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Are foreclosures really a good buy?

Blog by Diane Cardoso | July 22nd, 2013

Is it easy to buy a foreclosure in Vancouver?

There are many pros and cons to buying foreclosure properties. The number one pro is potentially being able to purchase a property lower than assessed or market value.  Some of the cons are competing with other buyers right up until the final court date, not being able to inspect the property and difficulty arranging pre-approval financing. All contracts of purchase and sale on foreclosures must include the Lender's Schedule A and only one subject which is subject to court approval. At court date any/all buyers can attend and bring offers at the last minute. The accepted offer that triggers the court date is posted in the lobby of the courthouse for public information. 

Call me today if you would like more information on how to navigate the foreclosure market.