Quote:
Originally Posted by GIZZ
R2642831 is a strange one. 2016 4 level townhouse on Oak, ground floor self contained suite. It was listed Jan 2022 for $1,828,000 then dropped to $1,738,000 and sold a few days ago for $840,000.
I would have put that on my line of credit. It's a court ordered sale but it looks like somebody stole it. Maybe it's like the local tow companies advertising warehouseman seizures/sales way up north so nobody shows.
The other fishy part is the bizarre lending rate. $519K mortgages paying 12.65%. I do see they are under the wife's name. The husband is apparently a teacher and they both drive new cars. Maybe they divorced and he bought her out? But why all the open houses? Anybody know them and the back story?
https://openhousing.ca/2022/05/17/va...u1stsJ3lJmXw_M |
On court ordered sales, the owners are allowed to sell the property before the Lender forecloses (aka redemption period) which is why there was an actual market value list price with open houses. Lenders like Capital Direct are 3rd tier lenders hence the 12.65% interest and the $100k mortgage is a heloc which these lenders are really more known for. Without speculating too much, I'll assume more likely than not the wife bought this TH as a presale (no sales history prior to 2022) and afterwards got married and added the husbands name on title hence tenants in common giving him only a small % of ownership to protect herself just in case, then defaulted on her payments which led to the foreclosure.
Quote:
Originally Posted by instantneedles
Just out of curiosity, what are your thoughts on rent-to-own properties? Basically a portion of your rent goes towards the purchase of a condo.
Shape properties is offering this as an incentive for those who can't afford a down payment.
Don't know enough about it to consider it tho...
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Rent to own is pretty rare these days but it still happens. Downside is the title doesn't change to the buyers name till the property is paid off or the seller can put a lien/charge against the property. Upside is if the value of the home drops significantly, the "renter" can literally walk away with no recourse assuming the title is still under the sellers name