Kirsten Mason, Author at Kamloops Real Estate Blog

The British Columbia Real Estate Foreclosure Process

February 17, 2009 Kirsten Mason Foreclosure Information

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

The 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.

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

February 10, 2009 Kirsten Mason Kamloops Neighbourhoods

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.

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

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

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.

Sillaro Estates is one of the newest area of Sun Rivers to build a home. The lots are large estate lots with beautiful river and valley views.

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.

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 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.

Rio Vista is the newest adult oriented development in Sun Rivers slated to open late 2017.

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 in 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.

Ladera is a development that began construction in 2023. It is located at the top of Sun Rivers Drive in the far north region of the development. There are a number of units in this development and consist of level entry rancher style with basements as well as walk up style floor plans. Each unit has a double garage and most of them have beautiful southern views.

River Gate Townhomes is located at the main entry to Sun Rivers. This development consists of attached row style townhomes with walk up and two storey floor plans. Some of these homes do back on to green space or the golf course. Each home has a garage space and outdoor patio space to enjoy.

Talasa is a condominium community in Sun Rivers that is located in the heart of Talasa Village centre. Talasa consists of small bachelor style units to as big as 3 bedroom, 2 bathroom units. Each building (there are 3 Talasa Buildings: 1000 Talasa is called Navaro, 1030 Talasa is called Alamar and 1040 Talasa is called Paloma) has secure underground parking. To view the Talasa units for sale click here.

Shopping

The Village Centre consists of retails space and is located in the centre surrounded by the Talasa condos. There is also retailers at the foot of Sun Rivers. On the south east side of the Yellowhead highway you will find Tim Hortons, Petrocan and Chesters Chicken. On the south west side of the highway the Cheif Louis Crossing was developed in 2024/25 and has a grocery store, Starbucks and other retailers.

Transportation

Sun Rivers is serviced by BC Transit and does have bus service. To view the schedule click here.

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

February 9, 2009 Kirsten Mason Information For Buyers, Information For Sellers

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.

Contact us anytime to start your home search or to ask any questions!

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

February 8, 2009 Kirsten Mason Surrounding Communities

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 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.

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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