How To Purchase A Power Of Sale Repossession.
I'd like to discuss what its like to purchase a Power Of Sale Repossession from my Ottawa House Repossession Report. People want to know if its any different and if they have to do anything differently. The answer is not much. Its handled in the same way as a normal transaction is. You have a real estate buyers agent working for you who is going to represent your interests and help you get the best deal possible on this property.
You are not dealing directly with the bank but with a realtor who the bank has hired and I am working with them as your realtor. The same as in a typical situation. The differences are in how you purchase the property. A schedule A needs to be attached to any offer and you do have to understand that you are buying the property as-is where-is. No representations, no guarantees.
If you are buying a problem then it is your problem. You do definitely need to have a good lawyer involved to check title and a good professional building inspection to make sure the property is in good shape and that there are no hidden defects that are going to come around and bite you. Other than that it is not too much different. People sometimes ask "can I get a bank loan from the lender that owns the property". The answer is no. They keep a hands of relationship with anyone who buys the property and do not offer financing for their repossessions at all.