Foreclosures in Vancouver BC
You might have heard a lot about foreclosure properties and that they could be much cheaper than regular properties. Here I will do my best to explain what are the foreclosure properties.
What are foreclosure properties?
A foreclosure (also know as court ordered sale) is a legal process in which a lender (usually a bank) attempts to recover a balance from a borrower who has stopped or is not able to make any more mortgage payments. The lender forces a sale of an asset used as a collateral for the loan (mortgage).
In other words. If a borrower (a person who took out the mortgage) is not able to pay monthly mortgage payments, the bank will file for a legal process called a foreclosure. Where the court forces the owner to sell his or her house or a condo in order to repay the balance of the loan owed back to the bank.
Learn more about foreclosure process in Greater Vancouver.
Now, you can see why foreclosures in Vancouver could sometimes be such great deals. When you are purchasing a foreclosure property in Lower Mainland you are not dealing with emotional sellers but instead you are dealing directly with court. If the offer you have presented is fair in the eyes of the judge your offer will be accepted.
When you have an experienced agent by your side the whole process could be very smooth and you could end up purchasing a property for a lot less than “assessed value”.
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