# Is it possible to find out how much money is owing on a house in Ontario?



## Darisha (Feb 11, 2012)

I know it was possible in Manitoba via lien search (you paid a lawyer) and I'm sure Realtors in BC had access to that information but I"m not sure if it's public knowledge in Ontario. It's for a foreclosure and I'd like to find out how much is still outstanding to the bank is possible.


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## Just a Guy (Mar 27, 2012)

When you pull title, it has the mortgage registered on it. Your realtor should be able to pull the title for you for free. It's the original mortgage, not including the payments or the interest rate, but your realtor can pull up the sales history as well, so you can estimate the interest rate and how many years it's been paid down.

That being said, the amount of money owed has nothing to do with the final sales price. I just bought a foreclosure for about 60% of the remaining mortgage. The place was sold over value to begin with, the bank takes a paper loss on it (as they are leveraged as well), and doesn't pay some taxes. 

Don't let the money the bank wants influence your offer price.


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## Darisha (Feb 11, 2012)

Thanks Just a Guy! My realtor replied "Lawyers handle title issues I have no way of obtaining that info other than a very basic search that shows sellers name." so I guess she isn't able to pull title or is not willing. Can anyone confirm if Realtors are able to pull title for free?

Thats great to know about the foreclosure and not paying the full amount the bank would lose on the mortgage lost, thanks for that info!

Anyone know possibly why my realtor seems hesitant to show me a foreclosed property?


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## Just a Guy (Mar 27, 2012)

You need a better realtor...

I just did a quick search, http://www.bdc-canada.com/BDC/services/Ontario/ontario_title_search.htm

They TELL you to pull title, and that's the government.

Most realtors pay a reduced rate as well, since they do it so often. I always get my realtor to pull title, and never get charged.

Be prepared for a loooong negotiation, foreclosures usually go through the bank's lawyers, and they take a week to respond sometimes...plus they play hardball, with stupid counter offers like $500 reductions...the one who blinks first wins, so don't blink, unless there are other offers and it's a good deal.

I'd look for some help on the deal from someone with experience though, probably not a realtor...they want you to spend more money as commissions are very small on foreclosures...


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## Darisha (Feb 11, 2012)

Thanks again. I think I do need to find a more experienced Realtor. Anyone with suggestions for the Hamilton area?

Im also curious What professions would have experience with foreclosures? Real Estate lawyers?


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## Just a Guy (Mar 27, 2012)

Other investors who've done it...

I'm less a fan of lawyers than I am of Realtors.

You could ask the guy who runs easysafemoney.com. He responds to e-mails, but I don't think he's in Ontario.


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## Mall Guy (Sep 14, 2011)

Darisha said:


> Thanks again. I think I do need to find a more experienced Realtor. Anyone with suggestions for the Hamilton area?
> 
> Im also curious What professions would have experience with foreclosures? Real Estate lawyers?


Find a realtor who subscribes to Geowarehouse.com . . . the on line subscription service of Terranet or, on an individual basis, Terranet let's you pull title information property by property for a small fee ($4.95 per report I believe)


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## Darisha (Feb 11, 2012)

Thanks Mall Guy, I guess the best way is to pick up the phone and call around? I find the Realtor I'm dealing with is nice but doesn't know as much as I think she should (read up above Title, plus her latest email to me, after me asking for DOM and sale price for a listing was "DOM???")., so I hope to find someone with more experience but I don't think they will have the patience to send me information on listings, considering our low budget (160K max) even though we are looking to buy as soon as possible.


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## Just a Guy (Mar 27, 2012)

The buying price shouldn't matter for a good realtor. They should realize that, as an investor, you are probably going to buy multiple properties over the years. I went through about 10 realtors in one year before I found one I liked. I bought many sub- 100K properties with him, then bought my main house which netted him a healthy comission. He's made a lot of money from me over the years.

In my experience, you want someone who's been around a few years, but not too long (they tend to mail it in when they become very successful). Someone who understands rental investing wouldn't hurt, but most only think of real estate in terms of Capital Gains, which is a foolish way to invest in my opinion.

You'll know a good realtor when you get to making an offer. If they turn on you and try to get you to close, you've got a bad one.

You may also want to read this article...

http://www.easysafemoney.com/games-people-play/


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