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!