Process of Purchasing Court Order / Foreclosure Properties


When a homeowner defaults on their mortgage, the bank requests the owner to pay back the entire amount of the mortgage, or pay off the amount that is outstanding plus interest. The seller is usually given a 3 to 6 month redemption period to come up with the funds and pay back the bank. After the redemption period, if the seller is unsuccessful in paying the money to the bank, or any other mortgagee, then a petition is filed in the court by the bank or mortgagee.


Upon approval by the court, the house is listed for sale. The first buyer has an opportunity to write up an offer with conditions or subjects (e.g. subject to financing, title search, inspection, etc.). Once the conditions are removed by the buyer, the offer gets registered at the court and a court date is set. The listing realtor is allowed to disclose the details of the accepted offer to other interested parties inquiring about the property unless the realtor is instructed not to disclose the information.


On the court date, the lawyer or the listing realtor inquires if there are other interested parties who are submitting an offer. If so, the other interested buyers have to give their offers in sealed envelopes to the lawyer and they cannot have any conditions or subjects on their contracts. Since the bidding parties cannot have any conditions on their offer, it’s crucial that the other buyers are pre-approved or have the required funds available before the court date. The first and original buyer is then given the opportunity to increase his or her purchase price if he or she wishes to.


All the offers are handed to the judge in sealed envelopes, and the judge will determine which bidder gets the property. Usually people assume that the judge has an open auction in the court room and the property goes to the highest bidder; however, that does not happen! Everyone only has one opportunity in the court to buy the property. Once all the offers are handed to the lawyer, before the court proceedings, no changes or price increases can be made after that.


It may sound complicated but we have many clients interested in foreclosures and it’s actually a very simple process. I have been to numerous foreclosure court dates, and have also won many of them for our clients. Simply select the property you are interested in and leave the rest to me!

Sylvia Kahlon

Sylvia Kahlon

CENTURY 21 Coastal Realty Ltd.
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