The Court Approved Your Offer – Great! Now What?
In Part 1, I went over how to pursue an offer on a foreclosure or court ordered sale. In Part 2, I detailed how things go down in court. In this post, I’ll go through the ups and downs of closing on a foreclosure and taking possession of the property.
Once the offer has been approved by the court, the petitioner (the bank/lender/mortgagee) submits to the court a draft court order which contains all of the instructions needed to close the sale, such as the purchaser’s full name, the closing date, the order in which financial obligations will be paid off, and so on. The master or judge will approve the draft order and this will be registered at the Court Registry. From this point it is really not that difference from a regular transaction. The buyer retains a lawyer or notary to complete the sale. Funds from the buyer’s lender are sent to the buyer’s lawyer on completion day and transferred to the petitioner’s lawyer and clear title is registered in the buyer’s name.