Power of Sales, Foreclosures and Quit Claim Deeds in this section - New Section

I've recently added a New Power of Sale section to my website that will show you the pitfalls to avoid and the clauses to put into your offer when you buy a Power of Sale property in Ontario. This new section will also explain Power of Sale and Foreclosure in detail. Read more here.


You will become educated about Power of Sales, Foreclosures and Quit Claim Deeds in this section.

You will learn the pitfalls to avoid, the clauses you could expect to see in an offer and read about the special clauses you can insert into your offer when you buy a Power of Sale Property. I will also explain the remedies open to sellers of these types of properties and how this affects you.

Power of Sales, Foreclosures and Quit Claim Deeds in this section.



For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

FAQ's on power of sale properties

I had a client email me with question about power of sale properties and I thought I would share my answers with you.
Mark

Hi Mark,
I saw the property below listed on the most recent POS listing.
I read that usually POS properties are sold "As Is".
I am sorry I am not familiar with some of the terminology and would like to
kindly ask for clarification:
- Pls Call The L.A Before Preparing Offer??? - what does this mean?
- Pls Allow 2 Banking Days Irrevoc. On All Offers.???
- No Survey, Property Being Sold As Is, Where Is Condition As Seen From
Outside Property As Per Mls - what is MIs

Thank you,
M.

Hello M.

Good questions! :-))

"As is" means that you are purchasing everything in the current as seen condition, whether or not any systems such as plumbing, electrical or otherwise are function or not. It's up to you to determine the current state of all systems in the house and we do this by performing a home inspection. The home inspection will uncover any deficiencies in the property.

"calling the listing agent before preparing offer" usually means that there are very particular disclosures that must be made prior to submitting an offer, such as the fact that the property was used as a grow house or something similar.

"2 banking days irrevocable" means that the bank needs 2 banking days to review and respond to your offer

"No Survey, Property Being Sold As Is, Where Is Condition As Seen From Outside Property As Per Mls" means that the agent and the seller are not making any disclosures regarding the current state of the property and that you must see the property only from the outside and your offer must be conditional upon seeing the inside of the property and you must make your
decision to proceed based upon the outside of the property and as per the MLS listing agreement.

MLS is Multiple Listing Service and these are all the listings that are available to any member of the mls through TREB or mls.ca

I hope this helps, please let me know if you have other questions.

Thank you,
Mark

Does bank remove appliances and chattels when a property sells under Power of Sale?

Another good question about Power of Sale Properties

A reader wrote:

I am reading your Power of Sale information with interest. In the case of a home with the owner living in it, what happens with normal things that go with a house, for example appliances, window coverings, light fixtures?

Would those be stripped by the old owner, negotiated or left behind?

Thank you,

Allison

Hello Allison,

Thank you for your real estate inquiry. Every POS property is different.

Usually, the owner just abandons the property and leaves it as is. Most often the appliances, light fixtures and window coverings are present and stay with the property. If the property was a grow house, the appliances may have to be disposed of.

Since the owner is locked out of the property once the property is under power of sale, they have no method of 'legally' entering the property and recovering the appliances, so they almost always are there upon closing.

Usually, once a property has gone power of sale, the owner has moved out and on with their lives and trying to get back on their feet after or during this time they typically declare bankruptcy, but not always.

I've only seen one property under power of sale where the owner was still in the property. It was a unique situation where there was mortgage fraud involved, so the owner was not at fault and only stayed until closing. I've seen a few cases where there is a tenant present in the property and this seriously complicates the entire sale and also puts appliances and other chattels in jeopardy of being present upon closing or not.

The bank selling the property under POS will not warrant that the appliances (or any chattels) are included with the sale, but they will not remove them either. The bank wants the sale to go through, they write off any losses, may go after the previous owner for any deficit (as long as the owner has not declared bankruptcy) and move on.

I hope this helps. Please let me know if you have any other questions or if there is anything else I can help you with.

Thank you again for contacting me and I will do my best to help you with your real estate needs,

Mark

A. Mark Argentino

Do you want to receive Power of Sale listings?

Use this link if you have not already signed up to receive a daily list of new and changed Power of Sale Properties in the GTA

You can read all about Power of Sale Properties at this page.

Where can you find TAX Sale Properties?

This is another question that I received about Tax Sale Properties, and of course my answer!

Hi Mark, I have a question, we are interested in Tax Sale Homes for our business could you send me listings for those? Thanks and have a great day Sam

Hi Sam,

We don't see too many Tax Sale Properties on the MLS. Some realtors may do this for a fee, but I don't know of any. Buying a tax sale property is a very involved process, plus you have to submit sealed bids or be at the actual auction, so it takes up much time and effort. I think this is partly why they end up being reasonable purchases.

