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STEP BY STEP GUIDE ON HOW TO BUY A FORECLOSURE IN BC

A foreclosure is a home that belongs to the bank, which once belonged to a homeowner

STEP 1 - FIND A FORECLOSURE

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WORK WITH AN EXPERT REALTOR  TO FIND A FORECLOSURE PROPERTY. ALWAYS STAY CONNECTED WITH YOUR AGENT TO GET RECENT UPDATES

STEP 2 - PURCHASE OFFER

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SUBMIT AN OFFER TO THE OWNER (IF THE HOME IS A FORECLOSURE, THE BANK TAKES BACK OWNERSHIP)

STEP 3 - ACCEPTED OFFER

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GET YOUR OFFER ACCEPTED BY THE BANK.  YOU WILL THEN HAVE A CHANCE TO DO A HOME INSPECTION, GET FINANCING APPROVED, ETC.

STEP 4 - FIRM DEAL

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ONCE YOU ARE SATISFIED WITH THE HOME INSPECTION AND ANY OTHER CONDITIONS YOU INCLUDED IN YOUR OFFER, YOU CAN REMOVE YOUR SUBJECTS AND GIVE YOUR DEPOSIT. ONCE YOU DO THIS, THE DEAL IS FIRM.

STEP 5 - COURT APPROVAL

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ONCE YOU HAVE A FIRM DEAL, THE BANK WILL REQUEST A COURT DATE TO APPROVE THE SALE, WHICH USUALLY TAKES ROUGHLY 2-4 WEEKS.

STEP 6 - COURT DATE

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WHILE WAITING FOR THE COURT DATE, INTERESTED BUYERS CAN STILL VIEW THE PROPERTY AND CAN ALSO FIND OUT YOUR ACCEPTED OFFER PRICE.

STEP - 7 COMPETING OFFER

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IF ANOTHER BUYER LIKES THE PROPERTY AND IS WILLING TO PAY MORE THAN YOUR ACCEPTED OFFER, THEY CAN COME TO COURT ON THE SCHEDULED COURT DATE AND SUBMIT AN OFFER.

STEP 8 - LUCKY YOU

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IF YOU ARE THE ORIGINAL OFFER AND YOU ARE THE ONLY ONE TO SHOW UP IN COURT, THE JUDGE WILL LOOK AT YOUR OFFER AND APPROVE THE SALE. LUCKY FOR YOU, NO ONE SHOWED UP TO COMPETE AGAINST YOU!

STEP 9 - LAST CHANCE

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IF YOU SHOW UP TO COURT AND THERE ARE A FEW OTHER PEOPLE INTERESTED IN THE SAME PROPERTY, YOU WILL HAVE ONE LAST CHANCE TO INCREASE YOUR OFFER AND SUBMIT IT TO THE JUDGE IN A SEALED ENVELOPE. 

STEP 10 - THE JUDGE

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THE JUDGE WILL THEN OPEN ALL OFFERS AT THE SAME TIME AND WILL LOOK AT THE FOLLOWING: 1. THE PRICE 2. THE COMPLETION DATE 3. THE DEPOSIT

STEP 11 - THE JUDGEMENT

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THE JUDGE WILL THEN DECIDE BASED ON THOSE 3 ITEMS, WHO HAS THE HIGHEST AND BEST OFFER, AND APPROVE THE SALE TO THAT BUYER.

STEP 12 - EXPERT ADVICE

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I HOPE THIS WILL HELP YOU UNDERSTAND HOW TO BUY A FORECLOSURE IN BC.  LET ME KNOW IF YOU HAVE ANY QUESTIONS OR NEED FURTHER EXPLANATION AND I’LL BE HAPPY TO HELP YOU OUT.

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Kelowna Foreclosures

102 - 347 Leon Avenue, Kelowna, British Columbia V1Y 6E1, Canada

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