Purchasing a Power of Sale Home
May 4, 2012
Quite often we are asked about homes being sold through Power of Sale....otherwise known as bank sales. This differs from the foreclosures that we all hear about on TV and from the United States in that the banks do not actually own the homes, rather, the banks are selling the homes on behalf of the actual owner once the owner has defaulted on their loan. When a bank is selling a home through Power of Sale they are legally obligated to attempt to sell the home for fair market value. While the banks do have to attempt to get fair market value for the homes, there are often deals available to those willing to do a bit of work to clean and update a home which may have been neglected or left vacant for a period of time. There are many companies and salespeople out there offering to help find such properties for you. They search through active listings to find homes listed by other companies that are being sold under Power of Sale. Do you want to beat those agents to many of these listings? Quite often we get these sorts of listings through the relationships built with lenders and mortgage insurance companies so, by having one of the members of our sales team watch for these properties on your behalf, you will have a good chance to find out about the newest Power of Sale properties even before they make it on to the lists that are floating around. Go direct to the source and register as a buyer through our Listing Alert Program!