Most buyer when they look at the Listing price of a power of sale property, expect that the listing price should be a lot less than the regular Listing prices in same area.
There is a Solid reason behind that listing price. Which is, when A lender(a Bank), who sells a property for less than the outstanding debt, may sue the owner of the property for the shortfall. Likewise, the owner of the property may sue the lender(The Bank) if they can prove that the sale was made for less than the value of the property.
So the lender has an obligation to List the property for the fair market value. However they can sell for lot less than actual market value.
The lender try very careful that the property is not sold for much less than this amount because they will either lose money, or open themselves up to a lawsuit from the owner. But if you are being represented by a professional Realtor who knows how to negotiate with banks and knows power of sale process inside out, there are great chances that you can end up saving a lot of cash in your pocket after the purchase.
As a professional Realtor I myself dealing in power of sale proeprties since last 7 years and have a very healthy success rate in winning offers for my buyer clients in Bank sale deals.
I can only help those people who hire me as their representative.And the best thing for those buyers is that they dont need to pay me anything since i get paid my commission by Seller(The Bank). So if you are thinking to buy within next 6 months, please feel free to contact me through Phone call,Text(905-598-0725) or email and ask me about my VIP Buyer Program to save thousands of your dollars.