| When it comes to repossessed auctions, America's | | | | lender will put the item up for auction in order to recoup |
| good neighbors to the north, in Canada, hold some of | | | | their losses. This is where you (the bidder) come in... |
| the best around. Canadian repossessed auctions are | | | | Because lenders and financial institutions are merely |
| pretty much the same as their American counterpart. | | | | seeking to recoup any money that was originally lost, |
| Like an American auction, in a Canadian repo auction | | | | goods are typically sold for well below market value. |
| you can find all types of incredible deals at unbeatable | | | | This means that great deals are practically guaranteed |
| prices. In order to learn more about repossessed | | | | when you attend a repossessed auction. Not only that |
| auctions you first have to understand what a | | | | but most items sold at a repossessed auction are |
| repossessed item is. | | | | thoroughly inspected for defects and are many times |
| By definition a repossession refers to the taking back | | | | found to be completely new or barely used. |
| of an object (that was used as collateral) by a either a | | | | Once an item is put up for auction, it's fair game. |
| financial institution or a party having right of ownership. | | | | Anyone may bid on it, and like a regular auction you'll |
| This usually happens when the original owner | | | | find people from all over Canada looking for the same |
| breeches a purchase/credit contract. By repossessing | | | | types of sought-after goods. You can generally find |
| the item, the bank or lender easily gains possession of | | | | almost anything at a Canadian repossession auction. |
| the item without having to invoke a court order to get | | | | Items can range from cars and trucks to boats and |
| it back. They typically will repossess an item when | | | | electronics. Larger items such as planes and yachts |
| payments are past due and the grace period expires. | | | | may also be found, not to mention homes although you |
| Once this happens and something is repossessed, the | | | | probably already know them as foreclosures. |