Power of sale listings are becoming more common across the Greater Toronto Area, and most people don't understand how the process actually works. Evelyn Lopes, Ruth Ballantyne, and Sandy Casella are joined by mortgage broker Michelle Brienza to walk through power of sale in Ontario from every angle: how it differs from a US-style foreclosure, what homeowners in financial trouble should do and when, and what buyers need to know before making an offer. From HST clauses that quietly kill deals to redemption rights that can pull a home out from under a buyer days before closing, this conversation covers the real mechanics behind power of sale, not the social media version. Real Estate Without The Noise, conversations that connect and cut through the noise.
Power of sale is showing up more often across the GTA, and there's a lot of misinformation floating around about what it actually means. In this episode, Evelyn, Ruth, and Sandy sit down with mortgage broker Michelle Brienza from Mortgage Alliance to clear things up. First, the difference between power of sale and foreclosure, because these two words get used interchangeably and they're not the same thing. In Ontario, the bank sells the home, but the original owner keeps any money left over once the mortgage is paid off. Next, prevention. What buyers can do from day one to avoid ever landing here, and why the timing of a phone call to your lender can completely change the outcome once life throws a curveball. Finally, the buyer's side. What a power of sale really offers, the appliances that can disappear before closing, the redemption rights that can kill a deal at the last minute, and the HST clause that catches almost everyone off guard. If you're a homeowner worried about your mortgage, or a buyer eyeing a power of sale listing, this episode is for you.
CONNECT WITH OUR GUEST:
MIchelle Brienza
Mortgage Broker with Mortgage Alliance
416-272-1173
michelle@michellemortgages.ca