The British Columbia Real Estate Foreclosure Process

Kamloops and area home listings including judicial sales and foreclosed properties click here.

Foreclosure Home For SaleThe foreclosure process is a mystery to many people. There are many misconceptions about purchasing a foreclosure property. It is more complicated than making an offer on a home that is not in foreclosure. I want to shed some light on the process and what buyers can expect. Also, if you have found yourself in a situation where you are nearing foreclosure, this will help you figure out what to do to avoid a judicial sale or foreclosure.

Judicial process begins with a demand letter sent to the borrower which gives the borrower a short amount of time to pay off the mortgage. Once the demand letter is sent to the borrower a petition is filed in the BC Supreme court which starts an action called the Order Nisi that gives a redemption time to the borrower. The redemption period, which is usually six months, is given to the borrower to redeem the mortgage. This can be done by the borrower attempting to sell the property.

After the Order Nisi, one of two things will happen. The petitioner will chose to have the property listed for sale by the court by way of a Judicial Sale through a Realtor. At this time, the lender will receive an order approving sale where the borrower will be responsible for any shortfalls between the borrowed amount of the mortgage and the sale amount.

The second option for the courts is an order of absolute foreclosure. If the redemption period has expired and if:
1. The property is worth the same amount as the mortgage debt or more,
2. The respondent borrower is judgment-proof (i.e. no assets or money to apply towards deficiency) or
3. There are no offers under a judicial sale; the lender can seek an absolute order of foreclosure, under which the lender becomes the new registered owner and all borrowers are wiped off title. No further action can be taken against the borrower after the court has granted the order absolute.

Once a judgment is placed against a property it is placed on the market with a Realtor. At this point a buyer can make an offer on this property. The purchase process for a foreclosed property is not like a property that is normally listed that is not under foreclosure. What happens is:
1. The buyer makes an offer to purchase the property and there is a subject period where the purchaser removes subjects such as home inspection, title search etc.
2. The subject free offer goes to court. Once in court the vendor’s lawyer presents the offer to the judge. (known as the Master in Foreclosure proceedings)
3. The Master asks if there are any other parties in the courtroom who want to submit an offer. If not, and the offer is market value, the Master will approve the sale. If there are competing offers the Master will instruct all parties including the original purchaser to leave the courtroom and resubmit their final subject free offer in a sealed, envelope to the vendor’s lawyer.
4. After all offers have been submitted the Master reviews the offers and approves the best offer.

All offers made at the court level must be subject free offers. As you can see, buying a foreclosed property is not as simple as many think. Even if you have an accepted offer on a foreclosed property, there is a high likelihood that there will be other offers once you reach the court proceedings.

I have not seen many foreclosures or court ordered sales come on to the Kamloops market recently. I do believe however, that we will see an increase in foreclosures and court ordered sales in 2009 and into 2010. Many home owners are over extended with debt not only in their homes but also personal credit card debt, personal loans and loans on vehicles.

Open House Weekend: February 14 & 15, Kamloops

For up to date Kamloops and surrounding area home listings click here.

Open houses this weekend are in Aberdeen, Juniper Ridge, North Kamloops, South Kamloops and Westsyde.

Saturday, February 14th: 1966 Kechika Street, Juniper Heights 12-1

Kechika Street, Juniper Heights, Kamloops3+2 Bedrooms 4 bathroom home. Beautiful inside and out. Fully finished, walk out basement. Hardwood floors, carpet and tile throughout. $519,900

 

 Saturday, February 14th: #22-2050 Qu’appelle Blvd, Juniper Heights 1:30-2:30

Quappelle Blvd, Juniper Heights, Kamloops4 bedroom, 2 bathroom townhouse. Private, fenced back yard. Master bedroom and laundry on the main floor. Double garage. $289,900

 

