Purchasing bank owned homes can be a complicated process. Lenders are typically going to want very strong applicants and do a lot of due diligence into the purchasers. Depending on how you structured your purchase could have made a big difference. As you mentioned you were trying to invest in these properties had you tried to qualify personally or as a business? What is your investing history? Where was the property? What was the condition of the property? Many times bank owned homes can be a nightmare and appraisals may not show the value needed for financing. This is a very complex subject and would require more of a one on one discussion. If you would like to look further into this subject please feel free to contact us at info@purcellmortgageteam.com or jpurcell@dominionlending.ca as we are never to busy for you, your friends or your family!

Sincerely yours,

Todd Purcell
Mortgage Associate