I was in court today competing with 6 other offers on a heritage house in East Vancouver near the PNE. When you write a offer on a foreclosure it must be subject free & you also need to support your offer with a substantial deposit showing the serious intent to complete if you are the successful bidder. This house had knob & tube wiring so that as well as many other things needed immediate attention. This house was definitely a "fixer upper" but the lot was larger than the regular 33'lot & it did have a great view so lots of interest..... selling over the asking price for just under $900,000!!!! So if you think that foreclosures are going for bargain basement prices this sale just blew up that myth.