to understand the process. (Again, contact Patrick…)
So, when a property has been placed for sale under these terms, it requires an acceptable offer in order to trigger a court date for examination of the offer. The entity authorized to sell the property (and accept an offer) must only accept “subject to court approval”.
This acceptance then triggers a court date where any other potential purchaser has the right to still submit an offer. Usually when the property is listed at an attractive enough price, there will be other interest. And you as buyer will want to know there is other interest to adjust your negotiating position accordingly.
When there is a very attractive price, often the court process ends up with a higher sell price than the list.
There are many other details, so let me know if you have further interest or questions! Patrick Murphy
250 486 2529
For more information on purchasing real estate in the Okanagan, click this: