Vancouver Foreclosure Homes & Real Estates for Sale Listings
About Foreclosure listings
There are many names for a Foreclosure home. Many people call it foreclosed home, foreclosure home, bank repossessed house, or Court Ordered Sale. They mean the same thing. So what exactly does foreclosure mean?
In its simplest meaning, the word foreclosure means to deprive a borrower (in default) of the right to redeem the mortgaged property. In a way, it’s like a divorce proceeding – the borrower and lender under a mortgage go their separate way.
Foreclosure home sale is very different from a regular home sale. If you need an experienced Vancouver Realtor to guide you through the process, please let me know.
What is the process of Foreclosure in BC Canada?
See below simplified steps in a Foreclosure proceeding to find out how foreclosure works in BC.
- Demand letter.
- Order Nisi.
- Judicial Sale.
- Order Made After Application.
To see the detailed steps in a foreclosure proceeding. Please let me know.
Please note that this blog is for information only. Buyers & Sellers are advised to obtain independent legal advice before buying or selling a real estate property.
Here’s a simple guide on how to buy a Foreclosure Home in BC
- Search Foreclosure Listings BC
- Find a Realtor to write an offer.
- Review the Schedule A with the Realtor. Schedule A contains clauses that specifically protect the lender. The buyers must be aware that they are accepting the property “as is” and must sign this schedule to have their offer accepted by the lender.
- Acceptance of the offer. The offer may have conditions precedent, and it is advisable that the offer is left open for acceptance for a period of two or three days.
- The hearing of the application for order approving the sale.
- Completion of the sale.