Real Estate News

Interested in buying a power-of-sale property? Keep your emotions in check

buying a foreclosure
Associated Press file photo

When a home is being sold by power of sale it means the mortgage lender, not the homeowner, is selling the property. It’s a remedy available to a lender when the homeowner defaults on their mortgage.

As a buyer, there are some important things to consider about power of sale transactions.

Don’t expect to get a discount just because the emotional attachment of the homeowner is removed from the equation. The lender is obligated by law to get market value for the property. Speaking of emotion, don’t fall in love with the refrigerator or any other appliance. They won’t be included in the sale if the lender doesn’t have ownership of those appliances.

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