Yvonne is a good friend and mentor, she asked if I would look after her listings and any inquiries while she was away on a well deserved vacation. As I love all real estate and was extremely familiar with her listings, I happily agreed.

This wasn’t your typical court ordered emotionless foreclosure, lawyers were hired and the courts had reduced significantlyy to force a sale. As the price was reduced my phone was ringing off the hook with anxious Realtors® who desperately wanted in to see the home. I could go on about the headaches received trying to book showings, but I will let you know it was not easy!

After a few days go by and I arranged 5 showings out of the 15 requests. The next Monday I had 5 new showing requests, these people were pleading just give us a day and time and we will be there. After some unforeseeable circumstances, all showings we cancelled that week.

With no showings this week, I get a call the next day. This matter is going to court in 2 days. If anyone wants to make an offer they can show up at the Penticton Court House at 10am. I  replied: No problem I will call all 10 agents who couldn’t get in and ask if they would just make an unconditional, blind offer on a home they haven’t seen. No problem, would love to. So as I am already a bit nutty and humorous I did.

Kevin had a client interested but we just couldn’t get the cooperation to book a showing.  He called the next day and mentioned he was leaning towards making an offer at court! I called Kevin back and verbally walked him through the floor plan, flooring, and the home from what I could remember. Kevin is a great Realtor® and had a buyer who was looking for something similar to this property. Thankfully, I had shown this home many times and had hosted several open houses and have a photographic memory (I wish!). I emailed the PDS and title on the home and stirred up one offer.

Wednesday was the day before the court hearing and we at Royal LePage always have an opportunity to market our listings to the staff. I like to talk! So when it came time to give my 2 cents. I reminded everyone of the listing that they had all heard about every occasional meeting for about 2 years. I said if anyone wants to write an unconditional offer, meet me at the court house tomorrow morning. Drummed up a competing offer.

I  explain that the deposit needs to be in trust prior to court, to make a photocopy. That it is a sealed bid process… No terms on the contract and it is “as is,” take it or leave it.

Court time. Thursday 10 am. I stroll in with a coffee for my buddy Kevin. There were 30 people there. As it turns out there were 10-15 homes that were going to court that day. So exciting. I really am a real estate addict. I love all the foreclosures, I like being in court (for good reasons, not prison reasons) always wanted to be lawyer, I love law and negotiating.

The most interesting one was Estabrooke. Such a small town it is so neat to be in the thick of things. I knew all the agents, some of the purchasers…by face, to my surprise I even knew the private mortgage holders on the court ordered foreclosures.

I will blog about the sold foreclosures another time as this blog is rambled enough. Stay Tuned…Join my Facebook page if you want to be notified of upcoming court dates and outcomes.

If you are interested in Aylen Place please contact Dori Munday for your personal viewing or view what is included in the Strata Fee?

Alysen Place homes to Auction on Saturday, August 21st.

The announcement came  back on June 26th. Since there have been 3 firm sales and this Saturday we will see what is left.
Are there some deals to be had? Take a look at the current pricing.

There are a few different floor plans to choose from. To explore the different floor plans click here.

Have a look and give me a call with any questions. I have also included our Alysen Place – How to Buy at Auction Information Package.

If you have any questions please call right away to learn more about this unique event.

As a purchaser you can make an offer on a foreclosed property and have the bank accept it subject to financing, inspection, insurance, home inspection and any other pertinent clauses. Once all the conditions have been met a court date is triggered. The accepted offer price is now public knowledge and anyone willing to pay more for the property has the opportunity to present their unconditional offer along with deposit to the court. This means that they must either be an all cash buyer or have all the financing 100% approved and ready to be released. At the court competing bids are common.

If you are interested in a property where a court date has already been triggered you must consider that an offer submitted to the court has to be unconditional, if you would like a home inspection you must have it done prior to presenting the offer. Same with financing the source of your funds must be cash or have your mortgage specialist have the property and you 100% approved. This is not a pre-approval this means that your broker has submitted the property, schedule A to the lender and has given you the clear ok to present an offer in court with a deposit of more than $10,000 already in trust with your realtor. Your broker needs to know that you are looking at going to court with your offer and financing. Your deposit can be compromised if this is not taken very seriously.

In competing bid situations, the principal objective of the Court is to protect the interests of the owner of the property being sold. The Court has few, if any, concerns about competing bidders, lawyers, realtors and others. The Court attempts to ensure that the best (normally: highest) offer is approved. That is done by allowing all competing bidders (including the bidder whose offer is already before the Court) to submit one final sealed bid. The Court opens and reviews all the bids together and approves the best one. Once the bids are opened by the Court they cannot be changed in any way; the auction process is completely final.

The Court will not approve any offer with a “subject” (a purchaser’s condition precedent). The only acceptable (and mandatory) “subject” is a vendor’s condition precedent that the offer is subject to Court approval.

The Court will not approve any offer without a significant and real deposit (i.e. – a minimum of $10,000, either already deposited in a realtor’s or lawyer’s trust account, or a bank draft or certified cheque attached to the offer).

The Court will not approve any offer without the full and proper legal name(s) of the purchaser(s) (exactly as such name(s) will appear will appear in title if that offer is successful bid). So an offer with the words “or nominee” or anything similar would not be approved. Once an offer is approved, the name(s) cannot be changed in any way.

Current Foreclosures   

$85,000 waterfront foreclosure

All offers presented to the Court must have a schedule “A” attached and signed by the offeror(s). Offers without this Schedule will not be acceptable to our client (and therefore also not acceptable to the Court, because our client is the vendor).