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

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Questions about Foreclosures from a Vancouver Condo Viewer

Vancouver Condo Real Estate Video Blog #325 - May 26, 2009

Questions about Foreclosures from a Vancouver Condo Viewer

Ian Watt video blogs about an email received fromm a viewer asking about foreclosures regardings, dates, fees, and can anyone scoop the property out of your hands. 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 get emails all the time from people inquiring about real estate, foreclosures, my video blogs or whatever. Today, I got an email from somebody whose from an out of town purchaser not buying in Downtown Vancouver just wondering about how it works in BC as far as foreclosures are concerned. There were 3 questions I believe. The first one was are there any additional cost to buying a foreclosure property and actually it's very much like buying any other property. You have your property transfer tax, legal fees, closing cost just typical like anthing else but not like an auction where you have like 1% or 2% ser charge when going through on buying a property. So don't worry about that. Typical time line was another question. Well might take a month before you can get a court date. First of all, you have to get an accepted offer with the lender. Then goes to court for approval and that might take a month then the closing after that should be within a month but there's no exact science when it comes to foreclosures in that regard. And the last question is, Can anyone scoop the property in the meantime? Well, when it goes to court anyone could show up at court and outbid you at that moment. So you have to go to court and make sure you're there just in case you wanna up price your price at the last moment in case someone else shows up. Those are some things that you should be concerned with but once the judge has rubber-stamped it and say " yeah, no problem the property is yours." it is yours no one else can scoop it after that. If you have any questions regarding foreclosures. My name is Ian Watt. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!