Power Of Sale properties

[acurAspec]

I tried searching on the forum about power of sale properties but no one seems to be discussing this subject.



Is this a common find in Ontario and have any of you dealt with some properties like this in the past?



I only ask because for obvious reasons, the property may change hands for way under market value. Mind you it may need renovations but it's still advantageous for the buyer.



Who would be the best person to talk to in search of these properties?



Thanks!



Sasha

 

[Thomas Beyer]

A quick Google search of this terms lists a FEW DOZEN firms. Be mindful that in many instances the mortgage value exceeds the home value .. and that the courts are also helping homeowners stay in their home if they continue to pay a portion of the owed money.



It is a complicated topic, i.e. a senior purchasing strategy, however may yield some decent deals for the patient and educated person.

 

[Rickson9]

The time is not ideal for finding these kinds of properties in Ontario. Other, more experienced investors will have picked over the bones before you are even aware that there was even an opporunity. IMHO.

 

[dplummer]

It is very hard to find the deals here in Ontario. Not like the fire sales you see State side. It is my understanding that Banks are required to get close to market valve for their non performing assets unless they can be convinced the property has sustained substanial damage.



Doug