When buying a home setting up for home insurance can often by one of the last things a buyer does. However, when you live in the sunny, and often rainless, Okanagan this is one of the first things that should be done.
An insurance company will allow you to confirm your insurance policy 30 days before you take completion/possession on a new home. This will ensure you will be protected if a fire starts 25kms from your new home. If you do not have your insurance in place and you are within 25kms of a fire many insurance providers aren't providing insurance thus making it very difficult for you to complete on your new home purchase. Some of the remedies for this may be to have your lawyer create a irrevocable letter or create a tenancy agreement between the buyer and seller until the buyer can get insurance. As well, being a seller please make sure your insurance policy doesn't run out if there is a fire in your area.
If you have any questions or comments please let us know.
Thank you,
Shannon & Tamara Stone
Tuesday, July 21, 2009
Wednesday, July 8, 2009
Kelowna Foreclosures - Are they a Good Deal?
A sign of the times is an increase in the amount of properties that are being foreclosed on. There is a perception out there that foreclosures are a screaming deal and we have a number of buyers who ask us to find them a great bargain.
We do sometimes see a property get listed as a foreclosure at a below market price. However by the time the accepted offer goes to court, there can be (and usually are) multiple bids and the home often sells above it's original asking price. Sometimes considerably far higher than even the list price.
The court system has a duty to sell the home for the highest price possible, and with multiple bids on a single property - the price rapidly climbs.
There are some great deals out there... but foreclosure properties aren't always the deal one would expect.
We'd love to help you find a great deal... please call or email us for a list of the best buys on the Kelowna real estate market.
Tamara & Shannon Stone
www.stonesisters.com
REMAX Kelowna
We do sometimes see a property get listed as a foreclosure at a below market price. However by the time the accepted offer goes to court, there can be (and usually are) multiple bids and the home often sells above it's original asking price. Sometimes considerably far higher than even the list price.
The court system has a duty to sell the home for the highest price possible, and with multiple bids on a single property - the price rapidly climbs.
There are some great deals out there... but foreclosure properties aren't always the deal one would expect.
We'd love to help you find a great deal... please call or email us for a list of the best buys on the Kelowna real estate market.
Tamara & Shannon Stone
www.stonesisters.com
REMAX Kelowna
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