Court Ordered Sale - Squamish Real Estate - REALTOR (R)
The Foreclosure & Court Ordered Sale Process in British Columbia
In British Columbia, Foreclosure occurs when a borrower defaults on the payment of a mortgage. Mortgagee can apply for a judicial sale, also known as a court ordered sale. The sale will be approved by a judge.
Once an accepted offer has been made and the purchaser removes their subjects, the offer will be presented to the court. The sale will now get a court date for the judge's approval. There is still a possibility that, when the offer is presented to the judge, the offer may go to a sealed bid process by other purchasers.
In the courtroom:
Mortgage companies lawyer presents the purchasers' offer to the Judge,
(in foreclosure proceedings the judges are referred to as Masters.)
The Master asks if there are any other offers in the courtroom. If there is not, the Master will approve the sale. If there are competing offers the Master will instruct all parties, including the original purchaser to leave the courtroom and resubmit a sealed envelope to the vendors lawyer.
The Master reviews the offers and approves what they consider to be the best offer. The Property is SOLD.
Morgan Rice
Squamish REALTOR (R)
Squamish Real Estate
604-849-2668
http://www.morganrice.com
