There was no money back home in Canada, but not anymore. Some banks and/or lenders have been willing to lend you a 5% down payment so you don't have to pay a dime out of pocket to buy the house.
However, due to the current financial situation with tighter credit restrictions, there will be no bank or lenders in Canada that can do this.
Buying a house at half price also used to exist. At one point, foreclosures in Canada would allow foreclosed homes to be sold at rock bottom prices.
The new law, which has been in place for many years, requires homes to be sold for the highest possible price for foreclosed homes or real estate agent in ingleburn lenders could be sued. This is why foreclosed homes sometimes sell for more because Canadians have the misconception that foreclosed homes are really a good deal, causing them to have the opposite effect.
Many people have bought foreclosed homes believing they got a good deal and not doing a thorough check of the home's true value.
Now that we've debunked the quick money home buying myths, there are still many things you need to be aware of before you get started.
