Mason Oskoei

Realtor & Mortgage Specialist

Cell: 604-720-8001 |

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There is a misconception among home buying and selling consumers as well with many Realtors across the country in regards to what a power of sale real estate transaction is and how they are completed. A power of sale listing is being sold by the bank, not the homeowner. Some people misconstrue a power of sale with a short sale as that term has been floated around regularly as the media has reported about the housing crisis in the United States.

 

A “short sale” is very rare in Canada, this why you won’t see a property being promoted as such unless the homeowner agrees to a short sale with the lender. Tier one banks would not agree to a short sale, they prefer the power of sale route as they are governed by the Canada Mortgage and Housing Act whereas a private lender may not be governed depending on the particular situation.

 

When any type of real estate is being by power of sale in Canada, the subject property is being marketed at true market value...

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