 Saturday, February 14th: #10-1155 Hugh Allan Drive, Aberdeen 3-4

Hugh Allan Drive, Aberdeen, Kamloops3 bedroom, 2 bathroom townhouse. Close to shopping. Beautiful view. Generous room sizes. Open & bright floor plan. $219,900

 

 Sunday, February 15th: 755 Porterfield Drive, Westsyde 12-1

Porterfield, Westsyde, Kamloops

2+1 bedroom, 2 bathroom 1/2 duplex. Gourmet kitchen with large pantry. Showroom quality. Vaulted ceilings. Single car garage. $319,900

 

 Sunday, February 15th: 693 St. Paul Street, South Kamloops 1:30-2:30

St Paul Street, South Kamloops2+1 bedroom, 1 bathroom Bungalow. One of the cheapest single family homes in the area. Den and bedroom in the basement. Bring your updating ideas. $214,900

 

 Sunday, February 15th: 1143 Surrey Ave, North Kamloops 3-4

Surrey Ave, North Kamloops3+1 bedroom, 2 bathroom. Newly reno’d bathrooms. Hardwood floors on main. Newer kitchen. Large bright basement. $269,900

A Growing Number Of British Columbians Think This Is A Good Time To Buy A Home

I found the article below on the Vancouver Sun’s website by Derrick Penner. The Kamloops real estate market has recently seen a bit of a pick up in the number of buyers actively looking for a home as well as the number of sales reported. I personally have seen an increase in the number of first time home buyers beginning to search. In the last few weeks there has been a few good days of reported sales from the Kamloops Real Estate Board, but we are still reporting sales down around the 2003 levels. Read the article below detailing the Ipsos Reid survey on the conditions of the real estate market in BC.

The poll found that some 71 per cent of respondents said it is a somewhat good or very good time to buy real estate. More people thinking about buying real estate, but majority say it’s not a good time to sell property. In November, only 60 per cent of respondents told Ipsos Reid it was a good time to buy. In the latest poll, 82 per cent said now is not a good time to sell a home. Hanson Lok, senior research manager at Ipsos Reid in Vancouver, said as market conditions improve for buyers, there also seems to be a growing number of British Columbians gathering on the sidelines to contemplate buying new homes.

Three in 10 respondents said they were considering a purchase in the next two years, up from 20 per cent when the same question was asked in November. “We are seeing a greater number of first-time home buyers in particular looking to take advantage of more affordable homes, incentives from the government and lower costs of borrowing,” Lok said in a news release. The new poll also found that British Columbians’ expectations for falling prices have been muted since November.

While the B.C. Real Estate Association has forecast price declines of 13 per cent in 2009 and Canada Mortgage and Housing Corp. is predicting drops of around 10 per cent in Metro Vancouver, only 42 per cent of respondents to the recent Ipsos Reid poll said they expected prices to be lower 12 months from now. That is down from November, when 57 per cent said prices would be lower a year later.

Across the Lower Mainland, including Metro Vancouver and the Fraser Valley, respondents’ expectations were for a further 2.3-per-cent decline in prices. Across the rest of B.C., respondents believe prices will drop another four per cent. Statistics Canada reported new-home price data for December showing that in Metro Vancouver, prices had fallen 2.3 per cent from the same month a year ago.

Vancouver’s price decline was the fourth steepest among cities on the downside of their cycles following Victoria, Calgary and Edmonton, which saw the steepest year-over-year drop of 8.2 per cent. Victoria’s decline in December was about three per cent from the same month a year ago. Nationally, the housing price index declined by one-tenth of a percentage point from November to December, which weighed on gains made in the measure over the year. The national HPI for December was up 0.4 per cent compared with the same month a year ago.

Housing Market in Kamloops Slows Down

This article is from the Kamloops Daily News and written by Staff reporter Jeremy Deutsch. This story is from the Wednesday, February 11th, 2009 paper. He states that housing starts are down, as I already expected. There is a lot of news in the media these days about the slumping real estate market not only in Kamloops but in North America. It will be interesting to see what the statistics are for housing starts and residential housing sales in the next couple months. I suspect that we will continue on this trend downwards, but it is pretty difficult to predict the future! Read below for the full article.

