Home Rent to Own | Power of Sale/Foreclosure | Credit Management Homeownership Re-Engineering - How You Can Save Yo | Page 7

Power of sale homes – Myths Debunked
• Asking For Home Repairs
– When buying a home that is listed in the power of sale, it has to be
purchased the way it is. You cannot ask for repairs of any damage to the
property.
• Under Market Value Sale of Property
– It is just a misconception that the house under power of sale is sold
below the market value. The properties of the power of sale are to be
listed in the MLS system. Along with being listed it further have to be
appraised by a professional and credible appraisal personnel. So the
power of sale property is sold according to the market value and not
below it.
• Considering the Agreement Final
– One of the biggest myth about the power of sale homes is that people
consider it as a fixed deal. This means that the sale of the home is
confirmed at the end of the agreement. Unless it is mentioned in the
agreement, the lender has the authority to withdraw the agreement
borrower made if he completes his payments before the maturity of the
agreement.