Court of Queens Bench Foreclosure

[NikZad]

I am looking to buy a court of queens bench foreclosure property. The court date to review offers is scheduled for October 26th. The last offer I made on a court of queens bench listing became a huge bidding war as the offers are open to everyone and you know what the other offers are. This escalated the price dramatically and the home ended up selling for much more than its worth.

I was wondering if anyone had any experience on attending the court date and making an offer at that time? Would it be possible for someone to go in at the last minute and beat the highest bid and have the last bid? Is it possible to send a representative to court to offer on your behalf?

thanks!

 

[RedlineBrett]

Generally the lawfirm representing the bank is the true gatekeeper in this process. They accept the offers and then recommend acceptance of one of them to the court.

Also the order for foreclosure stipulates a date and time that offers must be received by. It is only after the expiry of this period that the lawfirms review offers and present one for acceptance to the court. So if you went in when the gavel is about to fall and submit another offer it might be too late. I think they have the deadline to avoid just what you`re trying to do.

If they like the looks of your offer they might motion for an extension... but your offer would almost certainly have to have no conditions and have a certified deposit cheque for you to stand a chance.

 

[NikZad]

This is exactly what I thought and how it was done on past COQB deals however in this case the lawyer told me that all offers would be accepted up to courts appearance for consideration. Hence I wondered if I could just wait it out until right before and hand it to the lawyer at that time?

In a recent foreclosure sale the lawyer did have a deadline in place for all offers. A huge bidding war occurred and an offer was chosen. The court date was not for another week so the next day one of the losing offers called the lawyer and made an offer $40k over the highest offer, it was accepted. It kind of defeats the purpose of having a deadline no? Considering the property is still active and not a conditional sale until the judge deems so I guess its legal. Very unfair though!

QUOTE (RedlineBrett @ Oct 19 2009, 04:22 PM) Generally the lawfirm representing the bank is the true gatekeeper in this process. They accept the offers and then recommend acceptance of one of them to the court.

Also the order for foreclosure stipulates a date and time that offers must be received by. It is only after the expiry of this period that the lawfirms review offers and present one for acceptance to the court. So if you went in when the gavel is about to fall and submit another offer it might be too late. I think they have the deadline to avoid just what you`re trying to do.

If they like the looks of your offer they might motion for an extension... but your offer would almost certainly have to have no conditions and have a certified deposit cheque for you to stand a chance.

 

[coinebro]

Every foreclosure I have been involved in we went to court the day of the sale and presented the offer. The listing realtor is required to tell you the court date and then no one else knows what you are bidding until the envelopes are opened. This is in BC though.

 

[RedlineBrett]

QUOTE (UrbanDwellings @ Oct 19 2009, 04:58 PM) The court date was not for another week so the next day one of the losing offers called the lawyer and made an offer $40k over the highest offer, it was accepted. It kind of defeats the purpose of having a deadline no? Considering the property is still active and not a conditional sale until the judge deems so I guess its legal. Very unfair though!

Well I guess you`d have nothing to lose by trying.

Foreclosures are the dirty shady world of real estate. Ultimately the judges don`t care that much about being fair to the "shark-like bottom feeders" bidding on property... they care about the plaintiff (bank) and also the homeowner who is often left with nothing. Because it`s a lawfirm representing the bank they get to skirt the RECA rules too hence the seeming unfairness.

I have seen a bunch of recent foreclosure sales and haven`t been too impressed with the prices. Investors see `foreclosure auction` and think rock bottom prices but I`m just not seeing these incredible deals.

Buyers do crazy things when caught up in bidding wars

 

[andman]

QUOTE (coinebro @ Oct 19 2009, 03:08 PM) Every foreclosure I have been involved in we went to court the day of the sale and presented the offer. The listing realtor is required to tell you the court date and then no one else knows what you are bidding until the envelopes are opened. This is in BC though.

Hi!
I am currently interested in buying a forclosure property in BC and have the court date. How do I find out the law firm of the bank or do i go thru their listing agent? I am trying to make sure i am fully prepared to be in the court room with all needed documents should i have the opportunity to to make an offer-apparently there is an accepted offer already but from what I`m reading that shouldn`t deter me from the process.
Any info and insights would be greatly appreciated!
Best regards,

 

[coinebro]

QUOTE (andman @ Nov 6 2009, 10:59 AM) Hi!
I am currently interested in buying a forclosure property in BC and have the court date. How do I find out the law firm of the bank or do i go thru their listing agent? I am trying to make sure i am fully prepared to be in the court room with all needed documents should i have the opportunity to to make an offer-apparently there is an accepted offer already but from what I`m reading that shouldn`t deter me from the process.
Any info and insights would be greatly appreciated!
Best regards,

You can call me at 250-981-1378 and I can give you some info that will help

Owen

 

[Thomas Beyer]

QUOTE (UrbanDwellings @ Oct 19 2009, 03:58 PM) .. Very unfair though!
fair to SELLER though ?