Following a trend of declining figures in housing sales and city building permits, the number of housing starts in Kamloops has also taken a dip. Statistics produced by the Canadian Housing and Mortgage Corporation (CMHC) show the 62 housing starts in January were down five per cent from 2008. But the small decline is deceiving, as the number of starts were boosted by one apartment project that began construction during the month.

A closer look reveals six single-detached housing starts, a decrease of 70 per cent from 20 which began in January 2008. Paul Fabri, a market analyst with CMHC, noted the numbers coming out of Kamloops are similar to those across the region. “We’ve seen economies in Kamloops, B.C. and North America begin to experience slower growth and that will mean less demand for housing.” he said.

Kelowna saw a 94 per cent decrease in housing starts last month, while Vernon dropped by 85 per cent. Fabri explained Kelowna’s market, compared to Kamloops is driven by demand for discretionary, resort or secondary housing, which has cooled off considerably, given the economic downturn. He surmised the slower pace of employment growth as the issue in Kamloops.

The CMHC isn’t expecting a quick turnaround either, predicting housing starts will stay low for most of the year.  Fabri also pointed out the last couple of years have been so hot, the number of housing starts now are similar to those during the 1990’s.

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Sun Rivers Golf Resort & Community, Kamloops, B.C. Real Estate

For up to date Kamloops real estate information and surrounding area homes for sale click here.

sun-rivers-golf-course-kamloops-real-estate-signNeighbourhood: Sun Rivers Golf Resort & Community, Kamloops, B.C. Real Estate. Sun Rivers is a unique golf community perched above the Thompson river valley just ten minutes from downtown Kamloops. It is located on leased land. Sun Rivers prides itself with it’s “Built Green” technologies. Geothermal heat, dual water systems along with other “Built Green” technologies all make this area an award winning community. Sun Rivers sits north west of the Kamloops city centre resting against St. Paul and St. Peter mountains. This 18 hole, par 72 championship golf course has over 7,000 yards of golf. Among the natural sage and rolling hills, big horn sheep are often found grazing the fairways and through the communities.

There are many different choices for buyers in Sun Rivers, apartments, executive town homes and single family homes. Year round residences, adult only communities and vacation homes make up this diverse community. Sun Rivers is still a developing community, with approximately 2,000 homes, the Developers have planned a resort hotel, village centre and community amenities.

There are a number of small communities within the large community of Sun Rivers. I will outline the current, existing communities and those upcoming:

Estate Lots & Properties

sun-rivers-golf-course-kamloops-real-estate-view

Ironwood which is now selling (phase I is sold out and currently selling Phase II), is bordered by natural areas on the west side of the development Stoneridge Adult community on the east. Many of the homes sit on 6,500 to 12,000 square foot lots and are built in an “Old World” architectural style, an English country neighbourhood.

Canyon Ridge is located above the 18th fairway and is overlooking the South Thompson River valley. It also overlooks the 17th and 18th greens and fairways.

Mariposa is a community with south west views of the city.

Trillium has views of the 5th and 8th fairways with south west exposure.

Visao Estates consists of 36 estate lots and is located at the east end of Sun Rivers along the 11th fairway. These lots have beautiful views of the valley below and are between 7,600 square feet in size to over 11,000. There are two phases of this development and they are now selling.

Click here to view properties currently for sale.

Adult Communities

The Pointe Adult Community is south of the village centre on a ridge. This development has panoramic views and the homes are infused with both modern and traditional architecture.

Irongate Place Adult Community is located on the eastern edge of the community and surrounded by three fairways. The exteriors and landscapes are very low maintenance.

Stoneridge Adult Community is an English Country styled neighbourhood that is focused on low maintenance living. This community is comprised of single family detached homes.

9th Green Adult Community, Sun Rivers, B.C.

