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Stop Power of Sale in Burlington
What are Power of Sale loans?Loans that are designed and processed speedily that focus on buyers who want to purchase a piece of real estate that is listed on the MLS as a power of sale... this is what Power of Sale loans are. But why is there a specific loan type that is directly tied into power of sale homes? Property and houses that are placed on the real estate market listings (the MLS listings) as power of sale and foreclosure sale are houses and property that are priced at fair market value. It is not the home owners that list their homes as power of sale, it is the mortgage holder. At some point, the home owner defaulted on their mortgage agreement and the mortgage holder, usually a bank, takes immediate, legal possession of the home & property. Once the mortgage holder has possession of the home, they then list it, by law, with a fair market value price tag (which is highly attractive to any buyers).
How do stop power of sale loans work?The lenders that offer Power of Sale loans know that the borrower may be under a tight deadline to make an offer on a power of sale listing, so these lenders move very quickly to make, process and approve applications. The most important aspect of Power of Sale loans is the property and house are accepted as the security against the loan, which makes a big difference to buyers that may not have enough collateral on hand at the time to place against the loan. Power of Sale loans are geared to have a shorter payout term, charge a higher interest rate then regular types of sizeable loans and require applicants to provide background financial information. Power of Sale loans lenders are aware that buyers could be facing a multiple offer situation because the house & property are listed at a fair market value price point, so these lenders are completely prepared to move quickly for buyers.
How can loans prevent the bank from liquidating your home via power of sale?Getting a home at a fair price point is always a big, gainful impact of a personal nature for buyers, even when it is listed at ‘as in condition’ because the savings of the purchase on the house alone can cover many renovations or updates. Power of Sale loans provides buyers with the ability to move quickly on a real estate deal, which is even more beneficial to buyers that intend to renovate for personal use or, for house flippers who love to turn a home around and sell it for a profit! Either way, Power of Sale loans is the best opportunity for a quick close on a real estate transaction!
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