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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

Blog by Ian Watt

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Does Being The First Offer on a Foreclosure Make a Difference?

Vancouver Condo Real Estate Video Blog #627 - November 30, 2010

 

Does Being The First Offer on a Foreclosure Make a Difference? 

 

Ian Watt video blogs about how in order to get a Foreclosure to court you need one accepted offer that is subject to court approval, and being the first offer does make a difference and can affect the outcome. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.

 
 

Ian Watt: Hi, Good afternoon! It's Ian Watt in Downtown Vancouver. In the last few years we've done a substantial amount of foreclosure work and foreclosures in British Columbia are quite different from a lot of other places. And in order to get in front of the judge to get the property sold. We have to have a clean offer that says, subject to the approval of the supreme court of British Columbia. No subject for financing, no subject in inspection and has to be totally clean and ready to go should the judge stamp that particular contract. That's the way it goes. So in order to get in front of the judge. We have to got that clean offer. So somebody has to submit pretty much the subject free offer. But anyone else can come to court now and bid that offer. So somebody ask a question is there any advantage to be in the first offer because a lot of people just want to wait until court see what the prices and decided whether they wanna offer or not. But I think there is an advantage there is an advantage because you first of all set the court date after that the amount of showings, the amount of people that can come to see it and then eventually come to court is minimized because were not delaying, delaying, delaying. So being first is important just to get the date but anyone can out bid you at the end. So don't you sit there and wait and let all this other people come and view the property and then show up at court. Get it over with sooner if that's the property that you want. My name is Ian Watt and if you have any questions about foreclosures. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!