Does anyone have any experience in purchasing a power of sale house? Like I know the bank is the seller but in regards to price negotiating etc. How much do you really save, where do we go to look for such a property?
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Any Canadian real estate agents on here? how much do you save on Power of sale or foreclosure house
- Thread starter Liaqat Hussain
- Start date
frootloops
Minister (2k+ posts)
which city ?
Canadian1000
Voter (50+ posts)
Get Experienced agent in that neighbourhood. if u need one let me know .
Aijazahmed
Minister (2k+ posts)
$350000 market value of a normal regular house should be $310-$320000 if it is on power of sale or a foreclosure.
But it is very hard to find that deal as usually listing agent has investers who buy as soon as something comes into the market.
I tried many times but failed. Good luck in your case.
But it is very hard to find that deal as usually listing agent has investers who buy as soon as something comes into the market.
I tried many times but failed. Good luck in your case.
Muhammad Zeeshan
Citizen
your local bank can provide listing ?
Liaqat Hussain
Chief Minister (5k+ posts)
GTA
Do all realtors deal with such properties? I'm in GTA, Miltion area. Where abouts are you?
What are the down sides of getting such a property?
Aijazahmed
Minister (2k+ posts)
usually properties are badly managed and you will loose almost all appliances, sometimes light and plumbing fixtures also. You need a good professional home inspector to do pre-buy inspection depending if they allow, usually these sold as is basis.
Canadian1000
Voter (50+ posts)
I work in Mississauga and Milton areas. Give me a call at my cell its in your private message.
mchaudhary
Councller (250+ posts)
In realty you don't save anything. It is just a myth that you can save on power of sale houses. Few years ago you were able to save some money not anymore. If you still have not find realtor then call me at 416-908-1575. I will help you out.
Liaqat Hussain
Chief Minister (5k+ posts)
Basically you guys are saying, If you get 30-40k off, you will end up spending that money on repair etc?
Not always the case, its not necessary that you need to do a lot of repair, it depends and vary from property to property!
you can get good deal for pricier houses, not much saving on 3-400 K houses.
There was a house worth 1.8 million, and it was power of sale, it sold for 700K one steal of a deal!
Initially bank listed it for higher price but after a year or so they keep lowering the price, and finally it sold for 700k
Here is the link to property, we had a showing and it was in 95% perfect condition, very minimum repair needed.
http://mmteam.ca/properties/mmteam-ottawa-homes-for-sale-nepean-homes-for-sale-6-bedroom-7-cobb-ct/
you can get good deal for pricier houses, not much saving on 3-400 K houses.
There was a house worth 1.8 million, and it was power of sale, it sold for 700K one steal of a deal!
Initially bank listed it for higher price but after a year or so they keep lowering the price, and finally it sold for 700k
Here is the link to property, we had a showing and it was in 95% perfect condition, very minimum repair needed.
http://mmteam.ca/properties/mmteam-ottawa-homes-for-sale-nepean-homes-for-sale-6-bedroom-7-cobb-ct/
Wow ....thats just amazing....I'm sure these kinds of deals don't come very often?
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Dude....thats a steal...Are you Nim Mousa?
You should have posted that listing here , I would have bought it in a split second for that price
