Not another blog about foreclosures in Kelowna…Haven’t we read all there is to read on this subject? I won’t go into too much detail with foreclosure statistics because you can get those anywhere on the web but let’s start there. One paragraph of numbers is all I’ll put you through today.
In all of 2003 there were 26 residential foreclosures listed for sale on our MLS system. Over the past 12 months there have been 206 court ordered sale listings on the same MLS system.
Stats part over. What used to be an insignificant part of our Kelowna real estate market has become a determining factor in market value for a lot of families. 7% of residential sales today are from Kelowna foreclosures through the court system and although prices are increasing, the stubborn foreclosure number doesn’t appear to be going down.
I showed up with one of my clients last week at the Kelowna Courthouse to make a competing offer on a townhouse in North Glenmore. There was already an accepted offer and my client wanted to bring a competing offer. Nothing too dramatic happened that day really with the good news being that my buyer bought himself a home. The interesting part is how routine the court ordered sale process has become these days. Realtors are in court so often these days we’re starting to recognize the courthouse staff, have a favorite parking lot, know who the tough judges are and have our favorite lawyers. We’re in court so frequently now it’s just become a regular Thursday morning. The strategies of securing a home in court for our client are exciting and evolving but the dark cloud hanging over us is that there are just too many homes selling this way these days. I hope we see the days of 2 foreclosures a month again instead of 3 a week.
Contact me for my report on Four common mistakes most first time foreclosure buyers make and how a savvy realtor will help you avoid them.