Question 1

What is a power of sale property in Ontario?

Accepted Answer

A power of sale property in Ontario is a property where the lender (typically a bank or mortgage company) takes possession and sells the home after the borrower defaults on their mortgage. These properties are often sold at competitive prices.

Question 2

Are power of sale properties cheaper?

Accepted Answer

Power of sale properties in Ontario are sometimes priced below market value because the lender wants a quick sale. However, they are sold 'as-is' and buyers should conduct thorough due diligence.

Question 3

How do I buy a power of sale property in Ontario?

Accepted Answer

To buy a power of sale property in Ontario, work with a Realtor® who can help you identify listings, conduct proper due diligence, and navigate the purchase process. These sales often have shorter closing timelines and different conditions than traditional sales.

Distressed & Power of Sale Properties

Distressed & Power of Sale Properties

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