Property Filed Bankrupcy Now For Sale By A Real Estate
This property was scheduled on sheriff sale back about 6 month ago and right before the sheriff sale the owner filed bankrupcy (don't know is 7 or 13), now 6 month later, the property is for sale by a local real estate company. Is there any chance for me to get a deal (lowball offer the house) ? or i should not even think about it
pls advice
Obviously the realtor will want a cut but might take a note if you plan on a quick turnaround. YOu can take it out of bankruptcy by getting the administrator to approve the sale. I am thinking a short, take out combo. SInce there is a realtor involved you can get them to do the short and sell to you
thank you for your reply. i thought it has been approved by bankrucy court that is why it is for sale now
I would think this:
The person filed for bankruptcy
they were required to start making reglar ontime payments ont their mortgage again.
They defaulted and the bank proceeded to judgment.
My theory is the bankruptcy is discharged and the foreclosure action is leering.
Submit an offer. Even if you lowball, the realtor can submit it to the bank, the bank may decide its better to accept your offer than to proceed to sheriff sale. Sometimes they lose more that way.
thank you for the replies.
i thought the owner still owns the house, not the bank. So if i submit the offer it means the owner will review the offer, not the bank, am i right?
i looked at county's prothonotary records it says "Levy made on the real estate of the within named Defendant(s) and advertised the same for sale. Then Writ stayed and costs paid by Plaintiff. " what does it mean?
I'm sorry I mean submit the offer to the person, and then have the person show it to the bank. The bank does not own the property at this point
I'm suggesting to include the bank in the communication because its up to the bank to accept less than what is due on the mortgage.
HOwever, If you are writing an offer for more than what the person owes, the bank wouldn't necessarily be involved.
But when the bank is considering taking a hit, it is a courtesy to let them see the offer, and some kind of closing statement before they decide to accept a loss. Especially if the borrower had PMI on the mortgage. Then its required