Power of Sales – Foreclosures – Bank Sales in Mississauga and GTA

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Would you like to automatically receive new MLS listings of residential Power of Sales or Bank sales or Foreclosures in the entire GTA, including Mississauga, Toronto, Milton, Oakville, Newmarket, Vaughan, Markham, Brampton and Etobicoke areas areas?  This would include new power of sale and bank sale listings as they are added to the MLS database system by RE/MAX Realty Specialists Inc. and other brokers.  You may fill in the fields below and click the Subscribe button below.  What is a power of sale property? POS disclaimer
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What is a Power of Sale Property?Power of Sales Properties

In Ontario when a borrower defaults on a home mortgage, the bank/lender most often attempts to recover its losses by selling the property using the Power of Sale clause contained in the mortgage.  Due to legal fees, foregone interest and other property expenses, the estimated losses to the bank for Power of Sale properties can range from 10 percent to 30 percent of the outstanding loan balances.  There are other variables that can affect the losses or costs when a property is sold via power of sale such as the deterioration of the property and the time it takes to process the paperwork.

Definition of Power of Sale:  A clause commonly inserted in a mortgage and deed of trust that grants the creditor or trustee the right and authority, upon default in the payment of the debt, to advertise and sell the property through any means at it’s disposal, usually MLS in Ontario or at public auction, without resorting to a court for authorization to do so.

Once the creditor is paid out of the net proceeds, the property is transferred by deed to the purchaser, and the surplus, if any, is returned to the debtor.  The debtor is thereby completely divested of any interest in the property and has no subsequent right of redemption (recovery of property by paying the mortgage debt in full).

Power of Sale and Tax Sale properties – questions and answers

You may wish to learn more and read a very detailed analysis of Power of Sale Properties

You will often see advertisements about Court Auctions, Pre-Forclosures, Homeowners in Bankruptcy, HUD Homes, VA Homes, Government homes and similar sounding wording.  In my experience, some of these types of investment property opportunities come out of the US and are not as common here in Ontario.  In our trading area, most of the POS, Tax Sale properties or foreclosure properties are put on the MLS.  The reason for this is that our provincial laws are very strict about the procedure and marketing of a power of sale property and the company or person who is initiating the power of sale must do their best to obtain what is called TRUE market value as opposed to fair market value for the property, otherwise if the property is sold too far under TRUE market value, the owner could sue them for the difference.

Power of Sales|Foreclosures|Bank Sales in Mississauga and GTAOakville sign-up page to automatically receive MLS POS Listings Toronto, Etobicoke, Oakville and Brampton

Read more about Tax Sale Properties.

You will receive a very fast answer from me, thank you and have a great day!  Mark
 Example of a Luxury Power of Sale Property   Example of a Rural Power of Sale Property   Example of a Mississauga Luxury Property Forecosure Property for Sale   Another type of Power of Sale Property along Mississauga Road in the GTA
You will find that there are many types of the power of sale and foreclosure homes in Mississauga and surrounding areas.  The homes pictured above are similar to many home styles that you will find here in Mississauga and just outside of the GTA.  Let me show you how you can find these types of Power of Sale homes and show you how you can afford to move up to your dream home.  Please email me at mark@mississauga4sale.com  Or, you may use this form to sign up to my POS newsletter.You will often see advertisements about Court Auctions, Pre-Forclosures, Homeowners in Bankruptcy, HUD Homes, VA Homes, Government homes and similar sounding wording.  In my experience, some of these types of investment property opportunities come out of the US and are not as common here in Ontario.  In our trading area, most of the POS, Tax Sale properties or foreclosure properties are put on the MLS.  The reason for this is that our provincial laws are very strict about the procedure and marketing of a power of sale property and the company or person who is initiating the power of sale must do their best to obtain what is called TRUE market value as opposed to fair market value for the property, otherwise if the property is sold too far under TRUE market value, the owner could sue them for the difference.


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You may wish to learn more and read a very detailed analysis of Power of Sale Properties
Estate Sales Properties emails of estate sales

Power of Sale and Tax Sale properties – questions and answers

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Mississauga MLS Real Estate Properties & MLS.CA Homes for Sale  | Privacy-Policy | Guarantees |All Pages including SiteMap, Mississauga Real Estate Blog all maintained by A. Mark Argentino, Email Mark regarding homes and properties for sale in Mississauga, Erin Mills, Meadowvale, Streetsville, Credit Mills or ChurchillMeadows, Ontario, Canada and surrounding areas : Mark Argentino of REMAX welcomes your inquiry!mark@mississauga4sale.com Copyright © A. Mark Argentino, P.Eng., Broker, RE/MAX Realty Specialists Inc., Brokerage, Mississauga, Ontario, Canada L5M 7A1 (905) 828-3434 First created – Tuesday, July 16th, 1996 at 3:48:41 PM – Last update of this page: Wednesday, October 1st, 2014
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