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

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Court Session Review for the Foreclosure at the Wall Centre Condo

Vancouver Condo Real Estate Video Blog #221 - January 14, 2009

Court Session Review for the Foreclosure at the Wall Centre Condo

Ian Watt video blogs about his day in court with the foreclosure property at 1810 - 1050 Burrard which is the luxury condo Wall Centre. 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.


Court Session Review for the Foreclosure at the Wall Centre Condo from Ian Watt Vancouver Condo on Vimeo.

Ian Watt: Hi good afternoon! It’s Ian Watt in Downtown Vancouver. Yesterday we were in court for 1810 at 1050 Burrard which call is call the Wall Centre was a pretty interesting court date. They were about six properties going through. Also prepare to the morning were they were ICBC claims and different will adjustments etc. going on and different applications to court. Was pretty interesting session. Now it took about 3 hours to get to my cases. We started at 9:45 and it ended up around 12:00 our case was heard. What happen in the last moment there were three offers that got submitted the original offer and two other offers and what it happened was the owner who had defaulted on the mortgage came to court as well to protect his interest. The judge actually granted the special case with our lawyer that they will accept the highest bid which was 525 and he has two weeks to accept. To pay for the mortgages that he had. He has two weeks to go through that one pay it off. If not it goes to the highest bidder. So we will know on January 27th. If it's a firm deal of if the owner has redeemed all his mortgages. Definitely a fascinating situation that I've never seen before and I recommend if you haven't been through a court ordered sale process you go and sit on one. Anyone the general public can go and sit on the court to see what happens. My name is Ian Watt. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!