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Buy & Sell Condo

Court Sales

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We frequently hear Real Estate Buyers thinking about buying Court Sales ( commonly referred to as  Real Estate  Foreclosures) because they think court sales or foreclosures are a great buy.

The buyer should understand about the checks and balances in the court sales system and  realize that there is plenty of opportunity for court sales to attract multiple offers.

So How do you Purchase BC Court Sales?

In BC the judicial  court sales process is such that the lender or other charge holders can make application for a judicial court-ordered sale. If the court-order is granted the court sales process happens with the supervision of the court.

The court sales system has a process that the buyer should be aware of before writing a contract on a foreclosed property. The Order for Conduct of Sales gives the lender the freedom to list the property for sale with the Realtor of their choice.

Understand This About Court Sales

1. In almost all cases the offer will go to the courts.
2. When an offer is presented in court the offer must be FREE of all buyer Subjects or conditions
3. All Offers will still however be Subject to Court Approval
4. All Offers must agree to purchase the property “AS IS”
5. You are negotiating with the lender (through the lawyer and Realtors)
Side Note:  Buyers Offers can still be written with subjects and conditions for the buyer, but they must be removed before they get to court.

The offer is initially negotiated with the lender’s lawyer and the Real Estate Agents. The home owner is not involved with this process. The offer from the buyer can be a conditional offer at this point. Once the subjects are removed the lawyer will seek a court date for presentation to the court.

Your offer at this point becomes public knowledge so if somebody else decided to write an offer on this property they will know the price you have written.


Court Sales

Court Sales or Foreclosures

In the Court Room

In the court room the Master may inquire of the Realtor what was done to market the property, and how were the results. The Master could have questions abut the offer itself. The Master will ask if there are any other offers in the court room.

If there are competing offers in court, everyone will be given a chance to resubmit a final offer in a sealed envelope. The Master will look at all the sales offers and choose the best offer, usually price is the determining factor.

The Buyer’s should be in the court room in case they want to make changes to their contract. If the buyer is not there they could miss out on a buying that property.

So you can see the property has been marketed on the open market and there is still the possibilty of multiple sales offers. The awkward part of Court Sales is waiting for the court date and still not knowing if you are going to be in multiple offers or not and your competitors may be coming to court knowing the price you have written.

You have to be sure you are able to purchase the property, the courts become so unfriendly if the contract that the courts have accepted can’t be completed on.

Her is a legal site that has Q&A on several matters, Court Sales being one of them.

If you would like to receive listings of Coquitlam Foreclosed properties, Port Moody foreclosed properties , Port Coquitlam foreclosed properties or any area in the Tri-Cities area just fill out the form below.

If you would like more information on Bank Foreclosures (Court Sales) call Don McFadyen, Prudential Sterling Realty 604-728-0192.

You can also check our Real Estate Video page for updates to this topic.

Comments or questions are welcome.

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