The Foreclosure Process
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The Foreclosure Process
In British Columbia, the Supreme Court controls the foreclosure process.
The bank repossesses full property ownership if homeowners fail to pay their mortgage. The bank’s business model is centralized around lending money in exchange for interest payments; the bank’s goal is to sell that property as soon as possible when an owner defaults on their mortgage payments. Banks are the most knowledgeable in the financial sector and when pricing foreclosed homes they do not want to suffer a loss. Due to this, a buyer may or may not get the house for less than market value because of the bidding system.
When a home has gone through the initial stages of the foreclosure process, it is listed on MLS® Prince George Real Estate. A court date is set once a buyer has made an offer and removed subjects. The courts assist in the bidding process, where the foreclosure is often sold to the highest bidder. Whether an offer is already in place and a court date is set will change your timeline and ability to bid on the property.
If you want to purchase a foreclosure, sign up for our foreclosure email list today.
Jessica was a great realtor! She guided us through the process of buying our first home efficiently and with a ton of knowledge! Highly recommend!
Jessica was absolutely amazing during the process of both selling and buying our new home. She was available all times of the day and weekends as well as was always honest and upfront with us. She made us feel like our needs were constantly being met. Her marketing for the selling portion of our home was outstanding. Would recommend to anyone I know and will definitely be using Jessica again in our future purchases.
