****For a complete List of POWER OF SALES in York Region****
www.powerofsalewatch.ca

Newmarket has had some really good deals due to the unfortunate case of a home going Power of Sale in Newmarket. I have personally sold over six houses that have been power of sale in the past year in the Newmarket area and I have extensive knowledge of how POWER OF SALES work with the BANKS. Every bank deals with Power of Sale properties differently but they all follow the same legal requirements. Here are some good POINTS.

1. Banks use lawyers to complete all paperwork and REALTORS deal directly with the lawyer NOT the Bank. 

2. Original list price will be at MARKET VALUE- this is very important to the banks as they must legally represent the original defaulting owner. They have a legal REQUIREMENT to get as much for the house as possible to limit that owners loss.

3. Since the property is being sold as POWER OF SALE  all buyers want a deal. This drives the price down on the property as everyone waits to see how low it will go.

4. Timing is everything. Power of Sale homes often have five or six low offers before the bank will eventually take one of them. Your agent has to be ON THE BALL!

5. Have a lawyer review the offer. Make sure your Real Estate Lawyer is local, Newmarket Home, Newmarket Lawyer and make sure they are fimilar with POWER OF SALE properties. Have him/her explain the changes the banks lawyer makes on the offer, there will be many changes and exclusions, there is RISK with REWARD.

6. KEEP YOUR FINGER ON THE PULSE, Have your Real Estate Agent set you up to receive all updates and price changes on the home. www.powerofsalewatch.ca will do this for you!

7. You CAN inspect. Your agent will put in a clause that will allow for an inspection of the home.

8. FORECLOSURE is different then POWER OF SALE. The United States system is much different then ours. When a home goes POWER OF SALE in Canada, the owner still owns the home. A foreclosure in the states more often means the bank actually takes over ownership of the home. This causes more motivation and lower prices. This does not mean you cant get a great deal on a home in Canada.

I have had many very happy clients purchase homes by Power of Sale in the Newmarket area.  You need to be patient, motivated and be willing to move when the time is right. You might want to be handy too, some of these homes need a lot of work. GOODLUCK! 

York Region Power of Sale