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!