After the lender has been given the right to sell the property they will hire a Realtor® to list the property on MLS and market it to as many purchasers as possible. The price of the property may drop from the original amount several times before the lender gets an offer they accept.
If you are interested in submitting an offer and there is not yet an accepted offer on the property, we request and prepare the required documents. If the offer is accepted the following will happen:
- The purchaser will generally have 5 business days to remove any subjects (i.e. Inspection, Review of the Property Disclosure Statement).
- Purchaser will provide a certified bank draft for the deposit, to be held in Trust until the sale is final.
- The court date will be set somewhere between 2 to 4 weeks from when the offer was accepted. The offer will become public and on the day of court there may be multiple offers presented by other buyers. This is when you are able to adjust the amount of your offer. (Don’t worry; we will walk you step by step through the process!)
If the foreclosed property you would like to purchase already has an accepted offer we will request the needed documentation and prepare an offer for the scheduled court date.
All offers must contain a Schedule A, a certified bank draft for the deposit and must be sealed in an envelope before they are taken to the judge.