Interested in purchasing a foreclosure property? You have come to the right place.
There are good reasons to consider buying a foreclosure property but it may not be the right choice for you. There are aspects involved that are not part of a common real estate transaction. The good news is my experience in this area of the real estate industry can help you through the process.
Important Aspects Surrounding Foreclosure Properties:
The sale is subject to court approval: this means an accepted offer must be approved by the courts.
Once an offer has been accepted by the seller a court date will be set and others buyers will have the right to present competing offers in court. In this situation a deposit is required and must be attached to the offer being presented in court. If you have made the winning offer then that deposit will be held in trust until completion and if you do not complete the sale you will lose that deposit. The courts are expecting you to be a serious buyer; if you are not willing to put a deposit down with your offer then you are not a serious buyer and therefore should not be participating in the foreclosure process.
Can you save money purchasing a foreclosure?
Absolutely, although when purchasing a foreclosure in Canada it is the duty of the courts to facilitate the sale and get the highest sale price for the seller. This means that it is your duty as a buyer to know what your “highest and best” offer would be and only proceed with an offer that you are comfortable making. This does not mean you are willing to offer as much as the next person and a court ordered sale may sell for much more than you were willing to pay. It is your Real Estate Agent that can help you come up with a reasonable offer based on local market comparisons. My experience working with clients to help them acquire foreclosure properties will directly benefit you in attempting a foreclosure purchase.
There is definitely much more to consider when attempting to purchase a foreclosure and if you would like a one-on-one conversation to help you understand the process please “contact me”
anytime to discuss any questions or concerns you may have.