence like emperors and consider themselves above the law.

The criminality of modern banking owes its origins to the double-dealing goldsmiths of the Middle Ages. The goldsmiths owned secure vaults where they would store gold and silver coin and bullion for their clients for a fee. When a merchant stored gold with the goldsmith he was given a receipt, or chit, for the amount of his deposit. Soon these chits were traded in the marketplace at face value; they were more convenient and safer than carrying gold around.

The goldsmith, also a money lender, began to lend out chits instead of his gold. At first, these chits were fully backed by an equivalent amount of gold in his vault. Then it wasn’t long before he cunningly progressed to lending out chits backed by his depositors’ gold – without the depositors’ knowledge or consent. Soon, the devious goldsmith found that he could get away with even more blatant skulduggery.

He noticed that only 10% of his depositors ever turned up to reclaim their gold from his vault. This observation led the audacious goldsmith to lend out 10 times more chits than he actually possessed in gold. That meant that nine tenths of his loans were backed by nothing of value, merely conjured up out of thin air. And if 10% of his depositors ever returned for their gold he would have enough on hand to satisfy their requirements.

Life was suddenly becoming very rosy for the wily goldsmith. By charging interest on non-existing gold he extorted a vast fortune from his clients. Just like modern banking today.

But greed begets greed and it wasn’t long before the avaricious goldsmith began to ponder on a method to loan out chits backed by no gold at all. If he could pull this off he would surely become master of the world. Regrettably, events show that he has indeed pulled it off, and he is indeed master of the world.

It might have begun this way…

The goldsmith purchased some bread and savouries in his local bakery and the bill came to five shillings. He didn’t have cash on him but the baker, knowing he was good for the money, agreed to accept his IOU for 5s. When the miller came to the baker for payment for flour he also agreed to accept the goldsmith’s five shilling IOU in place of cash. And the miller in turn paid the farmer for his wheat with the IOU, and the farmer paid his labourer, and the labourer paid the innkeeper for beer, and so on and on…

The shrewd goldsmith noticed that his IOU never came back to him to be redeemed for five shillings in coin but was accepted and perpetually transmitted as cash by everyone in the community. What had cost the goldsmith nothing but a scrap of paper and ink was exchanged for valuable goods and services by all who accepted it.

In fact, the goldsmith had effectively stolen the labour and the goods of the baker, the miller, the farmer, and the others. He had contributed nothing to the production of wealth in the community but had undeservedly shared in its benefits. In the animal kingdom, such a freeloader would be known as a parasite or bloodsucker. In human terms he would be called a thief.

The goldsmith became excited about his experiment with his IOU. If only he could compel the government to make his IOUs legal tender and force the people to trade exclusively with them he would be wealthy beyond comprehension.

As time went by, the mega-rich goldsmith became even richer and his decadent offspring eventually evolved into the international banksters we know and detest today. Through their immense wealth this criminal banking cabal has come to wield unwarranted control over heavily indebted governments, businesses, and individuals throughout the world.

Sadly, today, the global banksters have finally realized the vile aspirations of the goldsmith – to issue IOUs backed by nothing of value whatsoever, and all with government approval and enforcement. The process took many years of scheming and planning and included strategic goals of infiltrating governments and debasing politicians and the

Calgary Housing Market – Canadian Housing Markets are Overpriced

23 October, 2011

Their study shows that with the exception of Toronto and Edmonton, houses in Canada’s major cities are overvalued, priced up to 25 per cent higher than they should be to balance with rents – given interest rates, holding costs and historical rates of price appreciation.

The decade-long boom in Canadian markets is over,says Tsur Somerville, the study’s lead author and Sauder’s Real Estate Foundation of B.C. Professor in Real Estate Finance.

Titled Are Canadian Housing Markets Overpriced?, the study observes that housing affordability is a severe problem in some Canadian cities, limiting the ability of markets to continue to rise.

House prices can correct through rapid declines, through longer and slower declines, or by staying essentially flat for a long period, says Somerville, in the release.

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Canada’s more conservative lending practices have prevented the speculative excess and severe downturn experienced in U.S. markets. However, the study warns that the potential for price declines is greatest in cities that have a large supply of unsold inventory or a mismatch between the number of units and the number of households ready to occupy them. Recent data suggests that Vancouver is the most at risk in this regard.

