Foreclosures and Distress Sales

In Ontario when a borrower defaults on a mortgage, the bank markets the property under Power of Sale (similar to a foreclosure).

In Ottawa, almost all Power of Sale or Foreclosed properties are put on MLS. Care must be taken when purchasing –  there might not be any warranties and what you see is what you get (buyer beware). These homes are also discounted so there may not be much room for negotiations.

However – there are strategies to employ in order to get the lowest possible price when purchasing a power of sale, estate sale or foreclosed property.

To be considered a serious buyer, sellers want to know that you are financially capable to purchase. The best way to do this is to get pre-qualified before engaging in a search. Work with a lender who has experience with the process and who can guide you through the crucial steps – if you don’t have a trusted lender, I can recommend one… Obtaining financing approval enables you to move quickly once you find a property that you want to purchase.

Let me know if you’d like to discuss opportunities within the Ottawa market. I can help you find a great deal and avoid mistakes throughout the process!

 

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