Are you someone that's always been interested in flipping a house? Always wanted to buy a Power of Sale and get a great deal? Here's some things to know.
Power of Sale listings are homes that have been taken by the Bank or Lending Institution, and are being sold, as payments were not kept up to date by the present Owners.
They are typically vacant, although sometimes Tenanted, and are often offered at lower prices as the Bank is not in the business of owning homes.
One thing to recognize is that the Bank must take precautions to sell the property and obtain 'true' market value. True market value only exists in Power of Sale procedure and means that if required, the Bank could have to prove the value which the property ultimately sold for. Usually expert opinions is the means the Bank uses to determine what the property is worth. If the property sells for more than the owing amount, the remaining funds are paid to the Debtor. If it is later found that the Bank undersold the property, the Debtor could sue the Bank for the amount by which the property was undersold for.
Some things to be aware of also when Buying a Power of Sale, is that the property will be sold as is. The Bank will therefore provide you with no information about the home, and will not warrant any information or inclusions that may come with the home, such as appliances.
Power of Sales are typically not in the best shape, so it's a great opportunity to buy it at a reduced price, put some money in for renovations, and then turn it over for a profit. Having this personal experience ourselves, my Husband Rock and I could certainly advise and help you with this process. We have worked and are working with several "Flipper" clients and often guide them as to where to maximize dollars as well as providing great contacts for Flooring, Electrical Services, ect.
If you're interested in receiving automatic email notifications of new Power of Sale listings, simply Click on the "Power of Sale" tab on our website for and you'll receive new listings immediately and days before they hit the MLS system.