With that said, almost every single tax property I've looked at has a major deficiency of some kind. For example, it may be landlocked, it may be a very long thin slice of property of not much use, it may be just barren rock or very swampy lowlands, or a slice of land adjacent to major highway or railway that is not of much use, or 50 acres in the middle of nowhere with only a logging road to it (something of nice use, but not too much value) I think you get the idea. I am not trying to be negative, just giving you my experience. With that said, there was a tax sale property of a detached home on Britannia about a year ago, I don't know if it sold or if the owner paid up the taxes, I will try and hunt it down for my information and if I find it, I will email you again.

If you are in Mississauga (or any municipality for that matter), I would go to the tax office at city hall to obtain the next sale of properties to see what it's all about and the process and then you can decide if this is something you want to pursue.

I wish you all the best with your Tax Sale Search.

read more here:

http://www.mississauga4sale.com/Power-Sales-TAX-Sales.htm

Please let me know if you have any other questions or if there is anything else I can help you with.

Thank you again for contacting me and I will do my best to help you with your real estate needs,
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2010 Calendar?

Power-of-sale, Foreclosure, Foreclosures and quit claim question

this was one of those feel good letters I just received from a person and
thought I would share the information with you
Enjoy!
Mark

Mark,
You have one of the best site for general information and quality for make a
house sold.

My name is A .G., I am the mortgage holder of this house that we sold in T .
Ontario about three years go'.

The people in the house have develop financial problems. They start running
too many charges where now start default in not making the payments.

My question is: should I execute Power of sale or in return to have the
house with list damage I should accept the quit claim. Read about Power of
Sale and quit claim on my site here:
http://www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm

They have zero equity in this house. They only put down $5000 on house price
of 220,000. The command price in the house is less now then when was sold.

I wish you were here and I would hire on the spot. Your luggage of
information is outstanding

Thanks,
A.

Conditional offers and Banks selling under Power of sale

I had another email inquiry with good questions about POS properties and thought I would share it with you.
Mark

Hello Mark;
I have been following your listings for the last couple of weeks now, and have read most of your information on the ins and outs of PofS shortfalls / opportunities and have a quick question on the list price. Where does this number come from? Is it negotiable?
Also are home inspections possible? or better still home inspection reports already completed available to view? Will a bank do a mortgage pre approval based on a Pof S. property?

At any rate. I am getting closer to finalizing my separation agreement and will be buying shortly thereafter and need to ensure I am not wasting my time studying Pof S.
Any feedback would be helpful.
thanks

BW

Hi BW,

Thank you for your real estate inquiry. These are all very good questions!

The list price is typically market value and often true market value, read about both here:
http://www.mississauga4sale.com/Power-of-Sale-True-Market-Value.htm
http://www.mississauga4sale.com/market-value-real-estate.htm

Yes, you can do a home inspection. The bank does not want any problems before or after the closing, they just want the property sold and off their books, thus they will often accept offers conditional upon home inspection. But, if you are in a competing situation, the bank will likely accept the highest non-conditional offer. This is understandable.

Yes, they will also accept a conditional upon financing offer, but again, if you are in competing offers, the best offer will often be accepted before a conditional offer. Thus, you need to get your financing in order ahead of time.

Please let me know if you have any other questions or if there is anything else I can help you with.

Thank you again for contacting me and I will do my best to help you with your real estate needs,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

RE: Power of Sale Listing

This is another power of sale question that I thought I would share the answer with you.

Dear Mark
I found your information on Power of Sale are excellent.
Just wonder if purchaser needs to pay GST when buying a property from Power of Sale.
Kindly advise.
Best Regards
L.C.

Question was:

Hello L.C.,

Thank you for your real estate inquiry. You do not have to pay GST on a POS property purchase, similar to most resale purchases.

Please let me know if you have any other questions or if there is anything else I can help you with.

Thank you again for contacting me and I will do my best to help you with your real estate needs,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?
  
  

Foreclosure and Pre-Forclosure in GTA

This is a common question that I receive about foreclosure properties and thought I would share it with you.

Hi my name is D. and i'm looking for Pre-foreclosures in the Brampton,Mississauga, Oakville, and North York area.

If you can assist me in buyingthese properties at least 20% it's market value it would be greatlyappreciated. Hope to hear from you soon, take care.

Thanks
D.


Hi D,

Thank you for your real estate inquiry. I've not seen any pre-foreclosures or foreclosures of any type in the GTA in many years. Foreclosure is a remedy in the USA and some provinces in Canada, but not Ontario. The most popular method of banks when an owner is in default in Ontario is Power of Sale.