9th Green Adult Community is situated below the 9th fairway and it is a short walk to the clubhouse. The 9th Green community is comprised of single family homes with over 2,000 square feet of living space.

Rosewood Adult Community has views of the golf course and city. This community is designed with the southwest style giving the homes a classic desert look.

Sagewood Adult Community has homes with 9 foot ceilings, authentic river rock, craftsman styling, porches and veranda’s, Kohler faucets and Excel cabinets. These single family homes are made with the highest quality materials.

Click here to view properties currently for sale.

Condominium & Townhouse Developments

Belmonte is a new development coming to Sun Rivers soon located near the 10th fairway. They feature attached homes with private courtyards. These homes are designed for adults who lead a busy and active lifestyle and don’t want to be a slave to their home.

The Fairways is located above the 7th green and overlooks the 5th and 8th Fairways. Each townhome features views of the Thompson River Valley, Cityscape and golf course.

Golf Ridge is an executive townhouse development located in the centre of Sun Rivers. These homes are designed for people who would like to have low maintenance lifestyle. The strata includes exterior building maintenance, insurance, window cleaning and The Ridge Club social centre and dipping pool.

Talasa is a condominium community in Sun Rivers that is located in the heart of Talasa Village centre.

The Village Centre has begun construction and is a development that will consist of 400 apartment units, potential hotel accommodation, commercial and professional space for boutiques or retail, a spa, residents club, coffee shop, green grocer and other services for the 5,000 community members. This village centre will include a fitness and wellness space where there will be a swimming pool, hot tub, spa, residents lounge, business centre and outdoor plaza. There are also some development opportunities such as 120-250 room resort hotel, varied parcels of land for town homes, single family homes or adult communities and finally tourism accommodations such as golf cottages or golf vacation homes.

Currently there are a number of properties listed on MLS. For further information on Sun Rivers MLS listings click here.

The Kamloops Indian Band made the decision in 1995 to sell it’s leasehold interest of a portion of it’s reserve land. This land was reverted back to the federal government for leasing. Sun Rivers holds the 99 year lease over the 460 acre parcel.  The lease agreement is supported by the the crown (Her Majesty the Queen). The lease has been structured to fully protect the investments of the homeowners, the investors, the lenders and Sun Rivers.

To read more about other neighbourhoods click the link below:

Aberdeen                                          Barnhartvale                          Batchelor Heights

Brocklehurst                                    Campbell Creek                      Dallas

Deloro/South Thompson Valley      Cherry Creek                       Dufferin/Southgate

Heffley                                                Knutsford                               Juniper Heights

North Kamloops                           Paul Lake/Pinantan Lake        Pineview

Pritchard                                            Rayleigh                                  Sahali

South Kamloops/Downtown         Sun Rivers                               Sun Peaks/Whitecroft

Valleyview/Rose Hill                      Westmount                             Westsyde

Surrounding Communities

Barriere                                        Mclure/Vinsula                         Savona/Tobiano

Buying Kamloops Real Estate: How The Buying Process Works

Buying a home or investment property in Kamloops is a big decision. There are many steps to take along the path to finding that perfect property. Many buyers have no idea how to buy a home and don’t know where to start. Here is a guide for buyers who are a little foggy about the home buying process from start to finish.

1. Get Yourself Representation: A Realtor is your best resource for information. A Realtor is a free resource for buyers (commission is paid by the selling party) and will represent your best interests for the entire transaction. This Realtor will organize and accompany you to all appointments, answer any questions you may have and provide you with detailed information on all the properties that interest you. If there are any questions that you have about a property and it requires further investigation your Realtor will help discover all the answers you need.

2. Writing An Offer To Purchase: Once you find a property you want to make an offer on. Your Realtor will write up all the necessary paperwork creating a legal contract for the purchase of the home (Contract of Purchase and Sale – CPS). The details in this document are the dollar amount of the offer, the deposit amount (held in trust at the buyers agent’s brokerage), the day you want to have the keys to the property, items that you want included in the sale (i.e. appliances, window coverings, etc), subjects in the offer (i.e. Home inspection, Financing, etc.) and any other details important to your purchase.

