Buying property after bankruptcy
Can a investor purchase property from someone after they have already completed a bankruptcy.The property is in the final stages of foreclosure,and will sell at courthouse steps soon.
Can a investor purchase property from someone after they have already completed a bankruptcy.The property is in the final stages of foreclosure,and will sell at courthouse steps soon.
Are you asking if you can buy the home from the owners, or buying it by bidding on it?
I believe once an auction or trustee sale date is set, the only way you can get it is with the highest bid.
I too am new at this, so I hope I'm corrected if I'm wrong.
--Mike
The bankruptcy shouldn't matter if you are not applying for financing. If you want to pay cash for a property, it should not matter if you just had a bankruptcy or if it was five years ago.
The Ghini
wait, who is in bankruptcy? you or the seller??
, and as long as the foreclosure has not reached the trustee sale date, then yes - you may still make the bank an offer to purchase the home on a short sale.
when you say the BK is complete, do you mean discharged? paid off? dismissed? Closed?
if the bk is discharged and closed, (assuming chapter 7) and you are looking to buy from the homewowner (or "bk debtor"
if property will have to come out of the bankruptcy estate. if the seller has completed the bankruptcy plan then the property should already be out. otherwise you will need to seek permission from the bankruptcy trustee to pruchase the home. if the property is already in bankrutpcy the bank will be filing a motion for relief from stay which will enable them to go forward with the foreclosure suit. once the property is out of the bankruptcy estate, you can contract for its purchase w/ the seller. otherwise you will need to deal w/ the trustee.
If the property is included in the bankruptcy you would have to file "motion of abandoment " with the BK Trustee. If bankruptcy is already dischrged title company will need BK transcripts.
Chapter 7 or 13?