Power of Sale is when the present owners can't continue to make the payments on their mortgage and the bank takes over the property to sell it on the open market to try to recoup the outstanding balance on the mortgage. Contrary to foreclosure rules in the USA Canadian finance companies have to still try and get market value for the properties they take Power of Sale in Windsor because the owners are entitled to the equity in the property. This situation has created many great buying opportunities in the Windsor Real Estate market for buyers, investors and contractors wanting to flip properties. The types of power of sale homes in Windsor vary from small starter homes, rental properties, country homes, city properties, condos, anything you're looking for. Now is the time to take advantage of these great buying opportunities.
What You Need To Know When Buying A Windsor Power Of Sale Or Bank Foreclosure.
1. Inspect The Property.
Banks give no warranties or make no representations when selling a power of sale property. Properties are sold in "as is" condition. Hire a qualified home inspector to do a complete detailed inspection of the property.
2. Not All Windsor Power Of Sale Properties Are Great Deals.
Make sure you're getting a great deal by doing your research. I can pull up compareable properties that have sold to make sure you're not paying more than market value for any property, especially a power of sale property.
Many great Windsor power of sale deals come and go very fast. Getting to them before everyone else is a big advantage. Take advantage of my automated listing search software to be notified of all the new listings that come to market 3 days before the general public.
4. Get A Mortgage Pre Approval
If you can make your offer a condition free as possible you'll probably get a better deal from the bank. Also many of these great Windsor power of sale deals end up being mulitple offer situations, so making your offer as condtion free as possible is going to make your offer more desireable than the others. You can do an online mortgage pre approval from my partners at Equity Plus Mortgages. Their link is on my homepage and my links page.
If you have any questions about the Windsor Power of Sale Market, don't hesitate to contact me. Just click on my picture.
Don Merrifield Jr ABR.