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Stop Power of Sale in Pickering
What are Power of Sale loans?Before asking yourself what Power of Sale loans are, you should be familiar with what a power of sale is. Attractive to all sorts of real estate investors and buyers, a power of sale that is listed on the MLS is not done by the home owner, it has been put up for sale by the mortgagee (the bank that is holding the mortgage). But what has transpired that the bank is listing the house & property up for sale? The home owner, in some manner that breached or defaulted their mortgage agreement, has placed the property & real estate back into the hands of the bank. Of course, the bank wants their money back as soon as possible to cover the outstanding balance on the mortgage, so by law, it is placed up for sale with a power of sale title and listed at fair market value. Listing a home & property at fair market value is seen as an excellent deal on a piece of real estate, but be wary, the house is being sold without any provided inspection or any repairs. This is where Power of Sale loans comes into the picture... a loan that is strictly designed for purchasing property at fair market value price tags.
How do stop power of sale loans work?Power of Sale loans lenders are well versed in the scenarios that place real estate on the MLS listings as power of sale and are quite good at acting quickly for buyers that want to get a bid in on that piece of real estate. Power of Sale loans lenders know time is of the essence, so they are proficient as processing Power of Sale loans quickly, efficiently and with a high ‘yes, you are approved’ rating. What separates Power of Sale loans apart from other types of loans is the real estate itself is part of the security that gets placed against the loan, so applicants’ that can show decent credit ratings and verifiable income that can easily handle the short-term loan and interest payments usually get a speedy yes from these lenders.
How can loans prevent the bank from liquidating your home via power of sale?Being able to move quickly and put an offer in on a prime piece of real estate (with a potentially excellent location) has a positive and gainful impact on people who can obtain approval for Power of Sale loans. The personal aspect is the whole ‘yes, you are approved’ answer from the lender, which has a positive, resounding effect. Power of Sale loans is perfect for any home buyer that wants to get as much home as possible for as little as possible. Power of sale properties do attract a wide variety of buyers like house flippers that purchase and flip the property back on to the market for profit, first time home buyers and real estate investors, so you can expect to have a multiple offer scenario with power of sale realty.
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