House purchase question

[IrishSean]

Hello all,

I am half title holder with an ex spouse. Just recently a court order passed forcing the sale of our home for a listing price of $345,000 (roughly $20,000 higher than comparable s in the area). Am I able to purchase this house off myself and my ex spouse if I'm the highest bidder? Thank you

 

[Martin1968]

This court order you are talking about, is that a divorce settlement order or is it a foreclosure or judicial sale.
If it's the first, it should have never come to this point as u would have been better of negotiating that settlement.

if it's the second......offers needs to be unconditional. Bring cash and/or have financing in place for appr 65% LTV.

 

[Matt Crowley]

If home is selling for $20k more than comparables why would you buy it?

 

[IrishSean]

The house was purchased in April 2014, with a total of $367,771 (cmhc fees included). I put down 21k, she put down 15k. Mortgage was for $331,771. As of today we're roughly at $298,000 owing with 2 years left on the 5 year fixed mortgage.
My thinking was that I could out bid her, purchase the house and rent it out until prices rebound in Alberta.
Her and I are co title holders. She lives in the house and I don't. It's not a divorce settlement, just a court order to sell for 345k or more.

 

[Thomas Beyer]

Not being a lawyer I would think that the court decides which offer to take. If it is yours that is the highest then presumably you will get it if every other offer is lower.

 

[Martin1968]

Ok, again it's always hard to comment when not all details are known. It's seems that if there is a court order to list it for 345K, that the remaining balance owing needs to be recovered with the remainder of the sale price going towards selling fees such as lawyer and realtor etc. I'm just guessing a bit what the exact situation is here. Since you want to bid on it, familiarize yourself with the whole process of a court ordered sale.

And indeed the court will decide which one to take.
I just hope your ex spouse is not on this forum ........

 

[Lee Ochoa]

Hi. In such cases, it is better to take a professional advice. Lawyers will guide you well about this issue. My friend hires the lawyer Bechara Tarabay for legal issues. Our issues can be solved in an easy manner if we contact a professional.