Vancouver Condo Real Estate Video Blog #325 - May 26, 2009
Questions about Foreclosures from a Vancouver Condo Viewer
Ian Watt video blogs about an email received fromm a viewer asking about foreclosures regardings, dates, fees, and can anyone scoop the property out of your hands. 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 get emails all the time from people inquiring about real
estate, foreclosures, my video blogs or whatever. Today, I got an email
from somebody whose from an out of town purchaser not buying in
Downtown Vancouver just wondering about how it works in BC as far as
foreclosures are concerned. There were 3 questions I believe. The first
one was are there any additional cost to buying a foreclosure property
and actually it's very much like buying any other property. You have
your property transfer tax, legal fees, closing cost just typical like
anthing else but not like an auction where you have like 1% or 2% ser
charge when going through on buying a property. So don't worry about
that. Typical time line was another question. Well might take a month
before you can get a court date. First of all, you have to get an
accepted offer with the lender. Then goes to court for approval and
that might take a month then the closing after that should be within a
month but there's no exact science when it comes to foreclosures in
that regard. And the last question is, Can anyone scoop the property in
the meantime? Well, when it goes to court anyone could show up at court
and outbid you at that moment. So you have to go to court and make sure
you're there just in case you wanna up price your price at the last
moment in case someone else shows up. Those are some things that you
should be concerned with but once the judge has rubber-stamped it and
say " yeah, no problem the property is yours." it is yours no one else
can scoop it after that. If you have any questions regarding
foreclosures. My name is Ian Watt. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!