Foreclosures and Court Ordered Sales in BC
With all the hype of foreclosures in the US, particularly Arizona and California, many Canadians are wondering how they can take advantage of the same opportunities here in BC.
Foreclosures in BC are called Court Ordered Sales. The process of purchasing a court ordered sale is very different than in the US and even different from a typical real estate purchase.
If you or someone you know is interested in taking advantage of court ordered sales in Lake Country or Kelowna, please call us. The Share Team is very experienced and knowledgeable in working with court ordered sales and financial institutions.
Once a desirable property has been found, we write up an offer just like a regular home purchase with all the standard conditions.
Once the conditions are removed, i.e. Home inspection, financing etc., then that will trigger a court date for our offer to be viewed and approved by a judge. The Share Team attends that court date on the buyers’ behalf. Once your court date has been triggered your offer becomes public information. That means if another buyer is interested in purchasing the same property they will know what their offer needs to be in order to beat your offer. Therefore it is always advisable to attend the court date and have a new offer ready to present to the Judge with a higher price just in case other buyers show up to the court date. Of course we would establish a “cap” on the price you are willing to pay beforehand.Some important things to remember about your purchase:
- The home is “as is”, no warranties.
- There will be no property disclosure statement
- Appliances will not be warranted
- The home may not be in the same conditions as when you saw it. Many upset sellers may return to the home to tear out appliances, cabinets etc., or even cause damage. This is more of a concern in the US as we have not seen much of that activity in Canada.
Buyer and foreclosure or court ordered sale is a process that requires a great deal of knowledge and understanding of the process before you embark on this path it is advisable to work with a experienced realtor such as the Share Team. Lake Country and Kelowna have many properties that are court ordered sales at present. There has never been a better time to take advantage of a down market. The condominium market is flooded and prices are dropping. Many developers have gone bankrupt or have had to resort to renting out unsold inventory, so if you or someone you know would like to invest in real estate and would like assistance, just give us a call. Personally, we have never done well investing in the stock market and have always done well with real estate. At the end of the day the stock market can crash but with real estate you always have a tangible investment even if the value does go up and down a bit. Remember in time it will always go back up!