Thank you. Great information. I am interested in purchasing a townhouse in BC that is a court order sale. One thing I don’t understand is if for example the property is being sold for $350,000 and you make a bid for $325,000, but somebody else makes a bid for $330,000. Do you have an opportunity to make a second bid above $330,000? In other words, the counter offer.
You'd need to speak with your agent or lawyer. This video is specific to Alberta laws and process at the time it was created and posted. BC is very different in many ways in our real estate industry.
Hey thank you for your video. I have a question about a property that me and my brother own. He is forcing me to sell now the realtor that has been appointed or agreed-upon is saying the property is only valued at 150,000. I’ve had several other realtors say the same property is worth 250,000 Canada realtor sell the property to a friend or a buddy at extremely low cost and then flip it so he can get profit from it or does the property have to be sold to the highest offer on it instead of it being sold at the realtors asking price of 150 ?
We wouldn't be able to offer that type of advice in this method, we'd have to review paperwork and speak to you like all clients. I can say you should consult your lawyer who's representing and advising you and if it's being sold under a court order or similar, then typically anyone can make an offer. Including you. It's always best in these situations for everyone to do their best to get over the friction and work together to maximize value for everyone. But we know that's not always possible.
No, that's not accurate. It is possible to utilize insured mortgages to close on these type of properties as long as they don't have significant deficiencies like a non working furnace as an example or require significant rehab. One of many reasons it's important to work with an experienced mortgage broker partner.
When you have a buyer , would it be same paperwork as a regular OTP or would it need a different type of paperwork to be used to make an offer
Thank you. Great information. I am interested in purchasing a townhouse in BC that is a court order sale. One thing I don’t understand is if for example the property is being sold for $350,000 and you make a bid for $325,000, but somebody else makes a bid for $330,000. Do you have an opportunity to make a second bid above $330,000? In other words, the counter offer.
You'd need to speak with your agent or lawyer. This video is specific to Alberta laws and process at the time it was created and posted. BC is very different in many ways in our real estate industry.
Hey thank you for your video. I have a question about a property that me and my brother own. He is forcing me to sell now the realtor that has been appointed or agreed-upon is saying the property is only valued at 150,000. I’ve had several other realtors say the same property is worth 250,000 Canada realtor sell the property to a friend or a buddy at extremely low cost and then flip it so he can get profit from it or does the property have to be sold to the highest offer on it instead of it being sold at the realtors asking price of 150 ?
We wouldn't be able to offer that type of advice in this method, we'd have to review paperwork and speak to you like all clients.
I can say you should consult your lawyer who's representing and advising you and if it's being sold under a court order or similar, then typically anyone can make an offer. Including you.
It's always best in these situations for everyone to do their best to get over the friction and work together to maximize value for everyone. But we know that's not always possible.
Is it true these kind of sale you have to put 20% down? Thanks
No, that's not accurate. It is possible to utilize insured mortgages to close on these type of properties as long as they don't have significant deficiencies like a non working furnace as an example or require significant rehab. One of many reasons it's important to work with an experienced mortgage broker partner.