Are you an investor and always looking for great deals? Power of Sale or Foreclosure sound always sound like the ones you want. But this is a great myth and misunderstanding that properties being sold under “Power of Sale” can be purchased well below market value in comparison to other similar neighbouring properties. This may not stand true always.
So, it starts as the owners of the property were not able to honour the mortgage payments and the lender sells the property under the Power of Sale.Under the Mortgage Act lenders are acting as “trustee” for their interests involved within the property.The mortgagee will obtain independent appraisals to get professional opinions about the market value of the property and list the property.