Throughout Metro Vancouver there have been many signs of a distressed property market. Foreclosures are a major issue for the real estate industry and it’s very important to work with a local realtor who knows how to deal with banks, lawyers, and contracts.
West Vancouver resident Michele Tung found a racist covenant on a land title document for a British Properties home and started a petition that has now garnered more than 4,500 signatures. The Land Title and Survey Authority is now researching legal options to remove the discriminatory language if it can’t get the province to do so.
1. Sutton Group-Alliance R.E.S.
This company has an impressive portfolio of commercial and residential real estate services including property management, lettings and leasing, tenant representation, strategic consulting and property accounting. Its clients range from small local businesses to large international corporations, allowing it to provide a comprehensive solution for every real estate need.
Unlike many other companies, Sutton offers a single point of contact, meaning all your needs will be met by one knowledgeable and courteous team member. They also offer a variety of online tools to make your experience as convenient and seamless as possible, e.g. a mobile app, an online client portal and an array of social media options.
The company has a well rounded and experienced staff with expertise in all areas of real estate. They also have an impressive number of local offices across the country which means more support and service right where you need it most. The Sutton Group is the largest independent real estate organization in Canada and has a great track record of delivering results for their clients. The company is renowned for its award winning customer service and their commitment to their clients is second to none. They have been named the Best Real Estate Company by the Vancouver Sun for five straight years.
2. BlueShore Financial
West Vancouver, British Columbia has become a hotspot for distressed real-estate. For years, prices in the city have skyrocketed and the real-estate bubble has burst, creating a lot of problems for homeowners.
It was a time of great wealth in West Vancouver, with many homes being sold for multimillion-dollar prices. It was also a time of extreme speculation, with developers and investors trying to get into the market. But in late 2016, when the BC Liberals imposed a 15 per cent foreign buyer tax, and other government regulations made it more difficult to buy a home in Canada, the real-estate boom started to break down.
When Richard Baker, the owner of a West Vancouver home, decided to redevelop his property with his stepson, Richard Chandler, he got financing from BlueShore Financial. The two men were loaned $1.5 million to redevelop their property.
They planned to build a house that would be worth about $6.5 million. In exchange, the bank agreed to give them a $100,000 down payment.
But as the market slowed down, it became harder for them to pay back the loan. The property has been on the market for more than two years, and its owners can’t afford to keep paying off the loan.
The property is now in foreclosure. The bank is trying to recoup its money by selling it.
In the meantime, BlueShore has been able to use its digital transformation strategy and intelligent automation capabilities to streamline processes and reduce costs across the business. By automating routine tasks, it saved 7,000 square feet of head office space and cut administrative costs by CAD 300,000 a year.
By introducing intelligent automation, the credit union has been able to focus its employees on building deeper relationships with clients and customizing their financial plans and product solutions. It also has been able to increase its lending volume by 250% without hiring additional staff.
To achieve its desired culture, BlueShore has outlined 10 values that employees are expected to live by. These values are discussed in team meetings and reinforced in day-to-day operations. The credit union has also facilitated dialogues with its employees to help them understand and define these values. Employees are able to express their opinions about the values in a way that was not possible before, and the values are helping the organization develop a more cohesive, open culture.
3. Lender Foreclosures
If you have a mortgage, there are some steps you can take to help avoid foreclosure. First, be sure you are paying on time. If you fall behind, the lender will usually contact you to work with you on getting back on track.
If your finances are in rough shape, you can try to get a loan modification or repayment plan to lower your monthly payments. The lender may also offer a “payment suspension,” which gives you extra time to catch up on payments and pay off the balance.
Lenders have the power to foreclose on your property if you are late with payments or miss a payment for more than three months in a row. They can also seek a deficiency judgment against you for any money they may be owed.
A mortgage can be difficult to repay, especially if you have had a recent job loss or other financial hardship. If you are having trouble making your mortgage payments, you should consult with a financial adviser or nonprofit credit counselor to discuss your options.
The mortgage process is a lengthy one, and the number of steps can vary depending on your state. However, in most cases the process starts with a notice of default, followed by a public notice and then a foreclosure.
In some states, borrowers can challenge the foreclosure process in court to give them more time to catch up on payments. They can also ask a judge to stop the sale of their home if they haven’t paid the full amount due.
If you have a mortgage, it is important to pay on time and never ignore the lender’s letters or calls. This is because it will cause them to file a foreclosure and they will then foreclose on your home.
Another option is to talk to a lawyer about negotiating with your lender. They will be able to provide you with the best possible solution for your situation.
A lawyer can also negotiate with your lender to allow you to make partial payments until you are able to get your finances back on track. They can also help you avoid a foreclosure by working with you to get your loan back on track and avoiding any future issues with the mortgage.
4. Bank Foreclosures
Foreclosures, also known as court-ordered sales, are a common occurance in British Columbia. The process involves a lender seeking to reclaim a property after the homeowner has failed to pay their mortgage.
Usually, the home is sold for less than the loan balance in order to recover some of the money they owe. The difference between the original loan amount and the sale price can be anywhere from ten to 50 per cent, depending on the size of the home.
This can make a foreclosure a great option for those looking to buy a new home at a reduced price without having to deal with a standard real estate transaction. However, it’s important to work with an agent who understands the ins and outs of these transactions.
A bank foreclosure in Vancouver can be a smart purchase if you know what to look for and have an agent who can guide you through the process. This is especially true if you’re buying a newer home with a large mortgage and want to get a good return on your investment.
The court system is a little more complex than it used to be in British Columbia, so it’s important to know what to expect and what to do. The first step is to submit your offer in writing. You can use an online application, a phone app or a traditional paper form.
If you do this correctly, you should have a high probability of winning the bid. This is due to the fact that lenders often have a hard time getting their properties on the market when they’re in foreclosure, so it’s best to take your chances and put your offer in early.
Once you’ve submitted your offer, it should be reviewed within two business days by a bank representative. They will likely ask for additional information, such as your mortgage history and proof of income.
This will give the bank a better idea of whether you’re a good fit for their properties. If you’re not, they may deem your offer to be low-ball and refuse to move forward.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.