If you are wishing to buy a Vancouver foreclosure, here are some helpful tips.
After you have made an offer, you or your Realtor can check the Land Title and Survey Authority online to find out the status of the foreclosure proceeding.
A Certificate of Pending Litigation will be registered on the title, which can be used to obtain the court action number. Then the court documents can be requested through the court registrry or on Court Services Online.
How Do Foreclosures Work?
After Order Nisi has been granted by the Supreme Court and once the redemption period has expired, the lender can apply to the court for an order to assume conduct of sale of the property. Any subsequent charge holder or other interested parties may also ask the court for conduct of sale.
If the court grants conduct of sale to the lender, the lender will engage a listing agent.
When the buyer submits a written offer to the listing agent, that offer will be presented to the lender. If acceped by the lender and after all conditions are removed, the lender's lawyer will file all the necessary court documents at the court registry, and schedule a court date to seek a court order approving the sale of the property.
At this point, the court date and accepted offer price become public knowledge. Other potenential buyers can attend court on the specified date and submit an offer to the court to purchase the property.
Have a question? Call Maggie 604-328-0077