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

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How Much Do Vancouver Foreclosures / Court Ordered Sales Sell For ?

Vancouver Condo Real Estate Video Blog #715 - April 23, 2012

How Much Do Vancouver Foreclosures / Court Ordered Sales Sell For ?

Ian Watt video blogs about the myth that you will get a great deal when it comes to buying a foreclosure when the reality is that the past 56 Vancouver foreclosures have sold for 99% of the asking price. 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 iWatt Media © All Rights Reserved 2012.


Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. A lot of people are interested in foreclosures and court ordered sales and on our ForeclosureGo.com website it a lot of traffic there and it’s very interesting to see what people are thinking. Of course in the United States you can get great deals on foreclosures but just because it’s on that site it doesn’t mean your gonna get it for free or 50% off I blogged about this before everything need to sell at market value even foreclosures and court ordered sales and just because it’s a court ordered sales it doesn’t mean they’re bankrupt. It could mean that you know two people are going to a divorce and the court just wants them to sell it because they can’t agree on terms. However on our ForeclosureGo website you know we have a ton of stuff listed throughout Vancouver but in Downtown Vancouver they’re only eight foreclosures or court ordered sales on the Mls right now. In the last twelve months there have been 56 foreclosures sales or court ordered sales in Downtown Vancouver not that many I guess about five a month. Now if you take the average, the average is $486,000 dollars is the asking price. I’m sorry I just got to cheat here. The selling price is $478,000 on average a difference of 1% so if you think you’re gonna get a big discount on a foreclosure in Downtown Vancouver keep that in mind the last 56 that sold in the last 12 months sold at 99% of the asking price. My name is Ian Watt and if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!