The main positive for a COS is that you can usually (but not always) get a good deal on the property

Every so often, cheap airline tickets from canada you will come across a listing on MLS that is a court-ordered sale (COS). Many clients ask me about COSs and my opinions on them, so I thought I would share them here. This post is meant to be a general overview of COSs, and should not be taken as legal advice.
First, it would help to explain what a COS is. Although specific circumstances differ on each listing, a COS usually comes from a situation where a condo owner is unable to uphold their financial obligations to their lender, in which case the lender (through the legal system) is able to sell the condo to a buyer pending court approval. If the lender and a buyer reach an agreement for sale, the contract is still subject to approval by the courts, which decide among other things if the purchase price and terms are fair. What many people do not know is that in most cases, competing purchasers can show up to court and offer a higher price for the property, so the sale is essentially open to bids until the court gives it s approval.
The main positive for a COS is that you can usually cheap airline tickets from canada (but not always) get a good deal on the property. Many times the property for sale is not showing cheap airline tickets from canada in its best possible condition (as usually there is nobody there to tend to it properly), and unlike normal Sellers the lender has no real emotional attachment to the property so they are looking to sell and move on. These factors can make the condo a very good deal for buyers.
Another positive for COSs is that since you are getting such a good price on the unit, you can customize it to your exact specifications (which you can pay for out of your mortgage), essentially getting a custom unit for the same price as a non-COS that has been redone to the previous Sellers preferences.
The main drawback to purchasing a COS is the fact that you do not know if you have for sure bought the place until the court gives its approval, and there is the possibility that you can be outbid in court. Remember, the better the deal you get on the property, the greater the possibility cheap airline tickets from canada that somebody else may bid on it as well. Court approval can be several months after the accepted offer, and you may find yourself out a bit of $ if you got an inspection on the property and somebody outbids you.
The most common cheap airline tickets from canada aspect of buying a COS is that you get the property in as is condition. cheap airline tickets from canada Essentially this means that the lender takes absolutely no responsibility for anything that can go wrong in the unit, whether it is the general condition of the unit, the state of the appliances, or the building. They will require you to sign forms stating you accept cheap airline tickets from canada this. Compare this to a regular purchase, where the Seller is required to disclose any issues with the unit and can be held accountable for withholding information.
Another caution is if the previous owner still occupies the unit as you are in the process of purchasing it. Although required to leave once you have for sure purchased cheap airline tickets from canada the condo, they may decide to be difficult and stay past their legal right to occupy the premises. cheap airline tickets from canada Although it seems like a simple solution cheap airline tickets from canada (knock on the door and kick them out) it is actually a bit more complex and involves getting a bailiff (at your cost) which can run you up to $5,000. It doesn t happen often but is a possibility to factor in when deciding to buy a COS.