‘Tear-down’ in Burnaby valued at $1.7M being auctioned off
Posted June 29, 2016 7:15 am.
Last Updated June 29, 2016 10:24 am.
This article is more than 5 years old.
BURNABY (NEWS 1130) – The premier will lay out her plan to cool down our white-hot housing market today, but that isn’t stopping some people from getting creative with their efforts to buy and sell property.
The owner of a “tear-down” in Burnaby’s Deer Lake area is auctioning off their place this afternoon.
The corner lot, listed at nearly $1.7 million, will go to the highest bidder.
Pedro Bello of Bello Mortgage says upfront bidding is attractive to those tired of making blind offers, but they should be careful.
“The buyer cannot put ‘subject to financing,’ ‘appraisal,’ ‘inspection’ — anything like that. When they go in, they either have to have it all done or have the funds to pay for it in full.”
“So go in knowing that you might not get it, but try your best. Pick a price point and stick to that price point,” he adds.
In this case, the seller can also get a discount on realtor fees.
Bello says these kinds of auctions are common in the US and overseas, but not so much here in Metro Vancouver. “If it goes well, it could start spawning trend for people to go this route.”
Able Auctions is the company selling the lot in Burnaby.
