Local auction deals come to Canada

Seniors wanting to downsize and families left with unwanted properties and needing a quick sale are the target of a new auction service.

Transition Squad, a Toronto-based company, has been specializing in the cleaning and sale of house contents for those in “transition” for many years with their primary clients including seniors, executors and empty nesters.

“We host estate sales with the contents with over 500 to 600 people attending these sales," says Cameron Thomas from Transition Squad. "We were often asked about the property so that is when we identified this need. A lot of people want a quick sale with minimal fuss.”

Explaining the auction system, Thomas says that sellers agree a minimum acceptable price below fair market value for the property, which is published on their website. Within an agreed selling period, any offer at or above the market value can be accepted.

“The below fair market price helps create the buying frenzy seen in many major markets. Other benefits to sellers are a rapid close and the elimination of time and costs of staging, repairing or renovating the home,” says the company. All buyers have to be pre-approved and they must enter the maximum offer they would be willing to pay.

“If the seller does not receive the set offer, they can go through the MLS or any other method they want. This is a popular method in other countries and I think we will see this getting more popular in Canada,” adds Thomas.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

COMMENTS

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Should government update pot rules to prohibit growing in rentals?