Comments on: The British Columbia Real Estate Foreclosure Process

By: Kirsten Mason

Kirsten Mason — Wed, 01 Feb 2012 01:38:47 +0000

Hi Kate – you should probably get a Realtor to help you with this so that they can keep tab on the property. Alternatively, you can call the listing Realtor and ask to be contacted when there is an offer or court date set. Saying that, the listing Realtor could forget to call you as they are not working for you and you could miss out on the property. The best option is get someone to keep an eye on that property for you, especially since a buyer’s agent doesn’t cost you anything for their services. Hope this helps.

By: Kate

Kate — Tue, 31 Jan 2012 01:23:42 +0000

Hi Kirsten,
I’ve been looking into a condo on foreclosure, but was wondering if someone else was to put an offer in on it first and it went to court how would I know that an offer has gone through and when the court date is?

By: Kirsten Mason

Kirsten Mason — Sat, 21 Jan 2012 04:03:11 +0000

Hi Teresa – ok good, I was a little concerned . It sounds like you have a good handle on things. You will definitely have time once that offer becomes public. All the best to you.

By: Teresa

Teresa — Thu, 19 Jan 2012 04:09:44 +0000

Hi Kirsten again, thanks for your advice. I should have made myself clear in the last message. My intention is not to order the appraisal until I find out the accepted offer’s amount, then I will decide if I want to even get into the bidding process. I understand that once the accepted offer becomes public information, it takes around two to three weeks to the actual court date. I then will have two to three weeks to get an appraisal.

By: Kirsten Mason

Kirsten Mason — Wed, 18 Jan 2012 04:16:25 +0000

Hi Teresa – so what if you are the successful bidder in court, they take your offer, get the appraisal and the bank won’t give you the mortgage? I think that the order you are doing this is not quite right. You should not have removed your subject to financing clause unless the appraisal came back and was accepted by the bank. I have seen a number of appraisals come back lower than home buyers have expected and they have not been able to secure financing due to that appraisal. You really should get a Realtor to represent you so that you are advised appropriately. If you do go to court, they accept your offer, you then get an appraisal, then the bank is unhappy with the appraisal ~ you will be in deep legal trouble as you have contracted to purchase the home. So definitely get someone to help you with this process as I am not sure that you are watching out for your own best interests. I hope this helps and if you need help finding a Realtor in your area I would be happy to direct you. Have a great day. Kirsten

By: Teresa

Teresa — Sat, 14 Jan 2012 10:23:26 +0000

Hi Kirsten, Thanks for your insights. I’m interested in buying a foreclosure property. I got the pre approved mortgage pending satisfactory appraisal from the bank. The bank will need to charge me $200 for the appraisal if I ended up getting the property or not. My offer has to be subject free except one “subject to court approval”. Should I go ahead and order the appraisal knowing that I may not get the property at the end and wasted $200? or should I wait till the court date and do the bidding? I don’t think the appraisal would be a problem, it’s a fairly new building and I actually know the tenant in the property and have seen it privately. My second question is that I don’t have a Realtor, the selling Realtor is willing to represent me. Is it to my disadvantage to have the selling Realtor represent me? Thanks.

By: Kirsten Mason

Kirsten Mason — Thu, 05 Jan 2012 17:18:04 +0000

Hi Derrick, They definitely will be putting your home up for sale and usually the owner is required to move out once that happens. There are instances where the owners live in the home while it is being sold, that is something you would have to work out with your mortgage holder. You may want to talk to your lawyer for legal advice in this instance as I am not sure what your rights are as an owner in this instance. Sorry I can’t be of more help. All the best to you. Kirsten

By: Derrick

Derrick — Thu, 05 Jan 2012 15:04:09 +0000

I declared bankruptcy in August and just received cetificate of pending litigation from my mortgage holder. My redemtion period is only one month. I currently owe 160,000 on my house and the current market value is $130,000.00 My question is do I have to move out in one month or are they going to put my house up for sale and I will be here until it sells. I have had it for sale for the past year and a half with not one showing. How much notice will I get that I have to move out?

By: Kirsten Mason

Kirsten Mason — Thu, 05 Jan 2012 07:04:23 +0000

Hi Rob – Buyers often wait for someone else to trigger the court date for a few reasons. First, they may be waiting for the initial buyer to do a home inspection (and pay for one of course). Second, they may want other buyers to do all the work in terms of negotiating. It is pretty easy and quick to show up in court on the court date as opposed to going through weeks of inspections and formalities. Finally, some believe they will get a better deal if they wait until court. It really doesn’t matter if you are the first or the last offer, it all comes down to dollars in the end and who will pay the most. Every buyer has their own personal reasons and sometime the reason for this doesn’t make sense. Hope this helps. Kirsten

By: Kirsten Mason

Kirsten Mason — Thu, 05 Jan 2012 06:58:12 +0000

Hi Gerry – I don’t believe that the listing Realtor has to put in the description ‘court ordered sale’ or ‘foreclosure’ by law but it is strange if they don’t disclose this. You can always contact your Realtor who can find out who the seller is and if it is a bank/financial institution it is probably a court ordered sale. Your Realtor can also contact the listing Realtor to get the details. Hope that helps! Kirsten