In this episode, CREW TV lays out the new map Canadian buyers are taking to purchase in the States.
CREW's Jemima Codrington interviews Lance Livingston, with Smart Real Estate Foreclosures, and Charles Sells, COO of National Realty Group at this year’s Investor Forum Toronto.
Video transcript below:
Jemima Codrington: More and more snow birds are flying south and landing on US foreclosures. But that isn’t always a direct flight. Hi, I am Jemima Codrington and welcome to Investor Insight on Crew TV.
There’s no doubt thousands of Canadians have already made that flight to Florida, Arizona, Nevada. The map finding foreclosed properties has generally been the MLS system. But that’s changing.
Lance Livingstone, Smart Real Estate Foreclosures
Lance Livingstone: It is becoming increasingly difficult to buy properties through the traditional multiple listing service in the US. We are right now finding that there are much greater opportunities through the foreclosure auctions.
Jemima Codrington: But even the [class of] the properties are shifting. Canadians are increasingly looking short sale. It’s way of getting a better property although that’s still up in the air.
Charles Sells, National Realty Group
Charles Sells: Short sale and foreclosure properties are very similar when it comes to the rehab and repairs that are necessary. Lot of Canadians say that short sales to be a better condition than a foreclosure property might. Most of the times these days banks are actually doing minor repairs and rehabs for the investors prior to the purchase of the property.