Power of Sale Properties & Foreclosure Homes
Considering buying a Power of Sale Home?
You might want to consider these odds.
We think that Power of Sale transactions offer more benefits to the buyers. Look at the options available and their benefits.
The sellers (Lenders) want a quick sale at or above the bottom-line price vs a homeowner who is willing to accept the market price, favorable terms and prefers a timely closing.
When Lender chooses listing agent, they list the home and may not be in a position to effectively negotiate the terms of the transaction.
What happens at the time of occupancy? In a regular transaction, the seller vacates the property before or on closing whereas in POS/Foreclose the buyers may have to deal with abandoned property and eviction of the tenant. Now lets consider the condition of the property. Owners prepare the home before they put it for sale to get higher value. On the other hand POS properties are at a risk of damage and vandalism resulting in repairs needed to bring it upto marketable standard. There could be unforeseen expenses, when property is bought with ”as is where is” clause. The Buyer must have funds to fix the property.
There is little room for negotiations, the offer is accepted or rejected and buyer may not get a chance of making the counter offer. This affects buyer because they want to bargain and lender wants to cover the mitigation loss over the bottom price. Decision to accept the offer is dependant on the approval of the management; it may delay the acceptance of the offer. The buyer usually has to put their best offer.
Lenders look for firm closings and if delayed they charge per diem interest or may not be willing to give any extension. Even though these factors can significantly impact buyers, Power of Sales and Foreclosures often present an opportunity to get a good deal on a home.
Are you ready to invest in a Power of Sale (POS) / Foreclosure Property?
Is Power of Sale (POS) right for you? Before proceeding, ask an Accredited Buyer Representative (ABR) to assist you understand your options and decide whether Power of Sale or Foreclosure purchase is suitable for you.
Need a team of professionals to help you? Call us today to find you Fixer Uppers, Bank Foreclosures and Power of Sale, Probate and Estate Sales, Vacant Homes in Mississauga, Brampton, Milton, Toronto and Surrounding Areas.
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Having trouble in making mortgage payments and drowning in debt. We can help to REFINANCE or SELL HOME fast and save your home from Power of Sale!
