Due to Windsor's Economic Condition, Banks have been offering an increased number of homes for sale under "Power of Sale".  Here are some important things to consider before buying a Power of Sale Property....
1. INSPECT, INSPECT, INSPECT - Banks do not give warranties or representations so you have to know what you're buying before you buy it. Often times, lenders ask you to sign a form acknowledging that they are not giving you any warranty on the property and you are buying the home and the appliances (if any) in "as is" condition. Make sure you hire a certified home inspector and ask him to do a complete report before you buy.
 2. NOT ALL POWER OF SALES ARE GREAT DEALS - Do your research on the comparable sales in the neighbourhood. If you are buying a power of sale you are getting no representations or warranties from the Bank, so you should be buying at a little lower than market value. Ask your Real Estate Professional to do some research on comparable homes that have sold in the neighbourhood to establish the value.
 3. GET THERE FIRST- Many times these homes come up at great prices and they sell fast. If you're first in before the competition gets there you have an advantage. The only way to ensure that you know about the listing first is by working with a VALENTE REAL ESTATE Salesperson.
 4. MAKE YOUR OFFER - If you found a home that you feel is a good buy, don't hesitate. Make your offer immediately.
 5. MAKE THE OFFER CONDITION FREE - Try to limit your conditions in the offer. Banks don't want to see a lot of conditions in offers. Try to arrange your financing before making the offer, and if you can, do the house inspection first.
 6. MAKE YOUR BEST OFFER -  Many times when making an offer on a Power of Sale, you will be in a multiple offer situation. When that is the case make your offer with as little conditions as possible - and put your best price forward. You probably won't get another chance.
 7. DO NOT GET EMOTIONAL - In this market there will always be better deals.  If you get too emotional about the home you are making an offer on you might end up making a mistake by paying too much for it.
 8. DON'T BE AFRAID TO BID OVER LIST PRICE - Sometimes these homes come for sale at well below market list prices. Consult your Valente Agent, and if you feel that the value is there and you're in competition with other buyers - it is not uncommon to buy at over list price and still get a great deal.
 9. ASSESS THE REPAIRS BEFORE YOU BID - Some of these homes are not in the best of shape and may need immediate repairs after purchase. Make sure that you have a good idea of the cost of the repairs. Costly repairs can turn a great deal into a nightmare if you don't do your homework.
 10. GET PRE-APPROVED FIRST - It is important to talk to your Mortgage Centre Broker before you start looking for properties. Your Broker will assess your current financial situation and will be able to pre-approve you for a mortgage, or even suggest certain strategies to get you a lower mortgage rate. There can can nothing more frustrating than searching for (and finding!) the perfect property, only to be denied financing (for any number of reasons) later.  Get approved for your mortgage first.

Now that you have the knowledge, CLICK HERE to start searching for your Power of Sale!