To analyze whether housing prices are overvalued, the researchers looked at current house prices in nine major Canadian cities. They compared these prices to their equilibrium or balanced market levels, which is derived from the relationship between house prices and rents in a market when compared with cost of investing in housing. The study finds:

-  Only in Toronto are prices in balance with rents

-  In Halifax, Montreal, Ottawa, Regina and Winnipeg prices would need to drop by at least 20 per cent to be in balance

-  Equilibrium in Calgary and Vancouver requires a 7 to 11 per cent drop in prices

-  In Edmonton prices are actually below equilibrium, by 8 per cent..

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Mls Listings Online – Tips on Selling a House by Using Flat Fee MLS Listing

23 October, 2011

If you have been planning to sell your house but don’t want to give a real estate agent most (or all) of your profit, then keep reading. This article is for you. In the old days, the only way to get your house onto the MLS was to list with a traditional real estate agent. They would charge you a commission of approx 5% to 6% of the sales price, and put your house on the MLS. A listing on the multiple listing service (aka MLS) used to be only provided by a local, real estate developer or agent. Now, it’s possible to purchase a flat fee MLS listing online with one of Canada’s leading, real estate promotion resources. This MLS listing will help you to save a lot of money and eventually earn more money through providing broad exposure of your listing to many interested buyers in your region. This ultimately, has the power to considerably promote and elevate your sales profit. There are a number of ways that you can sell your house using a strategy that incorporates a free MLS listing or a flat fee MLS listing.

To obtain a MLS listing, you may wish to follow the helpful hints below:

• First, you must make sure that you are ready with a list that has all of the best details about your house: the features, the dimensions, quality construction materials (marble, woodworking, custom refrigeration drawers, etc.), and any other information that may be enticing to potential buyers. These details will be necessary in order to create a free MLS listing for your property. Additionally, you will also need this information if you plan to obtain your own, flat fee MLS listing as a key component in your promotion strategy. Remember that this listing is always helpful, when selling property, because it promotes your site amongst higher numbers of potential buyers. This will, in effect, make it possible for you to sell your house even faster and better than selling without this breadth of promotion.

• A flat fee MLS listing will help you save as much as tens of thousands of dollars compared to what you might have to pay otherwise. An agent normally takes a commission fee off of the price that your house sold for. This fee typically covers the agent’s expenses in fees, time, and associated costs while providing a decent paycheck for their hard work and consultation.

• A flat fee MLS listing will enable you to make certain that your house is visible to all the outsiders and potential buyers throughout a region without working directly with a real estate agency or representative. To sell a home, it is necessary to obtain decent exposure of your property through various promotional venues. A flat fee MLS listing provides the perfect medium for this exposure, but without the expensive, commission price. Aggressive home owners may well benefit from this type of service when marketing their house for sale. If you have been planning to sell your house, you may wish to learn more about how to obtain a flat fee MLS listing to promote it. Begin by performing a basic Google search to locate additional information on this subject. If you would rather sell your home on your own, without getting assistance from a local realtor, then you should visit, www.isellmyhome.ca. Here you can apply for a free MLS listing or flat fee MLS listing that will suit your needs perfectly; while maximizing your exposure to all regional buyers.

Visit www.isellmyhome.ca for more information regarding homes, flats for sale by owner, flat fee MLS listing in Canada.

Sheila Elgart, Sales Manager at Prudential California Realty of Rancho Cucamonga, explains that posting a listing online that is not yours is an MLS violation. If this has been done to you, save the posting, contact the website managers, forward the info to them, and they will likely remove that posting soon after.
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Bankruptcy Act Canada – Personal Bankruptcy in Canada: The B Word

23 October, 2011

is a scary word. Although bankruptcy provides debt relief, it also conjures up images of losing your home, no hope of rebuilding credit, and other unpleasant thoughts.

Let’s address those concerns with an analogy. Do you remember going to see the doctor when you were a child for your yearly check-up? You dreaded getting jabbed in the finger for a blood sample, but before you knew it, it was done and over with and the sting went away. One can think of the bankruptcy process in the same way – you dread filing for bankruptcy and expect it to be painful, but before you know it your debts are gone and you’ve moved on with your life.

