"WE DON'T WANT ..."LOW BALL OFFERS": CMHC FIRM ON NOT DISCLOSING FORECLOSURE INFORMATION

Canada Mortgage and Housing Corp. is making no apologies over its tactic of not disclosing a house has been repossessed when it puts it back on the market.  The Crown corporation says it is acting like any other seller...just trying to get the best offer it can. 

Mark McInnes, vice president insurance under writing, servicing and policy with CMHC said "we establish prices and we stick to our guns ... its more efficient to deal with people who a er paying fair market value."

On top of that, CMHC says it ends up as the seller only in about 20% of cases in which the property is distressed;  the rest of the time the bank sells the home and sends the bill to Crown corporation for any shortfall between the price it gets plus costs and what the mortgage was insured for.

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Harold Kewley

Harold Kewley

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CENTURY 21 Network Realty Ltd., Brokerage*
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