Greater Vancouver foreclosure homes can be an excellent opportunity for first time buyers and investors to gain some equity with some savvy investing and a little elbow grease. There are as of November 29, 2012, 48 detached and 89 attached foreclosure sales in the entire area serviced by the Real Estate Board of Greater Vancouver. In the Fraser Valley Real Estate Board ther are 73 detached and 76 attached homes in court ordered sale. These numbers are typical and indicative of very stable interest rates but even during financial periods such as this people still get themselves in trouble financially and sadly, lose their homes.
Foreclosure homes are a bit complicated to purchase and generally do not suit most buyers due to the lack of certainty that comes with these purchases. The purchase is never certain until approved by the Court and the buyer can be outbid in court by a competing offer. The actual date of the court hearing is also out of the buyers control and can range from a couple of weeks to a a month or two. The buyer is compelled to complete the transaction, typically two weeks later.
These frustrations make it very difficult for someone who has sold their home to make a linear move into the newly purchased foreclosure home however these complications generally matter little to first time buyers and real estate investors. Because these de facto restrictions tend to limit the buyer pool the sale prices can also tend to be below what is considered Market Price. The key phrase is "tend" and exceptions always occur.
Having just any agent advise you through the foreclosure process is like having a Gas Station mechanic service a Ferrari. I and my Team are experts in the British Columbia Court Ordered Sale (foreclosure) process and deal with foreclosure homes almost every business day. If you are interested in Greater Vancouver & Fraser Valley foreclosure homes please call me direct or visit BC HOME FORECLOSURES
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