Bank Owned | Power of Attorney | Power of Sale
Are you looking for distressed properties in Ottawa that you can purchase at a discounted price?
In Ottawa bank owned properties, power of attorney or power of sale properties, come up for sale on a regular basis. These properties have very motivated sellers and can be in a position to sell the property at an attractive price. There are three main types of distressed properties:
Power of Sale: This typically happens when someone fails to pay a debt on a property and the seller has received a judgement against the homeowner allowing them to sell the property to collect on the unpaid debts. Although legislation states that the seller must try to get the most money for the home possible these sellers are motivated to get the home sold as fast as possible.
Power of Attorney: This is a seller who is selling the property on behalf of the owners. Typically this happens in situations where the home owner is not available or is no longer able to make decisions about the property. These are difficult situations and typically the property sale lingering on only makes things more difficult. In some of these situations selling the property is much more important than the sale price.
Bank Owned Properties: In Bank owned situations either a lender or a mortgage insurance company now has title or the authority to sell the property. This is much like Power of sale in that the seller never intended to own the property and they are motivated to sell.
Please keep in mind that there are some additional procedural and technical differences that you need to be aware of. Sellers are still obligated to get as high of a sale price as possible, they are often slow to react to offers and may require substantial deposits. In addition these properties are commonly purchased in an as is, no history, no warranty state.
If you are able to look past the extra effort required to purchase a distressed property to take advantage of a possibly discounted price, sign up for my customized list of Ottawa Distressed Properties.
Please indicate that you prefer: Ottawa bank owned properties, Ottawa power of attorney or Ottawa power of sale properties.