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NOTE: Please understand that these are not my personal POS listings, but other brokerage listings that you have requested and that I can show to you. The links on this page and all the contents of this page are for people who have specifically asked to be signed up to receive listings from my power of sale newsletter, if you have not asked for these listings and signed up to my newsletter, then you must. Read more here: POS disclaimer These POS listings below are not my personal listings, but POS listings by the brokerage that I work for and from other brokerages across the GTA.
Hello,
This page was last updated on Friday, May 27, 2011 and shows POS properties from today and the previous 10 days or so. Inserting the POS properties into this webpage is convenient and an easy method to check all power of sale properties processed over the past few weeks. If you see any properties below that you would like to view the inside, please send me an email
Thank you,
Mark
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The most current Power of Sales and Bank Sales listings for Toronto, Mississauga and the west GTA can be found below :
    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 may notice that the mls listings that I send you show a field called "Last Status:" in the top right corner of the listing, just below the asking price. Often this field will show SC and this means that the property is Sold Conditionally.
For future emails to you, I will not be emailing you properties where the status has changed to SC because this is very confusing to many people. Future emails will only show you NEW listings, PC - indicating a price change, DFT - meaning the previous deal fell through and the property is now back on the market again or EXT - meaning that the listing time was extended. I hope this helps when you are searching through the listings. Comments?
Note: If you click on the left or right arrows found in the bottom right corner of some photos, more photos of the property will appear
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In order to receive daily power of sales and bank sales listings, please fill out the form further below.
Power of Sale and Tax Sale properties - questions and answers
Power of Sale and Tax Sale properties - questions and answers
You may want power of sale properties from Toronto, Oakville, Brampton, Burlington, Georgetown, Milton, Etobicoke and other areas such as Aurora, Newmarket, Barrie and others. Please send me an email request and I will sign you up to receive those listings too.
Use the form below and you will receive your FREE 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 Email me for More Information & Save Thousands of Dollars. Receive ALL New Listings That Match Your Home Buying Criteria e-mailed to you free of Charge.
If 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!
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. 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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Read more about obtaining power of sale and bank sale information for Toronto and the GTA
Power of Sale and Tax Sale properties - questions and answers
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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 -
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