A Power of sale occurs when the mortgage borrower defaults on payment and the bank or lending institution takes over the property and sells it to the public by auction. Typically speaking, once the property is sold and the bank or lending institution is paid out, the remainder of funds, if any, are returned to the debtor (person who took the mortgage). In simpler terms, when someone does not pay their mortgage, the bank steps in and takes property away and sells it. Although there are small variations between the terms, this process is known as power of sale (POS), foreclosure, bank take over or judicial sale.
Power of sales tend to be priced competitively and more often than not they attract multiple offer situations. Now here is an interesting fact – many of these bank foreclosures and power of sales in Mississauga sell before they even have a chance to go on MLS or realtor.ca and be viewed by the general public.
How do you get first access to foreclosures, bank take overs and judicial sales for Mississauga condos?
I could grant you that access. If you are interested in being included in my email list for power of sale for Mississauga and Square One condos please contact me or leave me a reply here with the criteria which you are looking for, and I will set you up on an email list. I`m sure we can find a property which you will like at the price you like.
Looking to hear from you.
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