Foreclosed properties a deal?

'Home Foreclosures Skyrocket in Kelowna', 'Number of Foreclosures Rising in the Central Okanagan' are news titles hitting the air and net waves the past couple of days.

Okanagan Mainline Real Estate Board (OMREB) shows as of today 173 court ordered sale properties whch includes 5 lots, 1 manufactured home, 78 single family residential and 89 strata (apartments and townhomes).

When a buyer makes an offer on a court ordered sale property, a Schedule A forms part of the Contract of Purchase and Sale.  Heads up ~ this document basically protects the owner of the court ordered sale property and YOU, the buyer are acknowledging that you're purchasing the property "As is, where is, with no warranty or representation'.  That means no Property Condition Disclosure Statement  is provided, no chattels or appliances are included and if they are left on the property there are no assurances that they work or will work and no assurances on the condition of the property inside and out.  Deal?

Furthermore, when a scheduled court date is given for a court ordered sale property it is not unusal to have competing offers and the property selling over list price.  Deal?

Purchasing a court ordered sale propety is not for the faint-of-heart buyers.  Might you be better off choosing a well cared for home that is not a court ordered sale where a Seller has taken good care of their property?  Deal?

Insight into Kelowna Foreclosure Activity

Home Foreclosures Skyrocket in Kelowna

Number of Foreclosures Rising in the Central Okanagan

39 percent of January 2012 Central Okanagan courted ordered sale property sales were in Kelowna (9) and 47.8 percent in West Kelowna (11).

In 2011, 47.8 percent of Central Okanagan court ordered MLS sale activity were in Kelowna (79)  and 26.6 percent in West Kelowna (44).

For non-faint-of-heart buyers wanting to be on a personalized search for Kelowna area court ordered sale "active' listings....