Ian Klepsch specializes in foreclosures on Vancouver Island, and if you are in the market to buy a foreclosure home, call him today.
Buying a Vancouver Island foreclosure home can be a way to get your next home at a bargain price. That is not automatically the case, which is why it is best to work with a knowledgeable real estate professional who has experience with foreclosures on Vancouver Island.
While similar to buying any other home, buying a foreclosure property on Vancouver Island differs in that any sale must be court-approved. It is also a good idea to act fast when buying a foreclosure property as a court date may have already been set.
Things to Know About Buying a Foreclosure on Vancouver Island:
- Homes are bought as-is, which means offers are considered subject-free unlike in other home sales.
- When making an offer on a foreclosure property, you have to include a Schedule A. That is a document which absolves the owner/lender of responsibility, meaning it is your responsibility to fix up the property once purchased.
- Appliances are not included in foreclosure sales, as they are not fixed. If you are lucky, you might find some appliances on possession day.
- Always do your due diligence to ensure a deal is as good as it appears.
- Multiple buyers can make offers at the court date. The judge chooses the winning offer based primarily on the highest amount but also taking into account when the offer was made and when the buyer would take possession.