Remax sarnia realty inc., Brokerage
1319 Exmouth St. Sarnia,
ON, N7S 3Y1

Ryan Gervais

Ryan is a full time Sales Representative with Re/max and look forward to being your guide to the Sarnia Real Estate market
ryan.gervais@sarnialistings.com

Sarnia Foreclosures – Sarnia Power of Sales

10
Apr
4 Comments In Real Estate

As an active agent in Sarnia I get many calls over the course of a month asking me about Bank Repo’s in Sarnia.  The term foreclosure also gets thrown around as that is what happens in the States when someone loses their house to the bank. In Sarnia the bank uses the Power of Sale process which is very similar but has a different name.

Power of Sale listings are always sold “as-is” with no representations or warranties.  This means that if you put an offer in on a house that is bank owned you have no recourse if the house is not what you expected it to be.  Almost all Power of Sales in Sarnia need renovations but some vary on the extent.  There are good deals and bad deals so make sure you do your homework and hire an experienced agent who deals with foreclosures or power of sales.  This is very important as the process is very different and involves additional paperwork.  If the paperwork is not filled out properly the bank usually just rejects your offer even if they liked the price and terms.

There is a very large myth out there that because the bank owns it you are going to get an amazing deal and buy it for well under asking price.  This practice is a thing of the past.  Now banks must get two appraisals as well as the real estate agents recommendation on pricing and come up with a fair market value that reflects the condition and area the property is in.  The banks need to protect their best interests and try to maximize the value of the home.

There are certain strategies I use with my clients to help them get a better deal on Power of Sales so there are tricks of the trade that can help you.  I use knowledge from my personal experience with power of sales to help come up with a strategy to maximize my clients chances of getting an accepted offer.  There are many things you can do so once again I recommend using an agent who sells and buys Sarnia Power of Sales regularly so that you are protected and receive the right advice on buying these sometimes trick properties.

If you want to get put on a list to be contacted when Power of Sales come up please email me at ryan.gervais@sarnialistings.com and let me know you read this article!

Ryan Gervais

Ryan Gervais is a full time multi-award winning agent who is here to help you through your real estate journey. Ryan's main passion is to protect his clients greatest investment by making sure you buy a great house for a fair price. Reach out today and see for yourself the difference a great agent can make.

(519) 381-4055
ryan.gervais sarnialistings.com

Comments (4)

  • Ryan I am wondering if you have anything on a forclosure or power of sale list at present. I am presently in a position where I would like to purchase a property. Hoping to hear from you soon either way. Thanks Rob

  • im interested in finding out the list of repo houses in sarnia...... thank you

  • Hi, My name is Denise Greenaway. I am currently interested in buying a house in the Sarnia area (with a location close to Lambton College). If you have any listing of foreclosures in/near that area please send me an email. My email address is Denise_greenaway@hotmail.com or if needed feel free to call me at 519-384-3589. I'm interested in a house with a minimum of 3 bedrooms. My price range is anywhere between $70 000 - 125 000. Kindest Regards, Denise Greenaway

  • Hi Ryan, Was so great to meet you at Brad and Julie's (Edlington) Open House a month ago.. Hope you had a great Christmas season. Joe and I are toying with the idea of investing in some income property or a possible "flip"... if you have anything come up that you think would be a good prospect please feel free to email us or get in touch. Thanks so much Ryan. Wishing you all the Best in 2014. Joe and Beth Van Reenen

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