I'm Justin Konikow. Welcome to episode 127 of The Closers Daily. This one has to do with bank sales and power of sales. So we were actually at a investors workshop for a friend and client of ours this morning and they were actually talking about how there's a lot of coaching companies that actually come up from the States and try to use the REO and short sale and bank sales tactics that they work really well down there up here and they don't necessarily apply. And that is true. The way that we do business is Canada is very different than the States. So say for an example you default of your mortgage. Your bank takes back your property. What they're gonna do is they're actually gonna do the power of sale process and they're gonna get the fair market value for the property and they're gonna take all the expenses and proceeds out of the sale. Now you gotta ask yourself, what happens if there's any extra money? Well, bank has to keep it right? Wrong. It actually goes back to the seller in Canada. One example of why things are different up here than they are down in the States. There's a lot more intricate detail when it comes to that stuff. If you guys have any questions let us know and we'll get them answered for you.
Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”