The bankruptcy process has the objective of rehabilitating the debtor, so that he can become a productive member of society without the burden of crushing debt. The bankruptcy system also ensures that all creditors are treated fairly and get an appropriate share of any debtor assets. Therefore, you should be aware that the bankruptcy system exists to work for you as well as your creditors.

The bankruptcy process is governed by a federal statue called the Bankruptcy and Insolvency Act (“BIA”). Under the BIA, the major steps in the bankruptcy process are:

Meet with a trustee to evaluate your financial situation File an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy (“OSB”) Attend two financial counselling sessions Meet with the trustee to discuss your discharge

Each of these steps will be discussed below.

Just as you would see a doctor to assess your symptoms when you’re not feeling well, one sees a trustee in bankruptcy when experiencing great financial distress. The trustee’s evaluation includes a review of your assets, debts and household budget (i.e., income and living expenses). Upon completing the evaluation, the trustee will give you options in dealing with your debt, including the option of bankruptcy.

Once you’ve made a decision to file for bankruptcy, the trustee prepares a legal document called an Assignment in Bankruptcy. By signing the Assignment, you are indicating that you are voluntarily filing for bankruptcy.

At the time you sign the Assignment, the trustee will explain that you have duties as a bankrupt individual. These duties are to:

Disclose all of your assets and liabilities to the trustee Advise the trustee of any property disposed of in the past year Surrender all credit cards to the trustee Attend an examination at the OSB, if required Attend the first meeting of creditors (if a meeting is requested by the creditors) Advise the trustee in writing of any address changes; and Generally assist the trustee in administering the estate

The Assignment is filed with the OSB, a branch of the federal government that monitors bankruptcy and insolvency filings. Once the OSB receives the Assignment, it issues to the trustee a Certificate of Appointment, appointing him as the trustee of your bankruptcy estate. There are three things that happen once the trustee is appointed:

1. Once the Certificate of Appointment is issued to the trustee, you are legally bankrupt. At that point, your assets vest in the trustee (i.e., he becomes the legal owner) for the purpose of liquidation and distribution to your creditors.

In the majority of situations, you won’t lose your assets, as Ontario law allows a bankrupt person to retain:

Household furniture up to ,300 Personal effects up to ,650 Tools of the trade up to ,300 A vehicle valued up to ,650 Pensions Other special exemptions for farmers Certain life insurance policies and certain RRSPs

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The trustee for the benefit of your creditors may sell other assets you have. However, in most cases arrangements can be made to allow you to keep assets that would normally be sold.

2. Wage assignments and garnishments are stopped, as well as most other legal proceedings against you.

3. You are required to keep track of your monthly income and expenses and may be required to pay a portion of your monthly income to the trustee. How much you have to pay is determined by the trustee based on guidelines set out annually by the OSB. These guidelines take into account the amount of your household income and the number of dependents.

During your bankruptcy you’ll be required to meet with the trustee to discuss any potential non-financial issues that led to your filing for bankruptcy. For example, gambling, substance abuse, and marital breakdown are common problems in society that inevitably lead to financial hardship. In addition, the trustee will provide information to you on money management and ways in which you can rebuild your credit.

An important event in the bankruptcy process is obtaining your discharge from bankruptcy. Being discharged from bankruptcy essentially means that you are free of your debts (with certain exceptions –
student loans, alimony/child support, fines for breaking the law, and judgments arising from fraud or physical/sexual assault, are not discharged), and that you are no longer “bankrupt” for legal purposes.

Your creditors, the trustee or the OSB have a right to oppose your discharge. Common reasons for opposing a bankrupt’s discharge are:

Failure to attend financial counselling sessions with the trustee Failure to make required payments to the trustee Failure to disclose all assets to the trustee Questionable transactions entered into by the debtor before or during the bankruptcy

If no one objects to your discharge and you are a first-time bankrupt, a discharge is automatically granted nine to 21 months after filing bankruptcy. Whether you are bankrupt for nine to 21 months will depend if your net monthly income exceeds a certain monthly living allowance established by the OSB. If you are granted an automatic discharge, there is no court hearing and the Trustee sends you a copy of the discharge.

