Do properties under “Power of Sale” necessarily sell for a bargain price?
No, they do not. The lending institution that holds the mortgage to the property must make every concerted effort to get the highest and best price for the home based on the market conditions at the time. They must try to get enough money to pay the mortgage off. Anything over that amount will be given to the past owner of the home. Anything under that amount the bank may likely sue the past owner for, if possible. Lending institutions also do not warrant anything in the home and do not even guarantee you a deed on closing. It may also be your responsibility to pay any liens outstanding on the home, if there are any. That may be the only way to obtain clear title. • How do I know that I’m paying fair market value for my purchase? A good REALTOR®, after discussing your wants and needs, will show you homes that suit your interests and your pocketbook. After seeing a number of homes you will be able to assess for yourself what you like and dislike, and also what is the better deal for the
