Toronto, ON -- (SBWIRE) -- 11/23/2015 -- For those looking to buy a home under a power of sale, the search just got a little easier. The experts at Power of Sales Ontario have created a new property listing site just for homes being sold under a power of sale or foreclosure.

Power of Sales Ontario is a site which specializes in helping homeowners who may be facing power of sale or foreclosure throughout the province, and particularly in the Toronto area. The site also provides support to those looking to buy a property through a power of sale.

When homeowners fall behind on their mortgage payments, lenders can be given "power of sale", which means given the right to sell the property in order to recoup the money lent to the homeowner through their mortgage.

Power of sales are the preferred option for lenders in many Canadian provinces, including Ontario.  Although hundreds of these properties are on the market, they are not easy to find.

"In Canada, homes being sold under a power of sale just aren't advertised like in the United States," says Ron Alphonso, President of Power of Sales Ontario. "There's been a demand for this type of website for years. Instead of being frustrated that it didn't exist, we decided why not create it?"

Power of Sales Ontario's new property listing site will help buyers by making these homes easier to find. Currently, lenders are required to list these properties on the Multiple Listing Service (MLS), but they can easily be missed as they aren't clearly identified as such. Experienced real estate investors can often spot them, in part by the "being sold as is" statement included in the description. However, in cities with hundreds, even thousands of listings, combing through each one can be a full-time job.

Power of sale homes are popular with real estate investors looking to get the best deal. These properties are fixed up and rented out to create monthly income, or flipped for a quick profit. Properties sold under a power of sale can give investors a better return on investment, as they can sell for under market value.

Before buying a home under a power of sale, buyers need to be informed of the rules surrounding these transactions. Clauses stating the property is being sold "as is" are standard – the sellers give no representations or warranties of any kind. The sales are also completed quite quickly.

These factors can scare away inexperienced buyers. They can also cost bargain hunters thousands of dollars in unexpected repairs if a proper inspection was not done.

"It's important to get legal advice before buying a power of sale property," says Alphonso. "A good real estate agent and a professional home inspection are also a necessity. Surprises aren't usually a good thing when buying a home."

For more information on power of sales and foreclosures in Ontario, visit Power of Sales Ontario's website. For free advice, contact Ron Alphonso and his team at 647-793-8792 or email ron@powerofsalesontario.ca. Ontario-based power of sale property listings can be accessed anytime here on their website

Contact:
Ron Alphonso
Power of Sales Ontario
647-793-8792
Toronto, Ontario, Canada
ron@powerofsalesontario.ca
http://powerofsalesontario.ca/