News: Vancouver Real Estate Market

Foreclosures and Subject to Sale Offers

 I often assist clients that would like to buy a foreclosure but need to sell another property in order to buy.

 

When buying a foreclosure in British Columbia it's important to realise that you cannot buy a foreclosure "subject to the sale of" another property.

 

The majority of offers to purchase are "subject to the courts final approval". Before going to court to have your offer approved, your offer must be subject free with no conditions (i.e. no deal pending clauses).  In short - if you were planning to buy a foreclosure, you need to have your other property sold first. 

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