Kelowna Foreclosures For Sale
You’ve probably heard of foreclosures. Those are houses being sold by a lender, usually the bank, because their inhabitants failed to pay the mortgage for an extended period. You can find a lot of fantastic Kelowna foreclosures for sale, but it is crucial to have the right real estate agent. The process of buying a foreclosure is different than the usual process of buying a house.
In British Columbia, buying a foreclosure means getting the approval of the BC Supreme Court, and there are certain steps you need to take. The advantage of buying a foreclosed property is that you get to save some money, but don’t expect to get the property way under its market value. Unlike in other regions of the world, in BC the foreclosure buying process aims at getting a fair deal for the owner. This means that you won’t probably find such a property with a 50% discount off, but rather 20%.
However, 20% off means that you get to spend that money on improvements, a vacation or that lovely sofa you dream of, so it is worth it. The downside is that if you don’t work with a top real estate agent, you have little chances of getting the house of your dreams in a foreclosure buying process. A great realtor will have a list of foreclosed properties for sale, and they can send that list to you upon request. The better the agent is, the more diversified the list gets because information belongs only to the best.
What you have to know about foreclosures in Kelowna
- A foreclosed property is sold “as is”. This means that when you buy the foreclosed house, you are buying it not in the condition it was when you viewed it, but in its current condition. For example, if the house had impeccable siding when you viewed it and a month later, when your buying process gets approved, some of the siding has fallen, the seller is not responsible for the reparations.
- When you find a foreclosed house you like, you will submit your offer through your agent. They will let the bank know about your offer and, if the bank approves, you will get to inspect the house.
- If you are satisfied with the inspection, you can give a deposit and seal the deal. Only at this point will the bank request a court date to receive approval for the sale. This process can last between two and four weeks.
- At the established date, you and your agent will go to court. If you are lucky, you will be the only one showing up. If not, you will find several persons there that are interested in the house and are bidding against you. There you will get one last chance to increase your offer and give it to the judge in a sealed envelope. After that moment, it depends on the judge who gets the house.
- Unlike in any other cases, the highest bidder is not necessarily the winner. The judge will take into consideration the price, the deposit and the completion date. You have to understand that a foreclosed property costs the bank every day it stays in the bank’s ownership. They have to pay for heat, maintenance and other related costs, so their interest is to sell it as quickly as possible.
If you are the first one to make an offer on a foreclosed property, you have a great advantage. You have the time to inspect the house and get financing before you get a firm deal with the bank. These are called “subjects”, and you can include them in your offer to the bank. The other people interested in the property don’t have this privilege so if you want to increase your chances, you should try to be the first to make an offer. You can be the first one to find out about the property if you work with a great realtor. Lucky for you, Danielle Grundy is Kelowna’s best real estate agent and knows everything that moves in the real estate market. If you want to find out about the best foreclosures for sale in Kelowna, contact Danielle and ask her to offer you a list of those properties. You have the chance of finding the house of your dreams among them at an affordable price that will allow you to save some money.
Get a list of foreclosure homes for sale in Kelowna, Call Danielle at (250) 863-2433