This is probably the most challenging deals we handle.
If your client is in the power of sale stage, it is extremely important to find out the current pay out amounts, including all legal fees, and a time we must transact on before the more fees are added and derail the deal.
We will pay off all existing mortgage in default, judgments, collections and writs, tax arrears, consumer debts and consumer proposal, leaving a minimum of 10% equity to be held in escrow for a high ratio re-purchase in the future.
Income requirement is four times income to house value.
Closing cost in advance before the offer becomes firm:
$375 and Up for Appraisal
$600 and Up for File Activation Fee (when live, we pull title and personal search)
$475 Home Inspection
$300 Independent Legal Advice
Closing cost deducted from proceeds through a letter of direction:
1.5% Consulting Fee
1% Broker Fee for You
Collections, Writs, Judgments, Debts to be Paid Out from Proceeds