When an owner is unable to pay the mortgage or when there is any sort of arbitration involved, the property goes for sale through the BC Supreme Court. The Court regulates the process and determines the final offer. These properties can be very attractive, but most Buyers and Agents are often unaware of the process. In order to have a smooth and profitable Court Order purchase, it is crucial to consult with an experienced Agent who is educated to prepare you for each step of the process.
Although purchasing a Court Ordered Property can help you save a lot of money, it also comes with risks. These properties are sold “as is” meaning that the property may be left without cleaning or with damages. Rarely, the former owner might not be able to vacate the property on the possession date. In such cases, a “writ in possession” is required from the Court. Lastly, if you lose a bid in Court, you will be back to square one and not compensated for any time lost or costs like inspection. However, with all of these risks involved, you can navigate your purchase more confidently and minimize risks, if you are aware of the process.
The higher the risk, the higher the gain! Because these properties aren’t the most suitable option for everyone, there are less Buyers and less competition over them. These properties can be great investment opportunities because by choosing the right ones, they can be bought at a lower price than market value. Then a Buyer may choose to do some renovations, and either live in the property or sell it for a higher price than the market value. Buying for less and selling for more? Sounds like a solid investment opportunity!
Many Buyers are looking for a home that is ready to move in. Therefore, a Court Ordered Property may not be the best option for them. However, if you’re looking to invest or potentially save large sums of money, a Court Ordered Property could be an excellent choice for you. When it comes to these Properties, it pays off to work with an experienced Realtor who can provide the right information and guide you through every step of the process. If you are interested in Court Ordered Properties, let’s connect!
Shawdi Safari is a licensed real estate agent as well as a REALTOR® in rental and for-sale properties at 88 West Realty.
Telephone :
+1 (778) 895-9955
North Vancouver Branch :
1370 Marine Drive, North Vancouver,
B.C, V7P 1T4 Canada
Coquitlam Branch :
1155 The High St # 102, Coquitlam,
BC V3B 7W4
Follow us on social media to be the first one who knows about our latest updates, and technologies!