Thinking of buying a bank-owned home in Vancouver?

Posted by Liliana Sorescu on Monday, October 14th, 2013 at 4:07pm.

Bank-owned homes here in Vancouver still offer good value for the money. Whether they're right for you depends upon whether you're willing to deal with a bit of clean-up, fix-up, and uncertainty.
The uncertainty comes from not knowing the home's history.
Because the owner – the bank – has never occupied the home, they aren't required to provide a property condition report. Thus, any lurking problems are yours and your home inspector's to discover.
Next, since no one involved has ever lived there, there's no one who knows all about how to operate the various systems. If the furnace has some quirks – they’ll be yours to discover. If you need to find a hidden valve in order to use the sprinkler system, it will be up to you to search for it.
I do have a list of vendors you can call on if the investigation has you stymied.
Since you'll likely buy at a somewhat discounted price, you can use your extra funds to make the home your own – repaint, replace the carpeting, and maybe even remodel the kitchen. All that can be fun, but it does take time.
So before you decide you want to see bank owned homes here in Vancouver decide whether you are willing to deal with the uncertainty and whether you need a move-in ready home, or will enjoy the fix-up.  
Whatever you're looking for, I'm here to help you find it, so give me a call at 604 607 5474 and let's get started! 

Leave a Comment