Foreclosure courtroom: what happens?
I found myself at the Vernon courthouse with a client trying to secure a home in Armstrong. My neighbour wanted to see a particular home that was in foreclosure near his mom’s house and asked me to show it to him. Armstrong is a little outside my comfort zone but I go to the IPE every year.….how hard could this be? If he secured the house maybe I could get free parking for the Armstrong Fair.
The Vernon courthouse is a beautiful building. If it’s not on a heritage registry it ought to be. Built a hundred years ago it’s loaded with oak and marble throughout and worth at least driving by the next time you’re through Vernon. The mood in this particular courtroom was folksier than what I’m used to in Kelowna. Everyone else seemed to know each other and they were asking about each other’s families making for a pretty good vibe despite the undercurrent of knowing that people are about to lose their houses. When one person asked for a two week extension prior to relinquishing keys because of a work related injury no one hesitated granting it. I think we all felt a little terrible.
The rules of securing a foreclosure in Vernon are the same as they are anywhere in BC. If you’re a buyer and have already agreed on terms with the bank you just hope no other interested buyer shows up wanting the same house. In our particular situation, the house we were interested in already had an agreed to offer from someone else of $175,000 with an original asking price of $225,000 before a price reduction to $199,000. There weren’t any other interested parties so it was just the two of us and the original buyer was allowed to resubmit a new offer. What to do? The first house the judge dealt with had four offers and ended up selling almost $30,000 above the original price. We decided the night before that our upper limit would be $200,000, meaning if someone else wanted it for $201,000 we weren’t going to lose any sleep. We wrote $189,100 as a price and crossed our fingers. To make a long story short, my buyer walked away with a house and pretty big smile on his face.
There are only 41 residential homes in foreclosure right now in Kelowna and even fewer condominiums (29). A lot of Realtors may shy from the work involved in buying a foreclosure but there are still good deals to be found with patience and persistence. It is good to work with an agent with courtroom experience and who knows how to work with unexpected events in the courtroom.
Send me your questions about Kelowna Real Estate or Foreclosures.
For a Kelowna Foreclosures and the top listing picks call Andrew Smith 250-979-8066 or Kelowna at http://www.okanaganbc.com/kelowna-foreclosures/ Over 22 years experience helping people achieve their dream of home ownership.
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