20% under market value is also seldom found, but does happen occasionally, you'll have to watch for those great opportunities from my list.

Use
http://www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm
this link if you have not already signed up to receive a daily list of new
and changed Power of Sale Properties
http://www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm
in the GTA

Please let me know if you would like to see inside any of these power of
sale properties. You can read all about Power of Sale Properties at this
page
http://www.mississauga4sale.com/Power-of-Sale-Bank-Foreclosure-FAQ.htm

Let me know if you have any other questions or if there is anything else I
can help you with.

Thank you again for contacting me and I will do my best to help you with
your real estate needs,

Mark

Pre-Foreclosures in GTA - do they exist?

I get asked about pre-foreclosure properties quite often, so I thought I would post a question and my answer below.

Hi Mark,

Do you have any thing on pre-foreclosures?

Do you have properties where there can be discounts of 30 to 50%?

Of course there has to be room for profit;foreclosure don't work so well that way or do they?

Are you able to provide the deep discount properties?

Thanks Mark,

GG

Hello GG,

Our system in Ontario is not set up for pre-foreclosures. Pre-foreclosure is a US term or out of province term, does not happen in Ontario very often.

I've not seen any properties at 30 to 50% off market value, not in the GTA. Sometimes 10% and rarely more, but it does happen.

Again, seldom are there foreclosures in Ontario, it's almost always POS.

Thank you,

Mark

Pre Power of Sale Properties question and answer

Hi Mark,

I understand what you have said about new and changed Power of Sale Properties in the GTA.

But Mark don't you have people calling you occasionally who are in fear of going into power of sale and ask you to sell there home for them before the bank takes over?

Thank you,

VE

Hello VE,

Yes, occasionally I get people who are in trouble and have been served POS proceedings, but often by that time they are so far behind that it will sell for less when it eventually goes POS.

I have one person right now, but they are 5 months behind, the bank just wrote them for the final time and their mortgage, arrears interest and bank legal fees are about 25k more than what the property is worth.

In this case the people will just wait it out, let the bank sell the property and then leave.

I will keep you signed up to the list, their are some very good deals that come out of that list, just have to keep watching.

Thank you,

Mark

POS property purchasing something of lower value?

I had another question about power of sale properties and I thought I would share the question and my answer, Mark

Hi Mark,

I've read through your section on Power of Sale & found it very helpful, but I just don't understand this one point & was hoping you can clarify for me - "One saying about Power of Sale Properties is "you get a lower price but it's a lessor product" " - does this mean I may be purchasing something of lower value?

Thanks in advance,

SL

Hello SL,

Thanks for your comment and question. Yes, generally speaking you are purchasing a lesser product. This means that the property you are purchasing may not have window coverings, appliances etc. included and the property could require some renovations or improvements.

In addition to this you are taking more risk such as the seller redeeming before closing, no warranties on anything, buying as is, where is, etc. so you are effectively purchasing a property with less inclusions and higher risk compared to 'regular' properties for sale in the same area. With this said, this is why you will usually be able to purchase a POS at a lower price.

I hope this helps.

Please let me know if you have other questions.

Mark

Toronto and GTA Real Estate Auctions are not that common, WHY?

If you search Google for Toronto and GTA real estate auctions, most of the results talk about auctions, but really don't give you much information about upcoming real estate auctions in the GTA. This is probably because there are not too many real estate auctions that occur in the GTA.

In my experience, most property in and around Toronto is sold through traditional methods, such as the mls, private for sales, exclusive listings and other similar methods.

You will find that there are many auctions in the US. Their system works differently.

In a similar fashion, there is rarely a foreclosure sale in Ontario, most properties sell under Power of Sale in Ontario, read more here:
http://www.mississauga4sale.com/Power-of-Sale-Articles-1-Overview.htm

I've seen and received in my email, information similar to what is shown below for US auctions.

