Kelowna foreclosures a good buy?

Posted by paige on August 29, 2011 | No Comments

Everyone wants to save money!

The trick is knowing how to do it.  Most people are under the impression that buying a property that’s in foreclosure is going to save them a lot of money… not necessarily so.  For a purchaser, buying a foreclosure is quite different than buying a home through a normal arm’s length transaction.  First of all, an accepted offer is what triggers a court date. If that offer happens to be yours, then any subsequent buyers wanting to bid on the home can attend the courthouse, find out what the original offer is (I know that sounds strange, but it’s public infomation), and show up on the court date with a higher offer in a sealed envelope.  Secondly, there is no Property Disclosure Statement but rather a Schedule A from the bank or lender saying they don’t make any warranties on the property. It’s really very important to every buyer considering a foreclosure that they not only work with a realtor experienced around this process, but that complete a thorough fact finding mission about the home, property, and neighborhood.

Knowing your way around the foreclosure process.

There are so many small details surrounding the foreclosure or court ordered sales.  This article is an example of things that can go wrong. If you’re wondering about this possible money saving route, please call Paige Guernsey direct at 250-862-6464. I’ve been involved in several foreclosures and can help you navigate the waters successfully.

Talk to you soon…

Paige