In my blog, you will find current, and informative news relating to the Canadian real estate market, and economics in general.
I will also post information about myself, and my career.
Remember...if you know of anyone who is looking to buy, sell, or lease any form of real estate, tell them all about me, and I will be sure to make their experience a pleasant, comfortable, and successful one.
Be confident in my services!
Many people are under the impression that properties being sold under Power of Sale are great deals.
Here is why they are not (in today's market):
- The property must be sold for it's fair market value. The initial proceeds will cover any property taxes that may be in arrears, the mortgage on the property, and any other expenses that may have been incurred by the owner. Note, any remaining proceeds WILL BE GIVEN TO THE PARTY THAT DEFAULTED.
- The mortgagee will not warrant or represent anything that is being sold. The property must be bought on an "as is, where is" basis, meaning that however the condition is of the property on closing, is how the buyer will assume it. If there is something wrong (e.g. appliances do not work), the buyer has no recourse.
- The right of redemption, in the law of real property, is the right of a debtor whose real property has been sold under Power of Sale, to reclaim that property if they are able to come up with the money to repay the amount of the debt.
Have your lawyer read your contract over and make sure that this "redemption period" ends at some point (e.g. 2 weeks before closing), and does not run until the closing date. If the redemption period is until the closing date, this means that the mortgagor (person under default) has the right to pay off the debts, redeem themselves, and take back the house.
One of the biggest things that people ask me almost on a daily basis is: "how are people affording such large mortgages...they must be living above their means".
To this I respond: "Not neccesarily", and I explain...click on video to see what I tell them.
