If you are interested in buying a foreclosure, you need a realtor with excess foreclosure experience.
Foreclosures aren’t for everybody! Most of the time they need some love, someone to clean them up and care for them. Are you the type of person that is handy and can see past the mess? Maybe you are the perfect person to buy a Vancouver foreclosure. You might also be looking for a rental property and a foreclosure can be a great opportunity to get a great deal.
A lender can foreclose on a property if the borrower has stopped making payments on their mortgage. For the lender to foreclose on the property, they must commence legal proceedings through a petition for foreclosure. The borrower has a right to file a response. The court can then give the borrower a redemption period to allow them to catch up on the mortgage.
If the borrower has not caught up with their mortgage payments during the redemption period, the lender can apply for an order absolute. This order allows the lender to take possession of the property.
There are some extra steps you need to take compared to purchasing a home listed by the owners. BC Prime Real Estate Team can guide you thought the whole process of purchasing, planning, updating, renovating, and get you covered with all the trades you need & even materials discount. We will also provide with a budget and after reno evaluation.
Get Instant list of Foreclosures in BC here: