I have been receiving a number of inquiries regarding foreclosures lately. I'm not sure if the people inquiring are watching late night infomercials that promote get rich quick schemes or what. But we generally don't see alot of foreclosure listings. Our banking laws are very different from the U.S. Most lenders would prefer not to go this route as it is quite time consuming and costly. They can only sue for the balance owing on the mortgage. They cannot add their additional costs on. Lenders would prefer that the owner sell the property and repay the mortgage. When homes are sold in foreclosure, the funds above what is owed to the lender, belong to the owner being foreclosed on.
The term foreclosure is also not a searchable option on our MLS® system. Quite often the lender will request their name to be undisclosed in the listing also, which makes it impossible to know if it is a foreclosure before hand. Realtors® do not have lists of foreclosure properties. I believe it violates privacy laws. Motivation for sellers is not to be disclosed as it could affect the price being offered by buyers.
To be targeting foreclosures specifically will leave you with very houses to view.