News

BUYING FORECLOSURES: 

Court Ordered Foreclosures are almost the opposite to a regular sale in BC. Usually the lender takes possession on behalf of the court, but does not take title. You must buy with no subjects, "as is", not on the day you look at the property (if you are fortunate to see the interior at all), but the day you take possession. It could be trashed as the pictures don't always show the damage. 

Bank Owned foreclosures are close to a normal sale or a mix of a court ordered sale and a regular sale.  If the property has been completely taken over by the lender including the title, it may be like a regular sale and subject to usual real estate rules. Often the lender takes over the property but doesn't take title in which case the sale is subject to court approval. Sometimes the lender takes over the property, and takes title at, or just before the court hearing. So you need to know the exact legal process involved to protect your rights. Lenders typically take title to the property when there is no hope of recovering any shortfall. 

Common mistakes:

1) Not knowing all the steps involved and losing out on a good deal by not being pre-approved

2) Buying a Bank owned property and thinking it's a court ordered sale

3) Paying too much at the court hearing by getting into a bidding war

4) Under- estimating the renovation costs and the time it takes to complete the renos

Contact us and we will give you our usual free advice. 

Facing Foreclosure or legal action

If you are facing Foreclosure, don’t go it alone. We can help you get to know your rights, and we can help you in dealing with the lender, or their lawyers. If it looks like there will be a shortfall, don't despair, most lenders want to work with you to make a sale happen, rather than face a larger deficit later. Don’t assume there is no hope, and don’t believe everything anyone tells you. Give us a call and let’s talk.