Foreclosures, Pre-Foreclosures, Mortgage Foreclosures, Distress Sales, Tax Sale Properties, Bank Sales, Power of Sales, Trust Company and Lenders and Private Mortgagee Sales in Mississauga, Oakville and Brampton

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Definition of Foreclosure or Bank Foreclosures: 

A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or individual holding the mortgage, can seize and sell the property as stipulated in the terms of the mortgage contract.  What is a Power of Sale Property?

Why fix up run-down homes? The answer is simple: Accelerated wealth creation.

Adding value to run-down homes through quick cosmetic rehabs is one of the most powerful leverage tools available to property investors.  Traditional 'buy and hold' strategies are too slow for the investor looking for accelerated wealth creation.  On the other hand, buy and hold strategies show strong price growth over time and seem to work well here in Ontario and the GTA.

Power of Sale and Tax Sale properties - questions and answers

So why should YOU fix up run-down homes?

Free real estate and build your instant equity

By applying a buy, fix-up and hold strategy, we are able to accelerate the equity and value of our property portfolio.

This instant increase in equity provides us with a down payment for the purchase of our next property.

It is therefore feasible that you can duplicate the process and acquire more and more property in a shorter time frame than using a traditional 'buy and hold' strategy.

The buy and hold philosophy has benefited many of my clients over the years and they are now reaping the net positive cash flow and income from the investment properties that they purchased in the past years.

What is a Power of Sale Property?

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 and without actually taking possession of the property.

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.

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.

What's an estate sale?  The sale of real property left by a person at his or her death.  An estate auction can involve the sale of real property through an auction.

What is a Distressed Sale?   An urgent sale of assets because of negative conditions.  Because a distressed sale is happening under unfavorable conditions, the seller generally receives a worse price.

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