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

Blog by Ian Watt

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Foreclosure Laws Protect The Homeowner in British Columbia

Vancouver Condo Real Estate Video Blog #416 - October 2, 2009

Foreclosure Laws Protect The Homeowner in British Columbia

Ian Watt Video blogs about how unlike the US foreclosure market, the foreclosure laws protect the homeowner in British Columbia. 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. Just coming back by foreclosure friday. It's been our weekly activity to deal with the foreclosure that we have on East 8th avenue. Now, I get this all the time from people in the United States. Why is it so difficult to deal with the foreclosures in British Columbia? Well in British Columbia. I've said it before but I'll say it again. The province of British Columbia probably the laws in Canada as well really protect the homeowners. So the homeowner can stay in the property and hopefully the person is cooperative but they can make things difficult. In the United States they tend to kick people out and sell the property for the best price possible to suit the banks just to get them off the table. But in Canada they try to get market value for the property so the owner are not left with negative amounts of cash. Sometimes it does happen that way but they trying to do their best to allow the homeowner eventhough they've lost their home. To suffer as little as possible. It's a good thing if you're going to a foreclosure. If I were going to a foreclosure myself personally I definitely want this system as a post to system to the United States. However. it is very difficult to deal with if your the realtor. My name is Ian Watt and if you have any questios regarding foreclosures. You could always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!