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Tip of the Week:

12/6/06

VANCOUVER CONDO DEALS

There are few foreclosures now, but a changing market may bring more:

Here is how they work

Your first offer is only getting a court date! Everyone will know your offer... Be prepared to have another offer when in court with other bidders. Go sit in court and watch the proceedings.

1. The court must approve the purchase price and the terms of the sale.
   
2. The purchaser makes an offer that is first accepted by the mortgagee.
   
3. An application is made to the court to present a no-subject offer (all financing, inspection, review and other conditions have been approved).
   
4. The court then either accepts or rejects the offer (same as if dealing with a vendor).
   
5. The court ratifies the offer that day and completion and possession dates are confirmed.

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