Comments on: The British Columbia Real Estate Foreclosure Process

By: Kirsten Mason

Kirsten Mason — Tue, 13 Jul 2010 20:58:51 +0000

Hi Elaine, thanks for your question. Once the buyer of the initial offer removes all the subjects that are for the buyers benefit (leaving only the subject to court approval on the offer) the accepted offer then becomes public knowledge. So you can find out what the accepted offer is prior to going to court. Often it is a matter of a phone call to the listing Realtor. Hope that answers your question and have a great day!

By: Elaine

Elaine — Tue, 13 Jul 2010 16:46:24 +0000

Hello Kristen,

Thank you so much for answering everyone’s question.
When you answer Elsa’s question, you mentioned that initial offer will be common knowledge before going before the courts. Did you mean on the court day? Can I find it somewhere before the court day.

By: Jackie

Jackie — Wed, 06 Jan 2010 00:35:51 +0000

Hi, I wrote back in October with regards to when I would need to be out of my house due to the second mortgage holder foreclosing on me. Before the end of November my first mortgage holder foreclosed on me, this I knew was going to happen as I had discussed this with them first, that I wouldn’t be paying them any longer as I was already going through the process with the second. So, the first mortgage holder being the one with first priority did the right thing and started their process. We went to court in December and I have been given six months to sell my home or come up with what is owing. While work has picked up a bit I can’t get financing to cover what is owing so it would still be best if I sold. But now things are going wrong with the house that I can’t afford to fix and are not covered by insurance. The real estate agents where I live are playing games and won’t show it because I had it listed with a 1% agent. Now, of course they are contacting me as that contract is up but then of course they have a higher commission, which would mean I can’t lower my price. I have it listed for just what is owing on it and can’t go below that. Any suggestions on how I can get this house sold?

By: Kirsten Mason

Kirsten Mason — Tue, 05 Jan 2010 23:36:34 +0000

Hi Terra,

The court date depends on a number of factors so there is no standard number of days. The listing agent should have an idea whether or not there will be other bidders. Saying that it is always good to come prepared with an offer in the case that there are others there at court. Hope that helps,

Kirsten

By: Terra

Terra — Thu, 17 Dec 2009 00:01:09 +0000

Hi Kirsten

Once the offer has been accepted by the bank, how long will it take to get a court date? Also would the listing agent for the foreclosure property know if there will be other bidders appearing at the court?

By: Kirsten Mason

Kirsten Mason — Sat, 28 Nov 2009 04:01:54 +0000

Hi Elsa,

Yes, once your initial offer goes unconditional (subject free) it will be common knowledge before going before the courts. Once in court all interested parties (including yourself) will prepare an offer that is a sealed bid. At this point the highest unconditional offer “wins”. If you are serious about purchasing this property you may want to consider preparing an offer for court and have your Realtor accompany you there to help you with this process. You may have to adjust your plan based on what happens in court (number of other bidders). Essentially, yes court is like a sealed bid auction. Hope that helps and all the best with your purchase!

By: Elsa

Elsa — Thu, 26 Nov 2009 22:39:54 +0000

Hi Kirsten,
I am in the process of making an offer for a foreclosed property and there will be no subjects at all to be removed. When it goes to court is my offer going to be disclosed for all others to know and then the bidding process begins or my offer is confidential? Do I have to prepare a backup offer at a higher price because all the other bidders will be aware of the starting price, just like an auction?

By: Kirsten Mason

Kirsten Mason — Mon, 26 Oct 2009 02:32:05 +0000

Hi Jackie – I am sorry to hear about your unfortunate circumstances, you are definitely not alone as many people are in the same position. As far as vacating your home once it goes up for sale under a court ordered sale you don’t have to leave until it is sold. Often homeowners don’t want to live through showings and having buyers come through their home so they will move out before they have to. I hope that helps and all the best with your future endeavors.

By: Jackie

Jackie — Sun, 18 Oct 2009 17:22:37 +0000

I am, unfortunately, one of those people in the foreclosure process and my six months will be up at the end of November. Even though I have gone to court with regards to the Order Nisi, the lawyer for my second mortgage holder who is pushing the foreclosure still has not sent me the paperwork and the courts have not received it either. My business has gone through a slowdown due to the economy so I am unable to make up the back payments and they refuse to tack it onto the mortgage and continue forward like my first mortgage holder did.

My question is, I know this is inevitable now and I know I can claim bankruptcy for the shortfall, but what I don’t know is when do I physically have to be out of my house?

By: Kirsten Mason

Kirsten Mason — Wed, 07 Oct 2009 06:52:03 +0000

Hi Nicole,

Thank you for your question. When it comes to purchasing a court ordered sale or foreclosed property the initial offer you make on the property can have subjects (such as subject to financing). You will often get approximately 5-7 business days (different with each situation) to get a mortgage approved, home inspection etc. Once those things are in place you remove your subjects. Once the subjects are removed the property then goes before a judge in court. Once in court the judge will ask the court if there is anyone else that wants to make an offer. At this time other people can bring a subject free offer for the property. These offers in court are sealed bids where the judge will open the envelopes and the highest bidder gets the property.

I hope this helps answer your question.