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

Blog by Ian Watt

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Foreclosures Dont Always Mean The Owners Have No Money

Vancouver Condo Real Estate Video Blog #458 - December 4, 2009

Foreclosures Dont Always Mean The Owners Have No Money

Ian Watt video blogs about how Foreclosures dont always mean the owners have no money, it could be the result of cashflow problems. Therefore if you are in a situation like this with your Vancouver Condo, you might want to cooperate with the system and save some money. 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 wanted talk to you a little bit about this foreclosure that we just went through not so long ago. And the one who lives in the suite actually locked herself into the suite even though the new owners had taken over the property. They couldn't get possession but the property completed transfer of all the title etc., it was done. We couldn't get in there so we had to apply for some eviction notices the bills that had come out there and on top of that because she didn't wanna leave. They had to book movers and store lockers as well. Now keep in mind not every single foreclosures because somebody has absolutely no funds whatsoever a lot of people do have equity they don't just have cash flow. So if she hadn't any money coming to a very end of this. Chances are those extra bills couldn't been ten, fifteen thousand dollars. She could be avoided this by participating or just cooperating with everybody in the whole situation from start to finish, she could save a lot of money. Keep that in mind not every foreclosure is because people have zero equity. Sometimes it's just a cash flow problem. My name is Ian Watt and if you have any questions regarding foreclosures. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!