“So if there is no court date set, you can bid whatever you want to. But if it’s still listed and there is that first accepted offer, and the court date is set you couldn’t bid lower,” said Kelowna Mortgage broker, Michelle Scheibel.Kelowna Mortgage Broker Michelle Scheibel, says it is rare to find a home that is only 60 per cent complete. Not only that but often it would be tough to secure a loan or mortgage from a bank, as lenders prefer a home to be at least 97 to 98 per cent complete.
“The reason why, is if they got stuck with that property – the client couldn’t pay for the mortgage for some reason – and the are stuck in a foreclosure situation trying to sell that property, it would be very difficult,” said Scheibel.Okanagan/Shuswap home sales $1.5 billion higher than last year Scheibel said homes like these are often scooped up by other contractors. She said it’s not an ideal purchase for a first-time home buyer as there are many hurdles and complications that could get in the way.