Wednesday, November 05, 2008

Power of Sales and Bank Foreclosure - what's the difference?

These are a couple of questions with answers that someone recently asked me regarding POS and foreclosure properties.

Hi Mark,
What are your requirements for the down payment for the purchase of any property listed in the Power of Sale? what is the minimum downpayment the you require?
What is the difference between the properties listed in the Power of Sale and foreclosed properties?
Thanks and regards,
My answers to the questions are:

Hello Liezla,

Downpayment for POS is same as for regular properties, 5% is now the minimum with CMHC

POS means the bank is selling under the privilege contained in the mortgage, owner still has deed to property, foreclosure means the bank has taken over the property and owns the property and is selling the property.

Please let me know if you have any more questions.

Thank you,

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