Foreclosures

 At times we do see foreclosures come on the market, before 2008 it was rare, now due to the downturn in the economy we see it more often. Sometimes foreclosures are the result of a property that was used as a grow-op. Caution and due diligence is certainly the order of the day when considering the purchase of a foreclosure. Foreclosures are sold on an As is where is basis. Once an offer has been made on a property and all conditions satisfied then the lawyer will apply for a court date. Once a court date is known the Realtor can then disclose the amount of the offer to any other interested parties. If another Buyer is interested in coming to court with an offer they can contact the Realtor or thier own Realtor if they have one. They must be prepared on court day if they are the successful Buyer to complete in as little as 2 weeks, they must also have a deposit by way of bank draft or certified cheque, check with your Realtor as it may have to  match the deposit of the original offer. The Buyer who had the original offer is given an opportunity to "better" their offer. All sealed offers are then given to the lawyer who in turn gives them to the "Master". The Master then opens them up in no particular order and if satisified that the rights of the "owner" have been looked after will award the prperty to the Buyer with the best offer. If you have any questions in regards to Foreclosures please feel free to contact Cynthia 1-866-955-2256

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Cynthia Bentley

Cynthia Bentley

Personal Real Estate Corporation
CENTURY 21 Lakeside Realty Ltd.
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