The unfortunate reality of the economic conditions in the Windsor Real Estate market are such that many properties have gone Power of Sale. Power of Sale is when the present owners cannot continue to make the payments on their mortgage. The bank then takes control over the property with the intent to sell it on the open market to try to recoup any outstanding balance on the mortgage. Contrary to foreclosure rules in the USA, Canadian finance companies are obligated to try to obtain current market value for the properties they have listed as Power of Sale. Regulations in Canada state the previous owners are still entitled to any remaining equity in the property. When you are considering a home that is listed as a power of sale you can expect to be patient - to ensure you are getting a great deal the negotiation process is generally longer than with a normal resale home but the benefits far outweigh any minor tests of your patience. This situation has created many great buying opportunities in the Windsor Real Estate market for buyers, investors and contractors wanting to flip properties. Recent listings for Power of Sale properties have a starting value of $38,000 and go up from there - all types and price ranges are currently on the market and if you are looking for an investment or a 4 bedroom raised ranch for the family there is an unprecedented inventory in our area.
To note, there are different risks involved with a power of sale than with most normal home purchases - banks generally attach their own schedule, and, as most lending institutions never actually see the property they are selling they take no legal responsibility for its condition. A home inspection is crucial. While most are homes are in good condition you and your Realtor must take every precaution to protect your interests - being well informed and using a Realtor with an indepth working knowledge of these types of properties - like me :) - is your best bet.
If you would like to receive a current list of what is available please include your information below and I will ensure you receive applicable power of sales within 24 hours.
RE/MAX Preferred Realty, Ltd.