We seem to be treading water at the 172 mark for total foreclosures in Kelowna. Lenders don’t discriminate who’s foreclosed on when you look at the numbers closely. An astute buyer can buy mobile homes, ski hill condos, lakefront lots, senior’s assisted living condos or standard issue middle class family homes. There was a big worry last year that the number of foreclosed homes with escalate to over 200 by this time but this doesn’t seem to be the case. There have been 87 foreclosure sales so far this year so our courts have been busy and efficient turning them over.
The foreclosure process it a bit different than purchasing a home or condo from a homeowner. Often when you go to view a Foreclosure property there is no owner living there. If there is a person living in the home they are deemed to be a “Tenant” or the home is vacant. Vacant is preferable for a buyer because then you have the opportunity to view exactly what the condition of the home is and what you could expect to receive on possession day. If the home is tenanted then there are no guarantees by the bank of lender on the condition of the home. “Buyer Beware.”
After you have written an offer on the property and had your home inspection and other conditions removed from the offer the bank or lending institute still has a condition “Subject to court approval” The home is still not yours until the offer is presented in court and the judge approves the offer. You will be expected to pay for the home within 10 days of acceptance of the offer.
If you want a list of all the Kelowna Foreclosures just drop me a quick email and I’ll get it out to you. Thanks.