Buying A Foreclosed Property In Richmond

December 11, 2013

The process: buying a foreclosed property in RichmondRichmond condos foreclosed
There is always great interest from Richmond home buyers and investors wanting to buy a property under foreclosure. Very often, the price of a foreclosed property can be substantially lower than it’s market price. Buying a foreclosure in Richmond BC is very similar to buying any other house, except it needs the court approval to complete the sale.  The following process is involved when you are buying a foreclosed property in Richmond or anywhere else. View Richmond homes for sale.

The process to follow buying a foreclosed property:

  • Get the help of an agent to find Richmond or homes in other cities under foreclosure.
  • View the home you are interested, and 
  • Submit an offer to the bank or mortgage holder (not the owner).
  • Once, your offer is accepted, and financing approved, proceed to get a home inspection done.
  • Once your subjects are satisfied, the subject conditions are removed and the deposit is paid to the agent’s real estate office.
  • The bank will request a court date for final approval of the sale (2-4 weeks).
  • Your offer price is freely passed on to other buyers who can bid for the home.
  • Other interested buyers can attend court date to submit their bid for the home.
  • If you are the one and only one in court for the sale, the judge will approve the sale.
  • If there are other buyers for the property, whoever submitting the highest and best price will likely get to buy the property. 
  • The final offer is in a sealed envelope. 
  • The judge will read the offers and decide who to award the property to. 

In a competing situation, a buyer with the highest price, earliest completion and larger down payment will likely win the bid in buying a foreclosed property. Whether the foreclosed property is in Richmond, Vancouver, Burnaby or anywhere else, the process in buying a foreclosure is the same in BC.
If you are interested to buy a foreclosed property in Richmond, Vancouver or Burnaby, you are welcome to call James at 604-721-4817 or email me for a list of foreclosed homes that are for sale.

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