The Foreclosure Process
How Does it WorkLooking for a New Home? MLS® listing of Homes for Sale in Prince George.
The Foreclosure Process
The foreclosure process in BC is controlled by the BC Supreme Court. Each step is approved by the Supreme Court.
If a homeowner fails to pay the mortgage, that homeowner’s rights are forfeited and the lender repossesses the property. Banks are in the business of lending money, not owning real estate and want to get back the capital they lent by selling the property as soon as possible. Banks do not want to lose money when pricing the home, but do realize that as time goes on, costs are incurring (maintenance expenses, property taxes, etc.).
The court approves the property to be sold and it is listed.
Are You Ready to Submit an Offer?
- Once you find a home you are interested in purchasing, Denise Dykes will submit your offer to be negotiated.
- The first offer may have subjects and you have the chance to do your due diligence like a home inspection, getting your financing, etc.
- If you are satisfied and remove your subjects, this is a binding contract and a firm deal. The bank’s lawyer will request a court date to approve the sale.
- The property can still be viewed and the accepted offer is made public so that everyone is aware of the price.
- If other buyers are interested in purchasing the property, during the court procedure, they can submit a higher sealed offer but it cannot have any subjects. The original buyer can also submit a higher sealed offer.
- When the file is called to the judge, he/she opens all of the offers and will decide what is the best offer.
Working with Denise was a great experience. Being a first time home buyer she opened my eyes to the real estate market. She is very concerned about getting value for the Home buyers she represents. Very thorough with informing as to the pluses and minuses of a particular home helping the customer to make an educated decision. She helped me find a place I could call home and spent many hours helping me find the right place. Even to this day I still ask her questions about real estate and she’s always there to help. I look forward to working with her again in the future. I would strongly recommend her to others.
Thanks Denise.
I purchased a bank owned home with Denise and she made sure I was aware of potential issues and how to prepare the strongest bid possible that I was comfortable with and would be most likely to succeed. Her knowledge and recommendations made a potentially nervous transaction something I felt at ease and confident to do. I would buy with her again without hesitation. Thanks Denise!
My house purchase with Denise was the easiest and most fun process I could have asked for. As a first time home buyer I was unsure about what was involved in the process of looking for a home. She took time with me to go over all the details and searched with me for months until I found the house I was looking for. Thanks again Denise!