How does a court order sale work in simple terms?

How does a court order sale work in simple terms?

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1.) The court lists the property with a selling REALTOR of the area that the property is listed. The selling REALTOR markets the property in all the traditional ways trying to invite an offer.

2.) Once an offer has been received, the offer goes in front of a judge and the judge decides if the offer is high enough to accept; if not they will just say no~ they will not counter. This process continues until some buyer has made an acceptable offer in the eyes of the court.

3.) Now here it gets interesting… let’s say we make an acceptable offer on this property at $150,000 that the judge accepts. The judge will then schedule a court date, the selling REALTOR is obligated to market the property and the pending court date to all suitor; telling them what the current accepted offer is.

4.) The court date arrives, even though you have an accepted offer on the property at this point everyone has an equal opportunity to make one closed-envelope final bid to the judge, the highest offer takes the property… well not so fast…

5.) If the judge feels that the final offer is not high enough, the judge does not need to accept any of the offers. If you have an accepted offer at $150,000 and no one else comes to the court date, the judge may find that the $150,000 is too low and decide not to sell it for that price.

Other strange factors of a court-order sale are that you do not get to make an inspection after the accepted offer and that you must make an offer that is subject free. That you must have your deposit ready via a bank draft at court date time .

Source: This is an opinion of Right Priced Realty (Roland)