Foreclosures & Court Ordered Sales

Can I buy a foreclosure with a regular mortgage?

• Yes. A regular insured or conventional mortgage works fine for most BC foreclosures, as long as the property is in lendable condition.
• Where it gets tricky is properties with serious damage, missing fixtures, or major structural issues — some lenders will refuse those.
• Get fully approved with your lender before you submit a final offer at court, because there's no financing subject in a court-approved sale.

Can I do an inspection before buying?

• Usually, yes — but you do the inspection before you go to court, not after.
• Once your offer is being heard, you don't get a do-over.
• Schedule the inspection early, ideally right after you decide you're serious about the property.
• The lender's listing realtor will arrange access.
• Bring a contractor too if anything looks like it might be a bigger fix.

How long does the foreclosure process take?

• Longer than a normal sale.
• After your offer is accepted by the lender, it has to be heard in BC Supreme Court — usually a few weeks out.
• On the court date, anyone else can show up with a competing sealed offer. The judge picks the best one.
• From the day you write your initial offer to closing is often two or three months, sometimes more.

Are foreclosures actually cheap?

• Sometimes. Often not.
• The court has a duty to get a fair price for the lender, and competing bids on the court date push prices toward market.
• Where you find real value is in less polished properties, niche locations, or properties that have been sitting.
• Going in with realistic expectations is the right frame — not "half-price house," but "occasionally a meaningful discount on something most buyers walked past."