Kelowna Foreclosures - What You Need to Know

by Jas Khunkhun

If your looking for a GOOD DEAL, consider foreclosures.

However, be careful, there is much to learn about buying a foreclosed property.  As of today there are 38 properties in foreclosure in the Central Okanagan starting at $112,000 for a home on leased land to $8,900,000 for 15 acres in West Kelowna with 1000 feet of waterfront.  If you want a complete list sent to you just email me at [email protected], you will get each new foreclosure as it is listed.

If you do consider foreclosure, then pay attention to the following:

1. The biggest one being is that the seller usually makes no representations about the property – it is sold “AS IS” condition.  You as the buyer must do all your due diligence so you have to be very careful with this.   Foreclosed properties  may be past grow ops, may be non compliant with the city, have mold or other water damage, and may have other illegal activity on the property.  You may even have to consider outstanding strata fees or even outstanding taxes to the CRA in some cases.

2. All offers are subject to court approval.  This means your dealing with the Bank, the Bank’s realtor, and the Bank’s Lawyer.  After your offer gets accepted by the bank, this will start the foreclosure process.  A date is then set to go before a Judge.

3. When you go to court, your realtor, the selling realtor, and often the legal representative for the seller are all present.  The judge will entertain other closed & sealed offers at this time.  The judge will decide which offer he will accept at this time.  Or if the offers are all too low, he may accept none of the offers.  The judge has complete discretion to do as they please.

4.  You have to ensure your financing is rock solid.  After the judge awards you the sale, there is no turning back.  You as the buyer are obligated to close usually about 21 days after the court judgement.

Foreclosures are a great way to get a DEAL, just be very  CAREFUL.

I’ve helped my clients buy lots of foreclosed properties, with excellent results.  That is why almost all my referrals are word of mouth !

My cell is 250 575 4366  – call me with any questions.