Home Rent to Own | Power of Sale/Foreclosure | Credit Management Do You Want To Become A New Homeowner Or Stop Fore | Page 8

Power of Sale: Options and Myths
• Myths
• The power of sales takes no time: This is true that the power of sales takes less time than
other home sales but it does not mean that it happens overnight. There are still much
paperwork and legalities that should be completed before you take the property
ownership.
• The deal is final: It is one of the biggest myths about the power of sale. If specified in the
agreement of purchase, the lender or bank has the right to cancel the deal anytime, if the
power of sale owner of the property catches up on the payment of mortgage before the
deal closes. It is your duty to consult a lawyer before signing the agreement of purchase
and make a clause that the deal must go through even if the property owner is able to
make their mortgage payments again.
• Properties sold under market value: When it comes to the power of sale properties, it may
seem like a very good deal but in fact, they are sold as per their worth and not under the
market value.