You're interested in a home that is into foreclosure.
How will this affect your purchasing this home?

*What does it mean when it is advertised, to be purchased "as is, where is"?

Here are the steps in purchasing a foreclosure:

1.  You view the home with your Realtor and make an offer with your Realtor,
    putting in the usual subjects, such as financing, house inspection, by-laws
    and financials (if a strata property), amount of deposit, and always, 
    subject to court approval.  The completion date is usually ten banking days
    after court approval.
2.  Your Realtor presents the offer to the Financial Institution owning the home.
3.  The Bank/Credit Union will usually counter the offer if it is not a
    full-price offer. This is important, as they must show the courts that they
    have tried to get as much for the property as they can.  This may involve
    several counter-offers until the Bank/Credit Union accepts the offer.
4.  Once the offer is accepted, you must remove all subjects, leaving only  
    " subject to court approval".
5.  The Bank/Credit Union arranges a court date.
6.  On the date of court appearance,  the Listing Realtor and the Selling Realtor
    may be in court with the lawyer for the Bank/Credit Union.  You may also
    attend.  Yours may not be the only accepted offer.  All offers must be presented
    to the judge. If there is a competing offer and you would be willing to increase
    your offer, it would be very important for you to be in attendance.  The judge
    will look at all offers and decide on the one that is the most advantageous.
    At this point, the purchaser who is accepted must present a certified cheque for
    the deposit amount. This is now a firm deal.
7.  Once you've given your deposit and the offer is firm, there can be no changes
    to the offer. This includes completion dates, names on title, etc.
8.  The sale will now continue to completion as any other home - the information is
    sent to the lawyers of the buyer and seller; you will sign the papers at your 
    lawyer's office and submit your full payment to the lawyer;  the lawyer will
    arrange transfer of title to you; the Realtor will arrange for the keys to be
    given to you at noon on the day of possession.

*  When you purchase a foreclosure,  neither the Bank/Credit Union nor the courts
   will assume any responsibility for the condition of the home nor for the presence
   or condition of appliances. There is no one to come back to if the roof leaks or
   the back deck is rotten.   Make sure you do a property inspection before you
   purchase.  If the home is still lived in by the former owner,  you could have an
   unpleasant surprise on possession.  So take all this into consideration when
   purchasing a foreclosure and you could get yourself a good buy!