Please email if you have more questions.
Mark

Read more about estate sale auctions:
http://www.mississauga4sale.com/Power-of-Sale-Bank-Foreclosure-FAQ.htm#EstateSales

Some people have highlighted the advantages of an auction sale as follows:


*Auctions are the fast way to convert property, they are efficient, and effective or assets into cash No other sales method works as well
* What can be sold at Auction? Real Estate, Equipment, Businesses Inventory, , etc Any asset or property that can be sold at discount
* cut your losses or Cash in on your equity
* Convenient, no hassle, we handle everything
* Quick Sale property usually sells in 7 days or less when speed is of the essence,
* A specific date is set creating a sense of urgency to buy
* Intense and accelerated marketing
* Property sells at or near the true real estate market value or more
* Property often achieves more than the anticipated selling price
* Auction environment encourages a sense competitive bidding urgency
* Get aggressive marketing strategy to buyers local and maximum exposure, , regional, national and international
* Telemarketing, direct solicitation Targeted advertising, publicity, , proprietary database of prospects and investors
* Marketing through the World Wide Web www
* Directional signage and On-site property
* Auction conveys a "fast and sales-friendly" real estate competitive atmosphere


These are the typical types of auctions found in the US

* Regularly scheduled live public real estate auctions & investor forums
* Your property Property marketed on website for USA & International viewing
* Included in regularly scheduled Live bidding and Online bidding Auctions until sold
* Your property Email Broadcast to Brokers & Investors USA & International
* Aggressive Newspaper & Magazine Advertising
* Free MLS Listing
*

These are the types of auctions found on the internet

Foreign Property
Single Family Residential
Multi Family Residential
Condominium
Business
Foreclosure
Intellectual Property
New Construction
Apartment Buildings
For Sale By Owner
Time Share
Mobile Home
REO
Commercial
Manufactured Homes
Farms & Ranches
Raw Land
Trust Deeds
Industrial
Business
Historical Buildings
Water Craft
Air Craft
Marinas & Ship Yards
R1 Sub divisions
Intellectual Property
Hotels
Motels
Parks
Bankruptcy
Trusts
Vacation Homes

Power of Sales and Tax Sales Listings Now available

automatically receive MLS Listings of Power of Sales, Foreclosures and Bank Sales Alert, POS Properties for Mississauga, Toronto, Etobicoke, Oakville, Brampton and other areas north and west of the GTA

use this link to sign up:
sign up to my POS newsletter.

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

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,

L.

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,
Mark

Power of Sale Maintenance Fees shown on the MLS listing information

Another question I get asked quite often about Power of Sale properties is if the maintenance fee of $0 per month is correct as shown on the MLS listing. Same with the property taxes, often the amount shown for the property taxes on the listing for a POS property is often $0

My answer to this common question is as follows:

It's not a misprint, it's done on purpose by the listing agent and/or the bank who is selling the property. Many banks want the agents to put zero for maintenance fees and taxes on the listings.

The reason is so the bank is not responsible for any amount that may have been stated on the mls listing. If the bank showed $400 per month and it ended up being $450 per month, normally a purchaser could go after the bank/seller for the difference. If it's shwon as zero dollars and in the fine print of the offer, it states that the purchaser must investigate and satisfy themselves of the monthly maintenance and taxes, so the bank is off the hook in showing the correct amount.

In Mississauga, all of the 'normal' condo maintenance items, such as heat, hydro, water, common element maintenance, building insurance and common element parking is usually included in a condo maintenance fee. Usually the property taxes and cable TV are not included in the maintenance fees. In some of the newer condos hydro is NOT included, so you have to be careful when assuming that the listing agent has entered the correct information or not. Always best to confirm through me.

I hope this helps. Please let me know if you have other questions.

Thank you,
Mark

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS and more at my website

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• On-Line Real Estate Newsletter sign up
• See seasonal housing patterns

New Section about Power of Sales, Foreclosures and Quit Claim Deeds in this section

I've recently added a New Power of Sale section to my website that will show you the pitfalls to avoid and the clauses to put into your offer when you buy a Power of Sale property in Ontario. This new section will also explain Power of Sale and Foreclosure in detail. Read more here.


You will become educated about Power of Sales, Foreclosures and Quit Claim Deeds in this section.

You will learn the pitfalls to avoid, the clauses you could expect to see in an offer and read about the special clauses you can insert into your offer when you buy a Power of Sale Property. I will also explain the remedies open to sellers of these types of properties and how this affects you.

Power of Sales, Foreclosures and Quit Claim Deeds in this section.



For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Power of Sales, Tax Sales, Foreclosure & Distress Sales in Ontario Canada

This is a separate blog dedicated to Power of Sales, Tax Sales, Foreclosure & Distress Sales in Ontario Canada



For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Foreclosure Courses - are they worth the price of attendance?

Foreclosure and Power of Sale Courses - are they worth the price of admission?

I had another question about taking expensive educational courses to become educated on foreclosure properties.

The question and my answer are below.

