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

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Ian Watt Observes There Are Two Common Patterns With Vancouver Foreclosures

 

Vancouver Condo Real Estate Video Blog #625 - November 24, 2010

 

Ian Watt Observes There Are Two Common Patterns With Vancouver Foreclosures

 

Ian Watt video blogs about how he has Observed There Are Two Common Patterns With Vancouver Foreclosures - there is a Yaletown Lifestyle with the Sports Car and the Penthouse and then there is the people who have had there lifestyles change without notice. 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 want to talk to you about foreclosures. Everyone's got an assumption about foreclosures but what happens after you see a few of them. Start to notice there's some patterns and basically what I think and I could be off a little bit but what I think I can consistently see two different situations. You got the guy in Yaletown he has the couple of hundred thousand dollar car, he has the penthouse, he has the lifestyle and he's got no money market changes he gets into a tight spot and he can make his payments. That's one. The other one is people have life circumstances changes or health problems etc. They have a lot of equity and maybe some mental problems or something and they just kind of give up on what their lives was based on before. And they have a difficult time and they can't make their payments. Those who ones that rather interesting and that's like a whole course in psychology right there. But it's interesting because at the end of the whole process those people generally get a check back from the equity that they have in their property. Where's the other one with the flash lifestyle is definitely going bankrupt and has nothing has nothing to start all over again. It's rather interesting one is a lifestyle choice, one is generally a lifestyle change that they didn't see coming. My name is Ian Watt. If you have any questions about foreclosures. You can always email me at  ianwatt@ianwatt.ca. Thank you very much and have a great day!