Before you buy or sell a power of sale or foreclosure home in Ontario you should understand some of the laws governing the power of sale process and how a mortgage broker can help you. Our mortgage agents have many years of experience buying, selling and stopping foreclosures and power of sales, we can help you avoid many of the pitfalls related to foreclosures and power of sales.
If the bank is foreclosing or are forced to sell your home, we can advised you on your options. The most important point is how much equity is in your home, if there is a large amount of equity you should do your best to stop the foreclosure or power of sale, if there is no equity you should not fight the foreclosure or power of sale. Most people fall somewhere in the middle of the equity range and that will require the advice of a mortgage agent to confirm your options.
The legal costs and fees related to buying and selling a foreclosure or power of sale sale home can be quite high and sometimes hard to determine. There are a number of conditions that the buyer must accept with a foreclosure or power of sale such as the “AS IS” condition or the limited ability to inspect the home.
If you are buying or selling a power of sale or foreclosure home, please call us for a free consultation.
