When buying a foreclosure, be prepared for surprises, says Vancouver realtor Russ Macnab. Even without the crime element, homes that have sat dormant for months or even years have likely been exposed to the elements and thus have a substantial risk of some kind of damage: mold, impaired plumbing, wood rot, termites – things that require substantial outlay to fix, making that bargain price tag less of a bargain.
Buyers have the unique opportunity to pay below-market value for homes which wouldn’t be available to them under normal circumstances. Auction companies hold huge auctions, sometimes selling as many as 100 homes or more in a single day. Instead, typed in capital letters across the top of the page were the words CITATION — FORECLOSURE.” Riggs, a trim 39-year-old technician at a semiconductor equipment plant, felt like his chest was going to pop open.
Buyers can go to a specific area …
