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Stop Power of Sale in Brampton
What are Power of Sale loans?A Power of Sale is when a home that has been repossessed by the lender holding the mortgage on that home and has listed it on the real estate market MLS listings. This is attractive to home buyers because a Power of Sale is always listed at the fair market value price point as required by law. Power of Sale loans is when an interested home buyer wants to purchase a Power of Sale home but requires a loan to do so. Homes that are listed as Power of Sale can be purchased at market value, but generally, the lender does not budge on the list price, so no real opportunities to buy the home at less than market value. The difference between other loans and Power of Sale loans is that Power of Sale loans is being applied directly to purchasing a house and its property, which is a type of security or collateral that lenders are looking for.
How do stop power of sale loans work?Once a lender has legal possession of a house and its property and chooses to place it up on the open real estate market at market value, the buyer that is interested in purchasing it and then approaches different lenders for Power of Sale loans. The borrower will quickly see, that the processes for closing the deal on that house goes much faster than regular types of loans processes. Lenders that deal in Power of Sale loans know that there could be multiple bids on a house that is listed as a Power of Sale or foreclosure sale, and they know they must move quickly for the borrower to secure this house and its property. The criteria needed to be approved for Power of Sale loans is generally the same as other types of loan products, but there is a sense of urgency to get the funds approved for the borrower.
How can using Power of Sale loans offer a personal and gainful impact?There are many personal, gainful impacts on Power of Sale loans that will purchase a house listed as a Power of Sale, such as being able to buy a home that is listed at a fair price that matches the market value, which is a savings of money right from the start. The home being purchased is considered part of the security against the Power of Sale loans, so there is not a lot of additional security that the borrower must place down against the loan (a down payment and a good credit history is the main criteria of obtaining approval for this type of loan).
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