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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

Blog by Ian Watt

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The Risks involved with buying court ordered sale Condos by Ian Watt

Vancouver Condo Real Estate Video Blog #179 - November 10, 2008

Some Risks with Court Ordered Sales

Ian Watt video blogs about some risks with some risks with court ordered sales. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real estate Video Blogs.


Ian Watt: Hi good afternoon! It’s Ian Watt in Downtown Vancouver. I'm not here to tell you that court ordered sales are not a good way to go. I'm here to tell you there are some risks involve. Now the property is as is where it's condition. It means where the court or the creditors have no idea exactly on what is happened to the property and they're gonna guarantee appliances or things that are not actually part of the physical property. Now there are situations were the appliances are in there. However, the guy who defaulted on its mortgage. Might take them all and sell them between the time that you bought it and the time that you completed on the purchase. And there were times were the sellers who are really upset that you took their property. They kick in the walls and punch the walls and damage the property and you know what it's as is where is. So, the court is not responsible, the creditors are not responsible for the condition of the property and people have to understand that. Your buying it in that situation. Now there been some extreme cases for example somebody stealing the bath tubs and you know car them out to the track as your moving truck is come in and unfortunately that is the situation or risk that you have to assume. And the courts are not going to guarantee anything. So court ordered sales you might get a great deal on a court ordered sale. We have to remember there are some restrictions involve that are different in just buying from general property. My name is Ian Watt. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!