As a BC real estate agent, one of the most frequent requests of my clients is how to find foreclosure homes. I'm not surprised by this request given there are so many TV programs on renovations, DIY, and flipping homes. A perception exists that there are significant bargains to be had. Buy a foreclosure, put in a little elbow grease, some stainless steel appliances, a natural stone countertop, some TLC, and a buyer can signficantly increase the value of their asset, right?
Maintaining, updating and renovating your home can definitely improve the value. But the foreclosure process is significantly different in Canada than in the United States. The same system of protection that caused Canada not to follow in the United States into a housing market crisis, protects the value of homes in the foreclosure process.
My first experience with a foreclosure began 12 years ago when my wife and I purchased a foreclosure as a family home. It was certainly more complicated than a standard home purchase. It was a learning process, and I've continued to build on that knowledge over the years. Through my experience, I have been able to walk my clients through the complexities of buying a foreclosure.
I have set up a new category of blogs called "Buying a Foreclosure". I will post a series of blogs about my personal experience, the foreclosure process, foreclosure buyer beware, and more. It you are interested in purchasing a foreclosure property in BC, please follow my blog series.