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PRICE REDUCED! FORECLOSURE! BANK OWNED! 

FORECLOSURES:

Not for the faint of heart, nor for first time home buyers

by Geraldine Santiago

 

 

 

PRICE REDUCED! FORECLOSURE! BANK OWNED! 

 

When people think of foreclosures, they think it is synonymous  with ‘bargain’ or ‘cheap’, 'sale prices'. But when you are buying real estate in Vancouver BC, this isn’t necessarily so. The foreclosure process is not for the faint of heart, nor for first time home buyers.  

 


 

In a typical sale, chattels such as appliances (dishwashers, stoves, washer and dryer, window covers) are included in the purchase price.In a foreclosure, chattels are not included at all.  Previous owners can take away their appliances if they wanted to, and the new buyers will have to replace them at their cost.

 

 

 

For another, there is no property condition disclosure statement (PCDS) attached to the sale of the property.  In a regular sale, buyers can be assured that there is some type of recourse or assurances as to the condition and state of the property.  Typically all defects and deficiencies must be reported and stated in writing by the sellers so that the buyers will know what is wrong with the condition of the property. However, in a foreclosure, the buyer is accepting the premises on an ‘as is, where is’ basis on completion of the sale. This means that the buyers acknowledge and accept that there are no warranties or representations expressed or implied regarding the condition of the property. 

 

 

 

And lastly, a first time home buyer may avail of ‘no down payment programs’ when purchasing a home.  This is not the case with a foreclosed property.  A buyer of a foreclosed property should have a substantial amount for a down payment.   In a regular sale of a property, the offer and acceptance with the buyer and seller can take place relatively quickly. 

 

 

 

Foreclosures in Vancouver BC oftentimes experience competing bids which are sealed and subject to court approval.  This can be a long process where buyers are not only waiting for the paperwork and process to take its course, but also a process that might be more costly than buyers think.   The process of a foreclosed property is one that is not for the faint of heart, nor for first time home buyers, especially when purchasing in Vancouver BC.   For more information, contact me, Geraldine Santiago, your first time home buyer specialist!