Are foreclosures worth buying in Canada? Podcast FULL Episode – #44

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Are foreclosures cheaper in Canada? // Foreclosure laws in Canada are much different than the US. The lender has to get fair market value and court approval. // Final sale prices are generally not much cheaper than market price. The risks to the buyer may negate the small savings they could get on a foreclosure.
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Hosted by Matt Brabbins and Jeremy Rae of RE/MAX Advantage Realty in New Westminster BC. Geoff McLennan is away for this episode.
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From our Podcast – Multiple Offers: A Real Estate Show. Available wherever you get your podcasts.
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0:00 Intro and News – The BC Government announces a plan to register pre-sale assignments in an effort to tax profits. Will this help housing affordability?

10:32 Why does a home go into foreclosure?

15:02 You’re a buyer, how does it go if you find a foreclosure you like? The process of getting an offer accepted.

19:53 Waiting for your court date. You win the sealed bid auction at court.

29:06 What are the consequences if you lose in court? How long to wait until possession? You take the home “as is, where is”. There is a lot risk associated with that.

42:25 Storytime – A foreclosure that resulted in a 24 hour security guard at the house.

48:07 Question of the Week – Last minute, surprise question from Matt.

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