Proudly Serving Guelph and Cambridge
August 22nd, 2014 
Lesley Field
Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage
Proudly Serving Guelph and Cambridge

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Look for Homes Now!

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Foreclosures, Power of Sales, and Distress Sales

For A Free List Of Foreclosures And Distress Sales Click Here!

The process of foreclosing in Ontario is quite quick, as the proceedings are usually laid out in the mortgage documents. Power of sale was first developed in Ontario by lenders who wanted a faster way to liquidate s property and recover a bad debt. As a result, they started to include power of sale provisions in mortgages that would allow them to dispose of property under the borrower's default and without having to resort to the courts. Power of sale is now part of the Ontario Mortgages Act.

The Mortgages Act refers to two different types of power of sale: Contractual and Statutory. Contractual power of sale is when the mortgage documents have included power of sale provisions. Statutory power of sale is when the mortgage documents have not included power of sale provisions. While statutory power of sale is very rare, the lender can still exercise power of sale as long as the borrower has defaulted for three months or longer

Finding homes in Guelph or Cambridge that have been taken over by the lending institution can be a very profitable and ideal for a "flip". This of course takes a lot of hard work but can be quite rewarding

BEFORE

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AFTER

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Find Your Dream HomeFree Evaluation
If the time has come for You to "Find Your Dream Home", then I would love to help. New properties are listed every day. By filling out the form, I can have new Listings emailed to You as soon as they become available.The Equity in your home is like any other investment - it needs to be monitored. Homeowners should have their Equity evaluated once a year.
Now might be the perfect time...
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Did you know?

Did you know?

8 COMMON MISTAKES MOST HOME SELLERS MAKERENTING VS. BUYING, WHICH IS BETTER?
1. Failure to effectively market the property. Good marketing distinguishes your home from hundredsOne thing is for sure; we all know that we need a roof over our head.
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YOU CAN BUY A HOME WITH NO MONEY DOWN!7 HELPFUL TIPS THAT ENSURE YOUR LOAN PROCESS GOES SMOOTHLY
Is there such a thing as a No Down Payment Mortgage?The loan and mortgage process is a stressful and sometimes frust
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THERE ARE RENOVATION LOAN GRANTS:
This Grant offers financial assistance to low-income households
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Home Buying Assistance

Home Buying Assistance

OFFER TO PURCHASE FORMBUYING HOME CHECKLIST
Understanding the Offer to Purchase Form is essential once your house hunting expedition is a success! You have found the perfect home, one that satisfies your needs, most of your wants- and best of all, fits your pocketbook. Now comes one of the most important phases of your home-buying experience: making an offer to purchase the home.If you are buying a home, then, before you decide on whether this home is your dream home, the following checklist will help you look at prospective homes with a critical eye. We suggest printing this page and putting it on a clipboard. When you find a home that really interests you, mark the features you see and note their general condition on this list.
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