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Foreclosures or Court Ordered Sales are properties where the lender has taken control of the property and is asking the court to approve a sale. This is usually due to non payment by the home owner over an extended period of time. Although foreclosures usually represent an opportunity and a significant saving to the buyer the process is not a typical real estate transaction where the buyer has a week or two to have the property inspected and arrange financing. In all cases the offer must be subject free prior to arranging a court date and the Contract of Purchase and Sale is accompanied by a Schedule A to the contract stating that the sale is “as is where is”. In the event that the Buyer receives the property in a different condition than when originally viewed there is no recourse. Because the court has a mandate to get the highest price possible for the property the original Buyers offering price is disclosed to the general public and often there are several other last minute higher offers on the court date.
Because of the complexities involved in Court Ordered Sales it is highly recommended that the potential buyer consult a Realtor who is experienced in this type of transaction.