Foreclosures in Vancouver, BC
Foreclosures in Vancouver, BC
By Geraldine Santiago
www.vancouverhomes.info
For many, the word foreclosure conjures up ‘bargain’ or ‘cheap’ to real estate. However, when it comes to buying real estate in Vancouver British Columbia, where the price of real estate is still hot, it isn’t all that cheap!
Foreclosure happens after the owner of a property has missed months of mortgage payments. If the foreclosure happens because of personal hardship like a divorce, death, illness, job loss, versus a problem with the property itself, a buyer may be able to get a better price on the property.
However, foreclosure also happens if there is a problem with the property. In British Columbia, many home owners have experienced financial hardship due to the ‘leaky condo syndrome’ which still persists today. Many people who own a leaky condo today are not able to sell their property because of a future assessment for which the owners cannot pay. No lending institution will want the risk of such a property and so the property remains unsold. What buyer would want to purchase such a risky investment?
In addition, the foreclosed property might have been a grow-op or a crack house at one point or another. These types of property can be problematic to the average home buyer. Unless you know the risks, you might want to stay away for the time being. Fixing up a property such as this is costly and tearing the entire house down and rebuilding is even more costly!
If you are thinking of buying a foreclosed property, you might want to think again!