If you're in the market for a new home or investment property, then you should know about the Court of King's Bench sales. These sales are a great opportunity to find properties at a fraction of their market value. In this blog post, we'll discuss what you need to know about these sales, including the offer process, how the judge decides, and why you should consider using a REALTOR® for assistance.
Great Deals
The Court of King's Bench sales happen when a property owner defaults on their mortgage payments. The lender then takes possession of the property and sells it at a public auction. These sales can result in great deals for buyers because the lender wants to recoup as much of their investment as possible, often selling the property for less than its market value.
Offer Process
The offer process for Court of King's Bench sales is different than a typical real estate purchase. Buyers must submit an unconditional offer, which means that they are agreeing to purchase the property as-is, without contingencies. This includes no home inspection or financing conditions. The buyer must also provide a deposit with their offer, usually around 10% of the purchase price (but will always depend on the price).
Judge Decides
After all offers have been submitted, the court will hear the case and decide which offer to accept. The judge will consider the amount of the offer, the terms of the offer, and any other factors that may be relevant. The court's decision is final, and there is no opportunity for negotiation or appeal.
REALTOR® Assistance
Because the process for Court of King's Bench sales is different than a typical real estate purchase, it's essential to have a REALTOR® on your side. A REALTOR® can help you understand the process, navigate the offer process, and provide guidance on how to make a strong offer. They can also help you determine the property's market value, so you know what a fair offer would be.
Risk vs Reward
While Court of King's Bench sales can result in great deals for buyers, there is also a risk involved. Because buyers must submit an unconditional offer, they are agreeing to purchase the property without any contingencies. This means that if there are any issues with the property, the buyer is responsible for fixing them. Buyers must also be prepared to act quickly, as the process moves fast, and there is often a lot of competition for these properties. Finances can also be tied up during the process as it is not uncommon for a deposit to be held in trust for a period of more than 30 days awaiting the court date for a property.
Is a Court of Kings Bench sale right for you?
When considering a Court of King's Bench property, it's essential to think about your lifestyle. These properties can be great for investors or those looking for a fixer-upper, but they may not be suitable for everyone. If you're looking for a move-in ready home, then a Court of King's Bench property may not be the best option for you. However, if you're willing to put in the work, you can get a great deal on a property that has a lot of potential.
In conclusion, Court of King's Bench sales are a unique opportunity to find properties at a fraction of their market value. While the process can be more complicated than a typical real estate purchase, working with a REALTOR® can help you navigate the process and make a strong offer. Just remember that there is some risk involved, and buyers must be prepared to act quickly and take on any necessary repairs. If you're willing to take the risk, then a Court of King's Bench property could be an excellent investment opportunity.
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