These are essentially Pre-Foreclosures (Properties Pending Sale due to Delinquent or Non-Payment of Mortgages).

You might want to keep details of pending deals on the hush until it's secured with a deposit.

You may try to get an "idea" of what prices are by using a free website (zillow, trulia etc.) but you will never truly get the full picture without accessing the MLS through an agent.Things like seller concessions, pending properties and sale terms aren't always listed on free website.

This is a conversation you need to have with your CPA and real estate attorney.When setting up any resulting rent-to-own deal (if these folks qualify), you will want to take great care not to wander across that line CRA uses to determine an instalment sale.Essentially, you will have two agreements: a) a regular lease for the rental of your house {this could be a 2-3yr lease or an annual lease with automatic renewal pending on the tenancy law in BC} as you would if renting to any tenant and b) an option to purchase the house for price X at time Y in the future.  

Unfortunately, many homeowners are over-leveraged in Canada and the pending interest rate hikes will price people out of owning a home. 

I befriended the agent on the listing side and was able to find a way to work the deal (I gave the seller $1000 TOM-Time Off Market) fee to get this deal pending and under contract.

Dogs and cats, on the other hand, can end up costing me money when the tenant moves out.Good luck with your pending nuptials and move,Randy

In close proximity a home just sold on the corner for 225K in days and now a house is pending at 200K.

Would also appreciate any input on next steps I should take in this process, specifically regarding an out-clause pending inspection, etc.

@Eric TruongWhat's been happening lately is buyers having been looking out of GTA in areas where their pre approval allows them.. pending on their job flexibility obviously.. so if properties have been sold $200k over asking then likely that market has outgrown your budget..