Hi Mark, I attended a Markus Group seminar tonite held by Dan Frederick. He offers a course on how to do foreclosures, sandwich options, assignments etc. etc. His information is all Canadian (unlike so much of the Trump Wealth Expo ) which was very American. He said he also shows a lot of R.E. people how they can use their skills to make themselves wealthy. The 2 day weekend course is $1295. He will be speaking again May 30th at Holiday Inn, Dixon Rd. Would you be interested in hearing him? I am looking to partner with someone so cost is reduced to $650. each. Also thank you for the continued listings!
Regards,
SZ


Hello SZ,

I will be very honest and direct. Keep your $650 or $1295 for your downpayment or for your renovations once you buy the investment property.

Foreclosures and bank sales in Ontario are nowhere near the 'great deals' that they are in the states or even in other provinces. Our laws are different. Read more at my blog: http://www.mississauga4sale.com/blog/2007/04/power-of-sale-properties-are-they-great.html

Time of year you purchase and finding a motivated or anxious seller can go much further than a power of sale property.

This is the truth.

This is not an advertisement for my services, just my advice from 20 years in the real estate business.

If you want to invest in real estate, find a knowledgeable, honest, dependable and experienced agent such as myself or my partner who will teach you everything there is to know about investing and then go buy an investment property and make money.

Also, there are few real estate salespeople that are wealthy. I would guess that less than 1 in 20 owns an investment property, maybe a little more than non-real estate sales people, but still bleak considering we are in the market and often see good deals throughout the year.

My experience is that you have to make a concerted effort to research the areas you want to purchase the investment property and be ready, able and willing to buy it when you see the good deal.

The key to anything in life is action. Many take courses, research and spend hours and days and years researching an investment property purchase, but just never do it for one reason or another. If you have the resources for the downpayment and become pre-qualified and work with a good agent, then you can proceed and make money.

I am just speaking from the heart and my personal experience, I don't like to see people part with their money unnecessarily.

I hope this helps!

Thank you,
Mark

See Foreclosure and Power of Sales Properties.







For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Where can I find Power of Sale, Foreclosure and Tax Sale properties and information?

Another question that I receive is where can I find Power of Sale, Tax Sale and Foreclosure properties and information?

I am very familiar with Power of Sales, Foreclosures and Tax Sale properties. Have you read the information on my site at these pages? http://www.mississauga4sale.com/Power-of-Sale-Bank-Foreclosure-FAQ.htm

Are you signed up to receive my power of sale properties? http://www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm

In my experience I have seen that people spend many weeks and months researching and learning about power of sales properties and then decide not to buy one due to the many uncertainties involved and the fact that you need the resources at hand to do the renovation work. Don't get me wrong, some people buy them successfully, just not that many.

Again, in my experience, there are two things you should do in real estate. Buy as expensive of a principal residence as you can to maximize your tax free asset. The other best thing to do is buy and investment property and hold it for at least 5 years to earn fairly easy profit.

I will help you in whatever area you decide.

Thank you,
Mark




For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Real Estate Trends in Foreclosure Properties and Bank Sales - consumer sentiment

Real Estate Trends in Foreclosure Properties and Bank Sales - consumer sentiment

According to a Yahoo Real Estate survey conducted by Harris Interactive, one in five homeowners is concerned about the possibility of foreclosure.

Twenty-six percent who expressed concern said it was because the rate on their adjustable-rate mortgage increased, according to the survey.

Fifty-nine percent said they were concerned about their ability to make their mortgage payments due to unexpected expenses.

But 39% expressed concern about having too much debt to repay and 28% said they feared a disability would put them out of work, thus limiting their ability to pay on their mortgage. Freddie Mac also this week reported that unemployment and income losses were linked to fewer delinquencies on Freddie Mac-owned loans in 2006 than in previous years. Delinquencies caused by excessive borrower financial obligations, however, rose.

"The drop in job- and income-related delinquencies reflect the growth we've seen in payroll jobs, excluding the manufacturing sector, but the uptick in late payments due to excessive debt is potentially troubling because it is independent of economic trends and suggests some borrowers are having a harder time handling their financial obligations than in past years," Freddie Mac chief economist Frank Nothaft said in a news release.

It's grim news for those who find themselves in over their heads with mortgage debt. But homeowners not in danger of foreclosure should be OK, right?

Not so fast. Foreclosures have the ability to spell trouble for the neighborhoods in which they're located. They can drag down housing values for surrounding homes, and if left vacant, they can become targets for vandals. Read more about how to protect your home as foreclosures are on the rise and learn how to prevent mortgage trouble on this week's Real Estate page.

Of course, as Michael Yang, general manager of Yahoo Real Estate pointed out in a news release, "there are two sides to the foreclosure picture." The survey also found that 37% of all U.S. adults would be at least somewhat interested in buying a house in foreclosure.

Read more about real estate foreclosures



For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com