If your discharge is opposed, the Trustee sends a discharge application to the Court. The Trustee will advise you if you are required to appear in Court for the discharge hearing. At the hearing, the Trustee’s report informs the Court of the circumstances surrounding your bankruptcy. The Court will then issue one of the following orders:

: You are no longer responsible for debts incurred prior to bankruptcy (save for the exceptions noted above).

: You may be required to pay a certain amount of money to your creditors through the trustee for a specified period (e.g., 0 per month for 24 months). Your discharge is subject to fulfilling the terms and conditions of the order. An absolute discharge will be granted when the specified conditions are fulfilled.

: This could be an absolute discharge but there is a delay before it comes into effect or is reviewed again by the Court.

: The Court has the right to refuse a discharge in unusual circumstances.

If you’ve been bankrupt before, your discharge is automatically granted 24 months to 36 months after filing bankruptcy. Again, whether you are bankrupt for 24 or 36 months will depend if your net monthly income exceeds a certain monthly living allowance established by the OSB.

You must supply the trustee with documents to complete two income tax returns during the year in which a bankruptcy occurs. A pre-bankruptcy income tax return must be filed for the period from January 1 to the date of bankruptcy. A post-bankruptcy income tax return must be filed for the period from the date of bankruptcy to December 31.

Income tax refunds from prior years are an asset of the bankrupt estate and must be sent to the trustee. The trustee may request that refunds from the post-bankruptcy return be paid to the estate. Income taxes owing prior to the bankruptcy are discharged. Any amount owing on the post-bankruptcy tax return must be paid by the bankrupt.

One concern for many individuals contemplating bankruptcy is the effect on their credit rating. Bankruptcy will bring a person’s credit rating to an R9 with the credit bureau. It will remain so for 6 years after the bankrupt obtains his discharge, after which it will be deleted from the debtor’s credit file.

Does this necessarily mean that you won’t be able to get credit during this period? No, it does not.

Your credit rating is certainly an important factor in determining your credit worthiness. However, lenders will look at other factors such as your income and your ability to get a guarantor or co-borrower. There are also other devices through which you can rebuild your credit:

Secured credit cards – Certain financial institutions issue secured credit cards. By providing a bank or trust company with a money order (usual minimum is ,000) along with the credit card application, you’ll be issued a credit card with a maximum credit line equal to the money order. For example, you submit a ,000 money order along with the application form, and you are issued a credit card with a limit of ,000. The bank has your ,000 as security to ensure you pay your credit card balance. Mortgage brokers – If you are in the market for a home and need financing, a mortgage broker will shop around for the best mortgage rate avail able to you given your bankruptcy. However, due to your bankruptcy, the rate offered to you will usually be above current market rates.

Bankruptcy is ultimately a rehabilitative process that relieves a debtor from the burden of crushing debt and allows him to become a productive member of society. From the creditors’ standpoint, the bankruptcy process provides transparency into the debtor’s financial affairs and ensures that they will be dealt with in an orderly

Mls Calgary Homes – The emerging Calgary Homes For Sale business

23 October, 2011

Calgary is a beautiful tourist visiting spot in the laps of the Canadian mountain and the ideal place for the booming business of real estate business.

Situated between the Rocky Mountains & Canadian Plains of Alberta, Calgary is one of the most important cities of Canada which attracts big number of people in search of good living standards. Calgary is spread in four parts, Northwest, Southwest, Southeast and Northeast. These quadrants have a sizable number of developing and well established communities. Prominent developers of real estate have regularly been developing new constructions including affordable and quality homes for single families. One can find so many townhouses and condos which are closed to central Calgary which offer access to jobs & recreation. Calgary’s good transport mechanism makes travelling easy with all the quadrants easily accessible from the central part and downtown.

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The home sellers and home seekers need to get registered to web sites, which is free of cost and saves a lot of time in searching for the right bargain. They provide instant updates in the form of E-Mail and SMS the moment any property, matching your criteria, comes in the listing for selling or buying.

Everybody would like to visit in such a place and all of them are the best places to reside in. the internet is filled up with the information of all the who can provide all the knowledge on this particular subject.

Amupitan Adekunle is a highly experienced and well skilled writer who has an extensive range of experience of different aspects of real estate sector. He has always been associated with providing the content on new and upcoming trends of Calgary real estate properties.For more information you can visit Calgary Homes for Sale .

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