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

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Ian Watt The Risk of Buying a Vancouver Foreclosure

Vancouver Condo Real Estate Video Blog #708 - March 5,  2012

 

The Risk of Buying a Vancouver Foreclosure

 

Ian Watt video blogs about how there is very little recourse if the foreclosure you are buying is damaged between the court date and the possession date. 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 http://www.Chapter12.ca/ .

 

 

Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. Got an email from the viewer the other day regarding buying a foreclosure and he said I heard there is no re-course if the place is damaged in between purchasing the property in the court. And when you take a possession and that is a 100% true. In most cases you can’t do anything because nobody owns the property what happened is most banks they get this thing that gives them the right to sell it. They don’t own and they say as it condition so if you’re gonna buy a foreclosure make sure you head your bets and make sure you allow for some sort of damage if you’re buying for a market value and the tenants or the owners put about a hundred thousand dollars worth of damaged into that unit or that house before you take possession that’s your problem. Not the banks, not the lawyers and definitely not the old owners. What you gonna do? Sue somebody who’s bankrupt, it’s not gonna work out that favorably so make sure you pay attention to the price your buying a foreclosure at because most foreclosure in Vancouver sell at market value. They are not really a deal. 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!