Multiple bids on Kelowna foreclosures
Posted by paige on January 31, 2012 | No Comments
I’ve been to court 4 times in the last month seeking the court’s approval on foreclosure sales. All but one had multiple bids!
Balanced Real Estate Market?
Last year most of the foreclosure sales I attended did not have multiple bids. Having more than one bid usually means the price is going up. In the last 3 sales recently the prices were bumped up on multiple bids an average of $17,000 each! The higher prices help to maintain prices in any given strata complex or neighborhood. This is of course good for homeowners in the area.
More Kelowna Foreclosures coming?
Last year at this time we hovered at just over 100 court ordered sales. Today there are 153. The prediction is that there are more coming as those folks who need to sell and have been waiting for the market to change are finally faced with the fact that things aren’t changing drastically any time soon.
Foreclosure information
With 25 years Kelowna real estate experience and having handled a large number of court ordered sales and/or foreclosures I’m able to answer all you questions surrounding this process. A foreclosure or court ordered sale is much different than a regular arms length transaction. Call Paige Guernsey, an experienced Kelowna real estate agent, direct at 250-862-6464 for more information.
Talk to you soon…
Paige