3. Explanation of Subjects: Many buyers are not informed about how the contract works. When you make an offer there are standard “subjects” in the offer. These subjects (depending on whether the property is a strata, freehold, mobile, bare land/lot, etc) are different for each offer. To keep this relatively short I will outline the standard residential and strata subjects which commonly are:

– Subject to Financing (obtaining approval for a mortgage).
– Subject to a home inspection.
– Subject to a property Title Search: Any right of ways, easements, etc. are detailed on title as well as all registered charges against the property such as mortgages and liens.
– Subject to a Building Information Report from the City of Kamloops or Thompson Nicola Regional District.
– Subject to fire/property insurance.
– Subject to the buyer being satisfied with the Property Condition Disclosure Statement (PDS) which is provided by the selling party.

For Strata properties there are further subjects such as the buyer will approve:

– Form ‘B’ which details strata fees/financial information regarding the strata.
– The strata plan, amendments and/or changes.
– Current Bylaws and Financial Statements of the Strata corporation.
– The minutes from the strata council meetings.

The subject removal period is commonly between five to ten business days after the contract is accepted. It can be shorter or longer and must be agreed to by both parties.

Once the subject removal period is near expiry, the buyer can do one of a few things: remove the  subjects, making the offer unconditional, extend the subject removal period or not remove the subjects and walk away from the offer due to the inability to fulfill one of the subjects. In a nutshell. If a buyer does not remove subjects the offer is finished.

4. Legal Conveyancing: Once subjects have been removed the CPS (Contract of Purchase and Sale) is unconditional and goes to the Lawyer or Notary for legal conveyancing. At this point the buyer and seller have committed to completing on the offer to purchase.

5. Final Steps: Between the time of “completion” (meaning the title is being transferred, mortgage is put in place, etc) and “possession” (you have the keys to get into your new home), your Realtor will do a walk through of the property to ensure that all the included items are in the home, it is left in the condition expected and that there are not any other issues with the property before possession. This short time (usually 24 hours) will give your Realtor time to ensure that any issues are dealt with before you move in. Ensure that you get a moving checklist from your Realtor which will help to ensure you get all the necessary things done before you get possession, simple things like arranging Hydro, changing your address, etc. These things can be easily overlooked during this busy and exciting time.

6. Welcome Home: Possession day, you get the keys. Your Realtor will meet you at the property, give you all the important items and information, and walk through the home. At this time you can address any questions about the property.

7. Follow Up: Your Realtor should follow up with you within a week after possession. He or she will want to ensure your move went well and that there are not any issues or further questions.

North Barriere Lake B.C. Real Estate. Located North East of Kamloops

For up to date Kamloops and North Barriere Lake real estate for sale click here.

If you are looking for information on East Barriere Lake click here.

north-barriere-lake-real-estate-01North Barriere Lake is approximately 60 minutes north east of Kamloops.  It is 520 hectares, has a mean depth of 34.7 meters and maximum depth of 53.9 meters. North Barriere Lake is the home to some of the best fly and troll fishing in the region. Kokanee, rainbow trout and sockeye salmon are commonly found in this lake.

 

 

north-barriere-lake-real-estate

There is a Forestry Recreation Site which is known as Hollywood Beach. This area is a very popular place for families to camp in the warmer months. Not far from Hollywood Beach is the North Barriere Lake Resort. This resort is located on seven acres of land with lake frontage. The resort boasts 60 RV and tent sites with electricity, water and sewer hook-up. There are also seven cabins which can sleep two to eight people. There are a number of activities the whole family can enjoy at this resort.

There is not very much development in the way of cabins or single family homes in the North Barriere Lake area, which makes it a very relaxing get away. For further information and listings click here.

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