Saturday, January 24, 2009

So what is the process?

Sometimes as a Realtor you just think everyone knows what your talking about, but forget that most do not live, eat and breath Real Estate. The other day a client asked a very good question. How does one go after a property that is on the foreclosure list? (The following is a general outline, but each property has its unique issues so give me a call or email).

1- Sign up on my website to receive the up to date Foreclosure Lists for the Prince George and area.

2- Once you see a home you want to view call me to arrange a convenient time for us to go view it.

The general process goes like this:

- Once a home or property is foreclosed on it is listed with MLS® - Real Estate.

- The first person to negotiate an accepted offer with the bank or institution (via their Realtor®) triggers a court date for the judge to approve the offer. Prior to the offer going to court all subjects have to be removed so if the judge approves it, it is a firm sale in as is where is condition.

- Any other interested parties viewing and also wishing to write an offer can do so with their Realtor® and on the court date the judge prior to looking at the first offer will ask anyone in the court room if there are any other offers. If there are, then they too are handed to the judge. At this point the person with first offer that triggered the court date in the first place can also put in another offer if they wish to compete further and if not, they can just let their existing offer stand.

- The judge then opens all the sealed offers and picks the best one and that's it. Remember that all offers submitted have to be subject free. The one he picks just bought a foreclosed home/property = firm sale.

There is obviously more details and the 'Art of the Sale' of competing during a foreclosure trial which is why you should choose a Realtor® that knows the ins and outs and of course I am one of them.

So to start go to my website and click on 'Bank Foreclosures' tab.

Feel free to call or email me with questions. Talk to you soon.

Dean Birks - Realtor

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