The Foreclosure Process
The process of purchasing a foreclosure is different to a standard property transaction and can also be a much slower process.
Writing the initial offer is the same as writing an offer on any other property as it can contain certain conditions such as "subject to financing" and "subject to building inspection" etc, however, time clauses are not accepted and it must contain a Schedule A. This contains clauses that specifically protect the lender and the buyer must be aware that they are accepting the property "as is" and "where is" and must sign this schedule in order to have their offer accepted by the lender.
Once the subjects are removed than the lenders lawyer will make an application for a court date. The only condition that the offer must contain when it goes to court is "subject to court approval" so the quicker the other subjects can be removed the quicker it will go to court.
Once a court date is set it is usual for the listing realtor to let other realtors know the court date and the amount of the accepted offer.
During the court hearing it will be asked if there are any other offers on the property. If there are multiple offers than it is usual for all parties to be asked to go outside the courtroom and to reconsider and rewrite their offers and these will be put in sealed envelopes. The lenders lawyer and Master will compare the offers for price, amount of deposit and completion dates and usually rule in favour of the offer that is the most advantageous to the lender.
The above is a brief description of the foreclosure process but please do not hesitate to contact me with any questions you may have.