So, the lender accepted the offer – now what?
In part one, I outlined how offering on a foreclosure is different than offering on a regular listing. Now, the lender has accepted your offer and will apply to court to have the sale approved. Again, the court’s role in all this is to ensure that the borrower who is being foreclosed upon has his or her rights protected, and that the lender isn’t simply trying to fire-sale the property to get it off their books. The court will want to see that the offer on the table is the best possible outcome for all involved, especially the borrower.
Depending on location, you’ll have to wait anywhere from 2-4 weeks for a court date (here in the Victoria area, it tends to be about 10 – 14 days). Foreclosure sale applications are heard in Chambers at the Supreme Court of British Columbia. What this means is that there is no jury, and there are no witnesses to give evidence. Instead, evidence is presented in affidavits, sworn and registered with the court before the court date, and is heard by a Master, most usually.