Property Foreclosure

www.RealEstateFlash.ca

Barry Connerty with your Real Estate Flash.
I am in Ladner at a Property that a client of mine is interested in purchasing. The property is a court ordered sale that already has an offer on it.
What we are doing is trying to remove subjects by getting the property inspected and appraised before we go in front of the judge to present our offer.
The process of a foreclosure can be a very difficult one if you are not prepared. If you present the initial offer you negotiate with the bank or creditor that owns the property. Once your offer is accepted the offer goes to court and becomes public knowledge. It can take up to several months to get your accepted offer in front of the judge who has the last word on it.
On the court date anyone is allowed to come forward with another offer which will presumably be higher than yours as they have access to your offer. Once all the offers are on the table the judge will choose the best offer.
This can be a heart breaking process for some but others love it.
The key is to make sure you have everything ready to go once your in front of the judge. Judges don't like subjects and they like big deposits and fast closing dates.
If you have any questions regarding property foreclosures or any other questions about Real Estate in BC, call me or email @ barry@connerty.ca.
I'm Barry Connerty with your Real Estate Flash.

Blog Archives

Tags