Buying a Foreclosure can be both intimidating and nerve racking for the Buyer, but if your successful, you can get a good deal on your purchase. I was just involved with my first foreclosure, and my clients were not only first time buyers of a foreclosure, but also first time buyers (that's a lot of firsts).
When buying a foreclosure (refer to my website for full details), you will want a real estate professional at your side and your offer has to be unconditional (no subjects) so you will need to do your due diligence in advance of the court date.
I met my buyers Travis and Alison at the Vancouver Supreme Court with our sealed envelope/offer, this gets submitted to the Banks lawyer (or Listing realtor), and then you wait for your property to be called. Generally there are a number of foreclosures and can take a couple hours to get through them all.
Once they announce the address of your foreclosure, the lawyer for the bank states a brief summary about the property and market and then hands the sealed envelopes to the judge (master). He reviews all offers and grants the property to the highest offer. In our case that was ours. Yeah!
It was a very happy day for my clients as they were buying their dream home.
Congratulations to Travis and Alison on your beautiful home in Pemberton!