Ian Watt Vancouver Condo Real Estate Video Blog #752 - April 7, 2013
If You Heard Rumours About A Leaky Condo Call CMHC
Ian Watt video blogs about how there is a good way to confirm rumours of a leaky condo and thats by calling a mortgage broker, a bank, or call CMHC and ask if the address in question has been flagged or people are not getting financing based on engineers reports. 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. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright Ian Watt © All Rights Reserved 2013.
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. I want to talk to you about finding out some information before you even write an offer about a particular building. When I’m unfamiliar with the building there’s a few things that I can do to find out I can call some of the realtors who done some past sales in the building or past listing that didn’t sell. On top of that I can call my mortgage broker friends and ask if any of the banks have put up a red flag next to that building now on top of that the biggest one I think is contacting CMHC because CMHC will not lend on any trouble buildings and they do refused people based on engineers reports or based on inspections etc. they find out information if that building is in need of work. I called regarding an address last week and CMHC said no problems with that building even though I heard a lot of rumours about that building they said no problem in the last 12 months we’ve had three approvals for high financing. Which is pretty interesting it goes to show you that CMHC doesn’t have an issue with it, the banks don’t have an issue with it there’s just been some rumours from perhaps some miseducated realtors out there and those realtors should call CMHC to find out for themselves My name is Ian Watt if you have any questions of course call your mortgage broker, call CMHC or you could always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!