416-800-1055
Are You a Realtor? JOIN US
FOR SALE
FOR RENT
LIST PROPERTY FOR SALE
Stop Power of Sale in Hamilton

Stop Power of Sale in Hamilton

Property Value
 
Total Debt
 

What are stop power of sale loans?

Power of Sale loans is the perfect means of getting a bid in on some real estate that has been listed as a power of sale that could potentially have a multiple offer situation. Power of Sale loans are designed to be processed quickly so that the borrower can jump right in with an offer on a piece of property, with approval for the exact amount of funds that they need. Power of sale loans lenders understand the real estate market and the speed in which realty is purchased and sold, and with the fair market value price points placed on power of sale houses, moving fast is imperative. Buyers want to know quickly that they have been approved for enough of a loan to not only purchase a power of sale house and its property if applicable, but to cover the closing costs and associated fees as well.

How do stop power of sale loans work?

You may be wondering how a piece of real estate ends up on the listings as a power of sale, and it is more to the point of WHO has listed it and why. Power of sale realty has been listed as such by the mortgage holder, usually a bank, not the home owners. The home owners, in some manner, had defaulted on their mortgage loan or its terms, which places the realty back into the hands of the mortgage holder. The mortgage holder wants the balance of money owing on the mortgage loan, so it is placed up for sale and listed as a power of sale and priced at fair market value. This is usually when a flock of buyers start circling the real estate that is listed as a power of sale and the bids and offers start (this is when Power of Sale loans comes into focus for many buyers who do not have the cash on hand to purchase the realty). Power of Sale loans lenders will quickly make an application with the buyer for qualify purposes and they take the home and property value as security against the loan, which truly speeds up the process for a quick approval.

How can loans prevent the bank from liquidating your home via power of sale?

No matter what condition the power of sale real estate is in (yes, purchasing power of sale property is a ‘as in’ condition scenario), fair market value is the best price tag to invest in, especially if its location is premium. Power of Sale loans that help buyers get that fantastic price point has many gainful impacts! The ability to get a home and possible property for a fair value is rare, so the personal side of this is a distinctive victory! There really are no down sides to Power of Sale loans for buyers, its quick access to funding for snatching up cheaper real estate (this is very enticing to people who buy power of sale properties, renovate them beautifully and flip them back onto the real estate market for a nice profit!).
Are You a Licensed Real Estate Agent or Broker?
© 2011-2019 Real Estate Bay Realty Inc, Brokerage
The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate and may not be used for any commercial or any other purpose. Information is deemed reliable but is not guaranteed accurate by TREB, Listing.ca or Real Estate Bay Realty, Brokerage.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
Real Estate Bay Realty, Brokerage
220 Duncan Mill Road, Suite 209
Toronto, ON M3B 3J5
Phone: 416-800-1055
info@listing.ca
Listing.ca on Twitter
RealEstateBay.ca on Facebook