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Order Appraisal Report Call 416-282-4111 Fri Dec 2nd, 2016

POWER OF SALE

There is a great  myth  and misunderstanding about properties being sold under "Power of Sale".  The general comment is that "properties can be purchased for well below market value".  Related to other similar neighbouring properties this could be true, but there is more to it.

The fact is that when a mortgagee sells the property under the Mortgage Act and related mortgage documents they are acting as "trustee" for all interests involved with the property including their own.  The mortgagee usually obtains appraisals to get independent professional opinions as to the value and marketability of the property.   Order an Appraisal

Since the owner or mortgagors of the property were not able to make the mortgage payments they were also probably not able to upkeep the property and may have deferred or not repaired  many regular maintenance items of the property.  At the end of the day the property maybe in a "rundown" condition.  Roof  requires shingles, broadloom floors are worn or stained, hardwood floors require refinishing, heating system requires updating, kitchen or bathrooms are an older style and so on...   So, did the property sell for below market value?  No!  The property sold for "market value" in relation to other comparable properties that were better maintained.  The mortgagee is obligated to sell the property for market value.  

We at INHOUSE Appraisal Corp. specialize in residential real estate appraisals, valuations, and consulting in the Greater  TORONTO Area (GTA), Ontario Canada.  Our Appraisers are designated members of the Appraisal Institute of Canada.  We provide a wide range of real estate evaluations, valuations and appraisal assignments for mortgages, employee relocation, accounting, selling, listing, divorce, litigation and power of sale for Mortgage Companies, Banks, Trust Companies, Credit Unions, Lawyers, Accountants, Real Estate Agents, Financial Planners and Home Owners,  For Sale By Owner - FSBO.  Our service area includes: Toronto, North York, Scarborough, Etobicoke, Mississauga, Markham, Richmond Hill, Thornhill, Vaughan, Woodbridge, Pickering, Ajax, Whitby and Oshawa.  Regions serviced include Toronto,  York Region, Durham Region and Peel Region.  Michael A. Roman, CRA, FRI, PLE, CRF is Senior Appraiser and Real Estate Broker and has testified as an expert witness in residential real estate.

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INHOUSE APPRAISAL CORPORATION
Box 6107, Station "A", Toronto, Ontario, Canada   M5W 1P5
33 Ivan Road, Toronto, Ontario, Canada   M1C 1V1
Phone 416-282-4111                       Fax 416-282-7353
REAL ESTATE APPRAISERS AND CONSULTANTS
Info@ihac.com,

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Top 10 Reasons | Qualifications | Request Info | Fraud Prevention | Electronic Reports
Mortgage Appraisals | Relocation Appraisals | Listing Appraisals | Buyer Appraisals
Renovation Appraisal | Divorce Appraisals | Litigation Appraisals | Power of Sale
Estate Appraisal | Accounting Appraisal | Property Tax Appeals
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