Use the form below and you will receive your no obligation list of all the Power Of Sale | Estate Sale | Fixer Upper properties from ALL the Real Estate Companies across the GTA matching your specific criteria - You may for More Information & Save Thousands of Dollars. Receive ALL New Listings That Match Your Home Buying Criteria e-mailed to you free of Charge.
What is a Foreclosure Property?
you get these notices first you will be the first
to see the property, before most other buyers. We are
then able to help you negotiate the lowest possible
price when you purchase through us!
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. A Power of Sale uses a different method - what is a Power of Sale Property?
Why fix up run-down homes? The answer is simple: For your personal 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 like you. 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.
So why should YOU fix up run-down homes?
You will achieve free real estate growth and build your instant equity
By applying a buy, fix-up and hold strategy, you are able to accelerate the equity and value of your property portfolio.
This instant increase in equity provides you with a down payment for the purchase of your next property. You continue this investment strategy until you have built up the wealth that you desire.
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. I too have followed this philosophy and acquired enough investment properties that will allow me to semi-retire in a year or so. Why not look into this for your own personal wealth creation.
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.
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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 firstname.lastname@example.org Or, you may use this form to sign up to my POS newsletter.
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You may wish to learn more and read a very detailed analysis of Power of Sale Properties
Power of Sale and Tax Sale properties - questions and answers
Previous Power of Sale Newsletters and Emails
Read more about obtaining power of sale and bank sale information for Toronto and the GTA
Read more about TAX SALE Properties
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Mark Argentino, P.Eng., Broker, RE/MAX Realty Specialists Inc., Brokerage,
Mississauga, Ontario, Canada L5M 7A1 (905) 828-3434 Google First
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At this Mississauga, (Erin Mills, Churchill Meadows, Sawmill Valley, Credit Mills and or Meadowvale ) Ontario, Canada Real Estate Property Internet web site you will find relevant information to help you and your family.