If you’re a buyer agent, you’ve likely fallen into one of two camps when it comes to power-of-sale properties:❌ Treat them like a standard resale (dangerous)❌ Run for the hills the second you see “Power of Sale” (unnecessary) Neither is correct. And here’s why 👇 THE SELLER IS NOT THE HOMEOWNERIn a normal resale, the seller knows the roof’s age, the leak history, and which light switch does what.In a power of sale, the seller is the lender—and they know very little about the property’s bones, permits, or ghosts. They’re there to recover a debt, not to give you a warm fuzzy tour. THE REAL RISK = CONDITION, NOT THE LABELMost POS properties are sold “as-is, where-is.”That can mean:🔧 Hidden damage🐜 Pest issues📄 Open permits🔑 Vacant & uninsurable🧑🤝🧑 Tenant complications But that doesn’t mean walk away—it means price the risk properly. THE SCHEDULE IS THE DEALThat Power of Sale schedule isn’t boilerplate—it’s the rulebook.It often:✔️ Overrides your standard clauses✔️ Limits warranties✔️ Confirms as-is status✔️ Dictates closing mechanics 📌 Read it before you submit the offer. Have the buyer’s lawyer review it before they go firm. These schedules vary wildly—don’t assume they’re all the same. HOW SMART BUYER AGENTS PROTECT CLIENTS:✅ Get the schedule early & read every word✅ Explain “as-is” in plain, honest language✅ Push for contractor opinions & inspections pre-offer✅ Address insurance, financing, & title issues upfront✅ Get legal eyes on it early—not after the fact NEGOTIATION TIP: TIME > AGGRESSIONLenders are rigid early on. But if the property sits? They get flexible. Patience often wins better terms than a lowball ambush. BOTTOM LINE:POS properties can be great buys—but they aren’t automatic steals. The discount usually reflects the condition, not the label. Don’t be careless. Don’t be scared. Be prepared. That’s how you protect your client and get the deal done. ✅ #PowerOfSale,#RealEstateAdvice,#BuyerAgentTips,#OntarioRealEstate,#AsIsWhereIs,#MortgageeSale,#RealEstateRisk,#DueDiligence,#AgentEducation,#REBubble,#PropertyInvesting,#RealEstateLaw,#HomeBuyingTips,#LenderSale,#RealEstateMistakes,#POSProperties,#TorontoRealEstate,#GTARealEstate,#RealEstateAgents,#ClientProtection,#SmartBuying,#RealEstateNegotiation,#ScheduleA,#TitleInsurance,#ConditionReport,#RealEstateTruths,#AgentLife,#MortgageLender,#InvestmentProperty,#RealEstateStrategy This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit mandeeptoorrealtor.substack.com
