@sm_cmc @sm_cmc i saw a PSA listing today morning in Hamilton. 2 bedroom condo with 400+ maintenance which was sold for 630k last year i guess and they are asking for 530k now. I feel even 530k is not possible for a 2 bedroom condo in Hamilton in today's market. What do you think?

@CanIndian_Bro That’s a lot for a condo in Hamilton IMO

@sm_cmc Yes, but they MUST sell, so would be much more willing to drop prices and putting pressure on the market.

@balsindha They must, this is true, however there are guidelines they need to follow to ensure they get the maximum value for it as well.

@sm_cmc So in places where prices have dropped 35% like Innisfil from 12 months ago, you are actually paying a 23% premium from market value on these power of sales assuming lenders want the full 80% so no you’re not getting a deal ppl 😂

@MisterAtwal 🎯

@sm_cmc To clarify - if its a POS initiated by the lender, assume that they’re looking to recover balance outstanding vs market value? Can the client initiate POS and try to sell for more to cover fees and other expenses?

@romkozilvova Client would just list the property, not initiate POS. Lender is trying to recover costs and lent funds. Difference between their investment and sale price goes to borrower if it’s a POS.

@sm_cmc And lenders won’t drop their price and lose money (right now) 😅

@sm_cmc 100% you may just be buying someone else's garbage. Seller provides no reps or warranties. The ultimate Buyer beware 🫠

@sm_cmc When you factor in legal fees, realtor commissions, likely unpaid property taxes, locksmith, appraisals, accrued interest - that margin for recovery of the principal + any accrued interest shrinks considerably. A 2nd mortgagee if there is one will likely be SOL.

@sm_cmc If they're comparing it to the value of 12 months ago (pico top) and 'accepting' 80 cents on the dollar, lots of humble pie is on its way. Nobody is rushing to buy 20% dips from the pico top while rates are 4.25% HIGHER from 12 months ago as QT continues

@sm_cmc @daniel_foch "Off-Market" was like, so '21/early'22 "Power Of Sale" is sooooo 2023. Foreclosure will be so hawt in '24, guaranteed. Stale MLS listings just the ugly stepsister right now in the res investor world.

@sm_cmc Is a POS initiated as soon as the lender about to go into red? Meaning whatever original down payment was put up is poof gone?

@sm_cmc Exactly and there are multiple eyes on the property