By Warren McNeil,

I recently did a video about why buying a power of sale in Kitchener Waterloo could be a good deal. A power of sale is when an owner defaults on their mortgage and the bank  takes posession of the property to recover money loaned to the owner . They usually try to sell the property for fair market value. Once sold, they will pay off the loan, any legal costs and if there is anything left over they will give the remainder to the owner. Many buyers confuse power of sale with foreclosures. A foreclosure is a when a bank or lender will obtain title, sell the property and try and recover the debt. They are not obligated to give any remainder to the owner. In Ontario, banks sell properties where the owner defaulted on the mortgage for fair market value.  They are obligated to sell the property for the highest price they can based on the market value.

Although there can often be good deals, buyers need to be aware of the condition of the property and should do their due dilligence. It is important that a buyer do home inspection. Banks won’t represent and warrant the property so they are usually sold, “as is”.

The deal with a power of sale could be in the work that it might need. They are usually priced according to their condition.

Here is the video I did.

http://www.waterloopowerofsale.com 

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil RE/MAX Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118
Connect with us on the following social networks Facebook: www.facebook.com/TeamMcNeilRemax
websites: www.TeamMcNeil.com, www.ClickThatHouse.com, www.KitchenerLofts.com, www.ElmiraRealEstate.ca

By Warren McNeil,

In the next few of years there will be several new construction condo projects available in Kitchener Waterloo. Some of these developments are already pre-selling these condos.These developments are scheduled to be completed in 2011, 2012 and 2013. Some of the larger projects are 3 or more years away. If you need to buy something in the next 6-12 months then these new construction condos might not be a good option for you.

If you are looking for an alternative to all of the new construction developments in the Kitchener Waterloo or Cambridge area then you should look to the resale market. The resale condo market in Kitchener Waterloo has been really strong over the last couple of years and there are lots of options for people looking for this type of housing. If you are looking for newer condos less then 5 years old then there are a few condo developlement that have already started selling in the resale market. Some of these buildings are located in Uptown Waterloo and downtown Kitchener right on King St.

One of the advantages to buying a resale condo is that they are available now. If you have to wait 3 years to build a new construction condominum, you could find out later that your plans have changed. Maybe you got married, finished school or relocated to a new city. 2 or 3 years can be a really long time. Just something to consider when making the decision.

Please check out the following video I did about “Alternative to New Construction Condos or Lofts in Kitchener Waterloo”.

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil RE/MAX Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118
Connect with us on the following social networks Facebook: www.facebook.com/TeamMcNeilRemax
websites: www.TeamMcNeil.com, www.ClickThatHouse.com, www.KitchenerLofts.com, www.ElmiraRealEstate.ca