 Free Buyer Information Seminar
Richard Pearce will, on a one-to-one basis, explain the whole
process of purchasing a home for you. From how brokers work,
to mortgage financing, mortgage brokers, closing costs, building
inspections, lawyers, surveys, to how you make an offer and
negotiate a great price. Most importantly, Richard will create
a computer search to sort through all the available listings
and print a list that is tailored to your needs. It saves
a lot of searching on the Internet, and ensures you don't
miss any great deals! Contact Richard
to schedule an appointment.
Useful Links
| Glossary of common Real Estate Terms: |
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| Government (CMHC) Owned: |
In Canada when you borrow 80% or more of the value
of a home, all institutional lenders must apply for mortgage
loan insurance on behalf of home buyer. Should that buyer
then default on the mortgage, the bank can seize the
property under Power of Sale and attempt to recover their
mortgage balance. What happens if the bank can't sell
the home for the mortgage money? This is what the mortgage
loan insurance is for. CMHC steps in and takes over the
property, pays off the bank, and proceeds to sell the
home for whatever they can get. Sold "as is, where
is", these homes often need renovations. Any buyer
should insist on a professional home inspection before
proceeding with a purchase.
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| Power of Sale: |
In the event of a default under a mortgage, most mortgages
contain a Power of Sale provision, giving the lender the
right to force a sale of the property without going through
the courts.
Lenders do not have the personnel or the facilities
available to manage properties, so generally list the
property for sale with a real estate broker. Sometimes,
but not always, the notation "Being sold under Power
of Sale" will be shown in the listing information to
advise prospective buyers of the situation.
Power of Sale properties are sold in "as is" condition,
without any guarantees or warranties, so a professional
home inspections is recommended to protect your investment,
and we recommend you have your lawyer review the Agreement
of Purchase and Sale with you to ensure you understand
all aspects of a Power of Sale purchase.
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| Court Appointed Attorney Sales: |
In this case the property is being sold by an Attorney
appointed through the courts in the event that the owner
can no longer handle his or her own affairs. For example,
older people with the onset of dementia or alzheimers and
no known living relatives. In these cases the courts must
step in to handle the sale of assets on the owner's behalf.
To reduce costs and the time line involved, the court will
typically sell such a property very quickly and for a good
price. Given the nature of the sale, renovations may be
required. |
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| Proceeds of Crime Sales: |
When a known criminal is apprehended and found guilty
of crimes from which he or she benefited financially, the
courts will seize the individual's assets. Any real estate
will be sold off as a "proceed of crime" and
typically this will be done quickly and for a good price.
This can be a great opportunity for the right buyer. Changing
all the locks and installing some serious security systems
would be advisable. Note that this type of property is
very rarely seen for sale. |
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| Bankruptcy Sales: |
In trying times some homeowners may be forced to declare bankruptcy. In this event, the trustees appointed to oversee this process may seize and sell the owner's home to help re-pay debts. This type listing is very similar to a Power of Sale, and will be sold "as is, where is" for the best offer the trustees can obtain.
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Email Richard via
at Guidestar Realty for more information about these types
of properties or any other real estate questions you have.
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