Wednesday, November 26, 2008

Foreclosures in Ontario or Power of Sale?

A common question I get asked is, 'please send me your list of foreclosures in the GTA"

See the question from an avid reader and my answer below.

From: Joe [mailto:joe.....@yahoo.ca]
Sent: Monday, November 24, 2008 10:34 AM
To: A. Mark Argentino, Broker, P.Eng.,
Subject: I would like to see inside this Power of Sale Property


Hi Mark,
I really like your listings for POS.
Do you have a list of Bank owned foreclosures or Bank owned homes for sale? That list would be outstanding!

Joe

My answer is:

Hi Joe,
There are very few (if any) foreclosure properties in the GTA, they are all POS based upon my observations.
It appears that the banks don't like to own homes in Ontario and the law is not set up for ownership as much as it is for the preferred method of selling when an owner is in default. The preferred method is by selling the property using the power of sale clause contained within the mortgage. Read more about this at Foreclosure and Power of Sale Properties Explained
Please let me know if you have any other questions.
All the best,
Mark
You will find all the POS properties that are currently available at this page

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.

Thank you,

Mark

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


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