Foreclosures are like dating, sometimes you win, sometimes you lose, but if you never take the risk, you’ll never see the reward.
In my experience, Foreclosures have always been an incredible opportunity and very profitable for all my clients. A young couple I helped in purchasing a foreclosure, respectively renovated the home, only focusing on the necessary aesthetics. They ended up selling 2 years later for $160,000 more than the original purchase price. Their words, “It was the best decision we made since living in Kelowna.”
If you’re open to the process and have the time to purchase a home in foreclosure, a cautionary detail to be wary of is “Why is it in Foreclosure?” Not every opportunity to purchase one may be the right decision and could be a recipe for disaster.
With the right advice, experience and careful guidance, you can be very successful in purchasing a home in foreclosure with the potential for a great flip, a beautiful long term home at a great price or the perfect rental investment.
Currently there are 22 foreclosures in the Kelowna area. If you’re interested, contact me and I’ll send you the list to check out!