A Power of Sale situation refers to a bank that has secured a property due to bad debt and is selling it at market value to recover costs. Frequently, buyers find exceptional good value in a power of sale. However, keep in mind the bank does not know the details about the property. They don’t know if there is a stove, fridge, dishwasher, or laundry. They don’t know if there is rental equipment. They don’t know if there is work to complete. They can’t guarantee vacant possession and they don’t know if HST is due or not even if common sense suggests that the property will be vacant on closing and that HST tax is not due residential property. This is where a Real Estate broker is so helpful!
A market price is set using an appraisal and the public can view the home and make an offer. The offer is sent directly to lawyers who work on behalf of the bank and they accept or counter the chosen offer. A Power of Sale can be a good opportunity to own a special property. Call for details.
RE/MAX Hallmark Ottawa Realty Group 613-236-5959
2517 Manse Road, Ottawa, Ontario, Canada