Do Not Confuse Foreclosure With Power Of Sale
There seems to be some confusion out there in regards to foreclosures in the Canadian real estate market. Many people hear about homes in the States going for next to nothing because of foreclosure proceedings and many home buyers in Ontario are trying to get the same types of deals by looking for homes that are under power of sale in Mississauga and other cites. But in Ontario foreclosure and power of sale are not the same thing and most homes that are taken over to be sold by the bank is sold under power of sale. This means that the property is put on the market in an attempt to get fair market value regardless of how much is owed on the mortgage so the home is not really discounted.
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