Home Rent to Own | Power of Sale/Foreclosure | Credit Management The Best Win-Win Options To Have A Home In Canada | Page 10

Power of Sales, Foreclosure: What’s the
Difference and What’s Better for You
• In the second scenario, the homeowner remains involved until
the sale is closed, the property is being handled by a real
estate agency which facilitates the sale and they can be held
responsible for any losses that occur during that sale. In each
cases, the ownership party gets to keep all profits that may
result after the sale.
• What might this mean for the actual buyer? There are many
risky situations and it is important to be aware of them so that
they can be avoided or settled beforehand. As a potential
buyer, there are a number of uncertainties that can arise and
swiftly cause additional payments. Let’s say in the instance a
bank is selling a house you are interested in, it is highly unlikely
they have done a full review of the property’s condition and
functionality. Should the buyer encounter issues such as mold
or plumbing problems, it then becomes their responsibility to
cover any associated repair costs. This is not exactly an ideal
situation if your budget does not include money for damages.