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Buying REO homes can be an excellent and very profitable "way in" to real estate, especially for the novice. REOs, or real estate owned, properties are properties which the lenders have taken back into ownership after they failed to sell at foreclosure auction. The lenders, usually banks, will then try to sell the properties as quickly as possible. If you are interested in the idea of buying REO homes, don't let the idea that they are foreclosed properties put you off. It doesn't ...
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Buying a REO home provides a great opportunity for the first time buyer or the savvy investor. But it's not the same as buying a home through normal channels. Before you start the process of buying a REO home, you need to understand what's involved. REO stands for "real estate owned", and REO homes are homes which have been subject to foreclosure but have failed to sell at a foreclosure auction. The home then becomes the property of the lender (usually a bank), which needs to off-load it as ...
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Late in 2007 the city of Toronto announced that it would introduce its own land transfer tax in 2008 for buyers who purchased property within city limits. This is in addition to the provincial land transfer tax buyers currently have to pay effectively doubling the taxes levied onto home buyers. This decision sent waves of nervousness through the real estate community who wondered how this would affect the Toronto real estate market. Would this cause buyers to move to neighbouring cities in ...
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