Vancouver foreclosures

Homes in all shapes and sizes

Finding a foreclosure is not like a regular house purchase. There are numerous steps involved and having an agent represent you will make the process much more effortless.

Unlke a conventional home purchase, the buyer who has negotiated a sales price with the bank or lender does not necessarily have the option to purchase the property. Once the offer becomes acceptable, the attorney for the lender files an application for a court date.

It's that date where the owner can walk in and pay the outstanding balance owed or foreclosed on (plus legal and court costs) or another purchaser may submit a higher offer.

Some agents may advise their clients to wait until a court date is set before submitting an offer. One advantage a buyer has being the first to offer is the offer can have contingencies like subject to inspection and financing. However, once a court date is set.. any other offers cannot have any contingencies other than subject to court approval.

When submitting an offer during the court date it's imperative to make sure you have a good understanding of the homes market value (not assessment, not appraisal) as well as having all your i's dotted and your t's crossed. What a shame it would be to have a judge throw out an offer for some reason other than the price.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.