East End Chronicles: The Repo is on!
February 6, 2009 by Deyanira Bautista
Filed under Repossession du Jour
While browsing through the available inventory of properties in the Island of Montreal, I noticed the alarming amount of foreclosure properties listed.For the most part, they are on the east end.
RDP and Mercier/Hochelaga are heading the repo areas with 12 listings on the market. This is 12 listings on each sector. Montreal Nord follows with 7 properties .
- Source: Abbey & Olivier -Chartered real estate broker
In Mercier/Hochelaga there are 10 listings of plexes (duplex and triplex) , while the other is a condo and a bungalow. Makes you think about the investors who went in to purchase the income property believing they’d make a killing renovating and reselling the premises, or increasing the rent. It takes a large sum of money sitting in the bank “just in case” things don’t go as planned. If not, well…you see it now, the bank takes back what it’s owed to them.
- Source: Proprio Direct Inc.
RDP matches the amount of repos with an equal amount of 12 listings but in contrast to Hochelaga, most of these are single family homes and condos.
Montreal Nord has 7 listings: a mix of condos, houses and income properties.
While there are also a few repossessions in Le Plateau, Villeray and NDG, the amount of properties isn’t as many as in the east end.
There are several good properties within the list. Some are vacant and in need of some TLC, others are in good condition (according to the images). Good investment? It will depend if you’re willing to work with the “No legal warranties” that comes with every foreclosure listing.
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Posted by: Deya Bautista - Affiliated Real Estate Agent working as part of the McGill Immobilier team. Specializing in condos and revenue property in the metropolitan area of Montreal. For buying or selling contact Deya at: 514.917.7889 
Could you clarify what "No legal warranties" means?
Hi Christine,
Legal warranty of quality refers to the condition of the building at the time of the sale. The owner warranties that there are no defects with the property at the time of the sale. Since it's the bank who’s selling the property, often time they waive this warranty: “Buy it as is”. Important to mention that a professional thought out inspection is needed. Here is a link to a more extensive article on legal warranties:
ACAIQ The legal warranty of quality
Hey,
here one can find this foreclosure list?